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Has anyone used WealthAbility?
Hi Everyone, I wanted to see if anyone has used WealthAbility by Tom Wheelwright. The amount they charge to analyze your information and give you a plan is pretty steep, so I wanted to see if anyone has used them and how happy you are with their services. Thanks in advance for any input.
@Stacy Smith , tax reduction strategies for real estate businesses and investors is not rocket science. There are plenty tax attorneys that specialize in specific niches.
Why not get a referral from the most successful RE investor you know or a mentor knows?
Find someone who is proactive in their advice and has clientele that will give testimonials about that person.
@Stacy Smith , tax reduction strategies for real estate businesses and investors is not rocket science. There are plenty tax attorneys that specialize in specific niches.
Why not get a referral from the most successful RE investor you know or a mentor knows?
Find someone who is proactive in their advice and has clientele that will give testimonials about that person.
@Tom Wheelwright thank you for responding that. I just read the post and now, I almost signed up with one Cpa friend but she also told me I cannot offset my negative K1 losses, I want to schedule a second call with your firm. one thing can you please help me to clarify that, can I still offset my negative K1 loss in 2019, and now is already 2020, is there are still strategy to use to offset my negative K1 for 2019? otherwise, can I roll over my negative K1 in 2019 to 2020 and turn my ordinary income to be passive income then offset them? thank you very much
Don’t pay them for their services! Read Tom’s book and then hire your own local CPA for any additional support.
The $15,000 service that I paid for is not worth the value that was provided. I had already read Tom's book. I'm shocked that they are charging for this service. I essentially paid someone to read me the highlights of Tom’s book. This is very disappointing!!! The salesperson over-promised the $15,000 service and it’s a complete rip-off. I don’t know how they can charge for this service.
I had already invested so much with Provision I decided to continue working with them to complete my tax return. I didn't have time to restart the process with another CPA firm. I had set up the LLC as instructed and they knew my business. I only had to pay them for the tax return at this point, so I decide to continue working with them out of convenience. I did complain to Johnathan about the $15,000 fee, he understood my complaint, but it was out of his hands. He gave me an approximate quote of $2,500 for my returns, I agreed to that and paid promptly. Johnathan left the company and I was not informed. I later get an email from Matt Nunn requesting documents for my tax return. I spent hours collecting the data. I replied to the email with the documents but I didn't hear back from anyone. Matt Nunn later contacted me and asked me if I had sent the documents. I told him I had but didn't hear anything. He asked me to resend them. I sent Matt the documents but didn't hear back. I followed up with Matt twice about my tax return. My tax return was now going to be late and didn't even contact me to file the paperwork to avoid the penalty. He finally got back to me and told me it would be $5,000 to complete my S-Corp Return and my personal return. All communication was via email, Matt Nunn never picked up the phone to call me, and the only nice thing he did was refund the $2,500 I had already paid Johnathan for my original tax quote. I completed my own returns in 4 hours.
Thank you for providing your feedback, I sincerely apologize if our services did not satisfy your expectations.
I am having our client relations team reach out you and try to solve this for you and better understand what may have went sideways on this. I really apologize for the inconvenience and we’ll look forward to talking this over with you personally and getting it resolved. I've known Jonathan and Matt for years I'm sure there was no ill-will and we'll get this addressed for you.
I've had a couple of calls with a Joseph Sorge, he spent a good amount of time "selling" me, but I've honestly learned more about their programs on this thread than from him. Ultimately his pitch was pay us 15,000 or 10,000 and let's go. Tom's book is terrific and is the reason I sought them out, but I am not in the habit of dropping $15k without knowing more. With what I've paid in taxes over the years, there is a good chance it would be a good ROI but I don't want to be sold, I want to have an idea of a plan. Perhaps pay a fee to go over past taxes to see what could be found, then work from there on an ongoing solution?
@Dwight Pilgrim, Thanks for reaching out to us. Jospeh is a great member of our team but it sounds like it might not have been the best fit. Reviewing past returns is not a problem we do that as part of our initial assessment. I'll have one of my team members follow up with you on that. And you're 100% correct it's all about the ROI from your tax advisor! Thanks again for you time and consideration it's always appreciated.
Got give a thumbs up to Tom!! I posted my thoughts and he had another one of his people call and speak with me within 30 minutes of the post. The gentlemen spent about 20 minutes and did a great job explaining everything. That's impressive!! I will be reconsidering his program very strongly!!
We are a Wealthability / ProVision client signed-on since September 2020. With the third of the ten strategy / fact-finding meetings pending, I wish I'd signed up a year ago. My wife and I are working professionals and this is my early retirement gambit, so we are pretty serious. I have 6 single and MF properties with a 7th under contract and have made some tax and business development missteps that they are helping us to manage, plus advising in setting up our entities and accounting based on a deep fact-finding inquiry on their part. I had run through 4 good but limited accountants before biting the bullet with Wealthability. You are assigned a crack CPA, with an accounting assistant who are overseen by a ProVision principal. ProVision is Tom Wheelright's previous firm that he has trained in his paradigm. So, you are not just getting good accounting and tax strategy guidance, you are getting professionals who are assisting in clarifying and focusing your business and wealth aspirations into dollars.
So, if you are serious and have some experience, you can probably cut a few years off your business development trajectory, and save more than the $15-$20K fee by retaining this outfit.
@Tom Fisher, this all sounds great, but couldn’t t you get the same results with a real estate tax advisor? And not having to pay the Wealthability “ pay to play” up front fees.
We are a Wealthability client and have referred several of our clients to them - they have helped us tremendously. We were paying 6 digits in taxes with our previous CPA. I couldn't understand how it was possible we were paying so much in taxes when many of our clients make far more than we do and pay little to no tax.
The first year they did our taxes, we paid taxes but significantly less than previous years. This year I am happy to say that we not only didn't pay any tax, we are getting money back. While the consulting fee seems steep, it's actually a steal if they show you how to reduce or eliminate your taxes simply because they know the tax code. It was money well-spent for me and my family and I would recommend it to anyone who owns real estate and is a business owner who is paying taxes. It's worth a call to them to see if it's a fit.
As a fellow tax planning professional, I appreciate what they do and their innovation in this industry. We believe that everyone should get a second look at their taxes and work with proactive, rather than reactive CPAs who are versed in tax planning and reductions vs pure compliance. The CPA industry has unfortunately become overrun with a lot of pure compliance driven firms that don't focus on year round tax reduction.
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CPA
Hi Todd. I can let you know once we get deeper into the process with Wealthability. However, from my limited command of tax strategy, accounting, and business planning, it feels, so far, like you get what you pay for.
New guy on the block here!
I spoke with Wealthability this week. They ask for your tax returns in advance of the call. I expected some sort of observations on my current situation and how they could help, etc. Not a mention of the tax returns.
They gave me a choice of two packages. The lower package was essentially $15,000 while the higher level was bascially $20,000. That's A LOT of moolah during COVID when my business is already down by over 36%. They said I could start at the $15k level and then upgrade to the top tier later BUT that would cost $10k to upgrade. Even though right now it's only $5k more. ???
My main issue is, I want to know why my quoted packages are $5k more than anyone else in three pages of comments here on this thread was quoted? I'm not saying this is a bad deal. I just want to know why mine is more than everyone else and if they just used my tax returns to figure out how much money I could spend and based my package pricing based on my income? My setup is one business and one rental house. It's not overly complicated.
On questioning, they said, "I am not quoting you higher than all of our other prospective clients. The majority of the clients that come onboard with WealthAbility fall into the $15-20k price range. You may not be seeing that online, but that is in fact the case. If I attempted to put you guys in the $10k strategy, you would not be pleased with the outcome of the strategy.
We ask for the your tax returns prior to this meeting, so that we have a full picture of the situation and can better determine which CPA team and level of service is right for you."
I'm interested in finding out if anyone else on this forum has been quoted at the same price point I was quoted this week. I'm awaiting more answers from them as well. I'd like to go through this program but they're real close to pricing themselves out of reach for a lot of folks.
Hi Jeff,
I appreciate your feedback, I know it can be frustrating and different situations require different solutions.The prices of those solutions can vary based on the situation. In my time serving clients I always wanted to let them know what to expect. The last thing we would want is to set an expectation that left you with a bad experience. I hope our staff was transparent in how the investment into a tax strategy can fluctuate and the reasons for that. I encourage you to speak with our team until you fully understand it and are comfortable and make the best decision for you and your business.
Warmest Regards,
Tom
Tom, I'm sure you understand the optics from my side when I search around and everyone quoting their packages is lower than mine. By $5,000-$10,000 I might add. That's not chump change.
All the while, my business is down 36% or more due to COVID.
Your prices are your prices. I'm just saying, this is a bad year to try to squeeze people like me. Which is how it feels considering what I've already mentioned with the price differential.
My business is not difficult. How is it that I would not be happy with the same service someone else gets for $5,000 less than I get it for? It doesn't make sense. It feels a little like my tax returns were used to see how much money I make so that the company could determine how much I would be charged for my packages.
That may not be the case whatsoever. I'm just being honest and telling you what it feels like. The prices on this thing are high and just about everyone in this thread has said as much. Except that they were talking about the prices being too high when they were still $5,000 less than I've been quoted.
In the end, it may still be worth it. I don't know that but I'd sure like to know why I get to pay so much more than anyone else here.
My initial quote was $29K! That's now including filing or re-filing taxes. I'm still looking at other options.
We are now Wealthability clients, having signed up with Provision. We have only had a few meetings at this point, but I'll report back as I get more experience with them. So far they seem very interested in creating customized solutions to allow us to implement @Tom Wheelwright's strategies.
@Greg O'Brien: I was reading reviewes regarding Wealthability and came across your messages regarding the AICTP. Do you know how we can get connected to a CPA located in Southern California who has gone through the AICTP training ? Does AICTP refer to the CPAs itself? Like others in BP we are looking for a knowledgeable CPA in our area without paying thousands of dollars that Wealthability charges upfront.
Thanks a lot in advance for any input,
@Shabii Dilmagh yes! You can search here if you are looking for someone local to your area: https://certifiedtaxcoach.com/
Their training and continuing education for CPAs and tax attorneys is top notch and forward thinking.
Feel free to ask any questions you may have!
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CPA
@Greg O'Brien: Thank you very much.
I had my first phone call with Wealthability a few days ago. My current tax situation is very simple: 1 "regular" 9-5 job, 1 Roth IRA, 1 Solo 401k, some cryptocurrency, and 0 real estate properties. I'm just about to graduate from university, so my income (and investing) have been minimal up to this point. I found Wealthability through Tom Wheelwright's book, which really impressed me.
In my call with the Wealthability agent, I told them I wanted to be paired with a CPA that was educated on cryptocurrency laws and taxes. The agent told me there were several CPAs with experience in crypto. The agent also told me that, because I wanted a CPA with crypto experience, the cost for the "Wealthability strategy" would be about $20,000 for me. They also quoted me about $1,000 to do my tax return each year. On top of that, there would be additional fees for quarterly consultations and setting up entities. The price is the price, and that's fine. But for me, with a very simple tax situation, a $20,000 up-front fee seems excessive. I want to set up my wealth strategy correctly before I end up paying a ton in taxes. But right now, there's not much for the CPA to simplify. Next week, I have another call with the same agent and with the CPA they're connecting me with. I'm going through with the meeting to see what happens. However, I think I could find a CPA that meets my needs that doesn't cost that much for a simple situation. I'll report on how the meeting goes.
@Donovan Feist Thanks for sharing your initial experience with Wealtheability. Their fees seem to be rather high for someone in your situation. We appreciate if you keep us posted after your meeting with the CPA.