Business Details
About
Financial Planning
Waznik Heike Group, LLC provides financial planning, investment advising, retirement planning, and insurance assistance from our office in Menomonie, WI.
Details
- Requires appointmentAvailable
- RestroomAvailable
- Wheelchair accessible restroomAvailable
Location
Hours
Reviews
4.1
8 reviews
5 stars
6
4 stars0
3 stars0
2 stars
1
1 star
1
- JBJosh BFeb 17, 20255.0Was chatting with them today, really personable and easy to work with!
- GPGerald “Jerry” PorterOct 4, 20235.0Have been our planning group for many years and we are extremely pleased with the service and outcomes.
- HGH GardnerMar 2, 20231.0I would not invest one penny with WMG
Frequently Asked Questions About Waznik Heike Group, LLC
How do you get paid (or how do you make money)?
We can get paid in two ways, via fee or commission. Most of our business is fee-based where we charge an “advisory fee” to manage investments and provide financial planning services. We do not charge a fee to go through an initial financial plan and there are no additional fees for financial planning.
Sometimes, clients want certain benefits of an insurance product (life insurance, fixed annuity, variable annuity, etc). With these types of products, we get paid a commission that varies, depending on the type of insurance and insurance company.
We are very open and transparent with our fees and feel that it is very important that you understand what you’re paying.
What is the process for changing advisors?
Changing advisors can seam like a difficult process, but it is not. For accounts that are held direct with fund companies (American Funds, Hartford Funds, etc) and annuity/insurance policies, there is a form to name us as the “Agent of Record” on the existing account/policy. Nothing changes for the client, but we have access to the information. Proprietary products can typically only be serviced by an advisor with that company, but we can usually gain access to the information through an information sharing agreement.
For accounts that are not held directly with the company, we submit a transfer form to move the funds to our firm. Most companies participate in an ACAT system that moves your existing holdings over to our custodian without having to sell or be out of the market.
Are you a fiduciary?
Yes. We put your best interest first.
How much should I have saved for retirement?
Comparison is the thief of joy. Everyone’s situation is different and it’s important to develop a plan specific to your situation and objectives. For example, someone can have a pension from years of public service, but not as many assets as someone who saved into a retirement plan their whole life. It’s important to plan accordingly.
How often do you meet with clients or review?
We review when you want to review or when your life changes. Every client is different. We typically offer to review your retirement plan and accounts every 6 months, but not everyone wants to be that involved.
Do you do estate planning documents (wills and trusts)?
We do not, but we can find someone trustworthy who does.
How much do you charge? What are your fees?
Most of our portfolios are managed in a fee-based (or advisory) environment. Our advisory fee for the first $500K is .75% and is .55% for assets over $500K. If you have assets over $500K, all funds are charged at .55%. We also may make commissions on different recommendations, but will disclose those beforehand to avoid any conflict of interest.
Should I save on a pre-tax or Roth basis?
It ultimately depends on your situation. The balance is making sure that you are insulating yourself against government changes. We have software that analyzes current vs. future tax rates to determine what makes the most sense for you.
When should I start Social Security?
How long will you live? Each situation is different, depending on earnings records and objectives. We have a Social Security tool that will provide a maximum benefit option for your situation.
Should I roll over my old 401(k)?
Most 401(k) accounts have unnecessary fees and limited investment options. We analyze current 401(k) administrative and investment expenses to determine what is best for you.
Should I put all of my money with one financial advisor?
Yes. Just not the wrong advisor. You need to do your due diligence to make sure that your financial advisor is the right person for you. There are many benefits to having things consolidated: It’s easier to administer and track. We see more disadvantages to multiple advisors. Oftentimes, we find that multiple advisors create a disjointed financial and investment allocation picture. Clients become overallocated to certain stocks, asset classes, etc, because one advisor doesn’t know what the other is doing.