Personal Finance
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
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.
I don't mind paying but the cost needs to be worth it. If it is indeed worth it I would expect this thread to be filled with positive raves and reviews....
@Shepheard Adi I believe that with any tax planning or financial services firm you go with, you should always look to see what type of ROI you can generate on your investment with the team(s) both in the short term/immediate future (tax savings for example), but also try to examine how the LT relationship would be and let that play into your overall ROI analyses. Even selecting a marketing, IT or non financial services vendor on this criteria can work well in my opinion.
-
CPA
Hi all
Just wanted to chime in and share my experience here. Reached out to WA after hearing about them on the #569 podcast. During the application process, they'll ask you a lot about your financial situation (e.g. income, investments, 2 year tax returns) which I happily answered.
I was looking forward to my first scheduled call, hoping they would give me some idea on how they could help specific to my situation (since I gave them a lot of that information already). However, the call to be honest was very underwhelming -- the guy just mainly explained how they worked/operated and asked a bit about my background/financial goals -- there was zero information on anything pertaining to my financial situation (even though they have this information).
After the call, I was sent an email with a PDF brochure, outlining generally what they do/how they operate and a link to pay for $23,750. I had no idea what I was getting for those fees and no specific information on how they could help me (it's all general). I responded and expressed these dilemmas to the rep (I actually wanted to be sold on this) and was essentially informed I have to pay the fees first before I get any tailored information, and kept mentioning the 30 day money back guarantee (which you do not see any mention of this on the payment page or the PDF -- makes me question the legitimacy of this and the enforceability of this in the event of a dispute). It seems the purpose of them getting all your financial information beforehand is mainly to quote you the price.
I decided to withdraw from this unfortunately -- I didn't think they did a good job of explaining why their services was worth what was quoted, despite giving them the opportunity to do so.
With that said, I'm looking for a CPA who is licensed in CA and has experience in REI (preferable is a REI him/herself) - feel free to DM me :)
Hello Danny,
I am a current WA client. I am not going to go into all of the details of the ins and outs and all that stuff. But what I will tell you is that the WA perspective is completely different than what I was expecting. How they help is, is a mindset change and education in to how to better structure entities and to compose a tax and wealth strategy. It's a whole long process. You will actually take classes and do homework. You will start off with writing and establishing goals and comparing that to where you are now. Then you will determine what you need to meet your goals. Then you will learn how to make those goals possible. And one thing I learned was to think bigger and differently than what I used to think. I know what you mean by them being a bit vague. But I bit the bullet and I'm glad I did. We are in a much different place now than where we used to be, one year ago.
Good Luck!!
@Shan Vincent and @Danny N.
If what Russell is saying is true about WA then spending $23k for that type of information is too much for me. Tom Wheelwright is with Rich Dad Poor Dad organization. If you have not already done so listen to Rich Dad Poor Dad on YouTube. I can refer you to expert coaches that set up game plans for free!
@Danny N. - Hi Danny. Full disclosure I am the services manager for WealthAbility. I appreciate the consideration and understand it's not for everyone. I would be happy any time to personally walk you through where our service guarantee is located on our documents, I assure you it's on there :-) Sorry the process fell short of your expectations, to find the best fit within our network it's important to understand a perspective clients current tax situation to diagnose the best solution, a more full explanation can be found in the video in your appointment confirmation email as well. Sounds like it's a bit late for that though. Thanks again and feel free to dm me here or call me at the office I'd be happy to talk any time if your open to it!
@Russell J. Maxey - Glad to hear things are going well and thank you for chiming in with your experience! Keep an eye out sending a small token of appreciation your way :-)
This is my experience so far: I signed up for Wealthability which so far has turned out to be self education and one year tax return filing which has restrictions. I have sent emails to my assigned CPA and sometimes they're answered after a few days and sometimes they're not. I realize the accountants are busy right now but hopefully after tax season I gain some more benefits from the service.
Quote from @Shan Vincent:
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.
Thanks to @Shan Vincent for posing the question and initiating the thread. I've read every response and really appreciate the responses, from every single one of you!
Recently, I spoke with Joseph Sorge and was quoted similar prices to others. My situation is relatively simple relative to others, and I'm hoping to find legal methods to improve my tax burden. I'll report back in a few months to share my experience with all of you.
cheers
Just got off the first call with Joseph Sorge. This service is definitely for wealthier people. I figured there would be tiered pricing to reduce the barrier of entry for people who dont have 10k-25k lying around. As alluded to in this thread, the questions that I put in my application were not answered. That was a bit frustrating because I spent time on the application and gathering my information. They also made a point to remind you to fill out everything before the call. I felt like the conversation was over before it even started because of my financial position
Quote from :
Hey ! I currently use Wealthability, signed up not too long ago.
They course you get access to on Wealth and Tax strategies is GREAT! I have learned a ton. They highly encourage you to become educated in the topics yourself, rather than strictly relying on the CPA, which I like a lot.
Youll get referred to a CPA that they themselves have trained, and the firm we got referred to is great.
I'll be honest though, it took me about a year to pull the trigger on this due to the cost, but I am kicking myself for waiting that long, as my first years tax savings will be much more than the price I paid. That doesnt even factor in the ongoing savings and various other factors.
You are bound to get a bunch of people commenting on here saying you can get the info cheaper elsewhere, yadda yadda yadda, but I highly recommend them. I do agree thought that price is a bit steep.
I know @Michael Blank also has used them
Hi @Jake S.
would you still recommend wealthability? I am starting to work with them but still wrestling with the cost.
thank you in advance for your help
Quote from :
I'm in the same situation. I pay a significant income tax each year. The cost to sign up may be steep but I'm looking at it from a ROI. If I can save 10-15% It will be a 100% ROI in the first year. I'll keep folks posted about my experience.
Thus far I've had two 30 min getting to know you conversations with the advisor. Cost up front was made clear about 10K. Some of their suggestions were not a surprise. Other's I had not considered but I can see value moving forward.
Planning on having one more conversation this time with my wife on the call as well and that point I would need to pull the trigger on paying for the service.
Thereafter the plan would be to get teamed up with a CPA and Advisor team locally to build out the frame work in which I can maximize deductions.
would you still recommend wealthability?
Quote from @Brad L.:
@Danny N. - Hi Danny. Full disclosure I am the services manager for WealthAbility. I appreciate the consideration and understand it's not for everyone. I would be happy any time to personally walk you through where our service guarantee is located on our documents, I assure you it's on there :-) Sorry the process fell short of your expectations, to find the best fit within our network it's important to understand a perspective clients current tax situation to diagnose the best solution, a more full explanation can be found in the video in your appointment confirmation email as well. Sounds like it's a bit late for that though. Thanks again and feel free to dm me here or call me at the office I'd be happy to talk any time if your open to it!
@Russell J. Maxey - Glad to hear things are going well and thank you for chiming in with your experience! Keep an eye out sending a small token of appreciation your way :-)
@Brad L. just to address your point about fit, that's the thing, there was no attempt to explain anything besides general information which anyone could've read on a website or a brochure, without needing to share any financial information. The only indicator of how the financial information was used, was to generate a pricing quote -- and the perception of that is depending on you have little or much you have, you pay more, or less (I could be wrong here, but that's the perception).
Quote from @Elin Trinh:
Quote from :
I'm in the same situation. I pay a significant income tax each year. The cost to sign up may be steep but I'm looking at it from a ROI. If I can save 10-15% It will be a 100% ROI in the first year. I'll keep folks posted about my experience.
Thus far I've had two 30 min getting to know you conversations with the advisor. Cost up front was made clear about 10K. Some of their suggestions were not a surprise. Other's I had not considered but I can see value moving forward.
Planning on having one more conversation this time with my wife on the call as well and that point I would need to pull the trigger on paying for the service.
Thereafter the plan would be to get teamed up with a CPA and Advisor team locally to build out the frame work in which I can maximize deductions.
would you still recommend wealthability?
The catch is you may need to restructure a number of things in your life in order to optimize the results. If you’re looking for something that will allow you to maximize your tax benefit and really change nothing about what you’re currently doing then this might not be the right course for you.
@Danny N. - Happy to continue the conversation via DM or phone call to give you as clear an understanding of all the different tax profiles we deal with and how it can move the needle on needs and pricing. Again I apologize and that's frustrating if it was not made 100% clear why current facts and prior returns are a big piece of understanding how to best help a potential client. If we randomly placed clients without being mindful of the technical needs it would be a recipe for disaster just about every time I suppose!
Quote from @Matt Millard:
@Tal Simpson
Me too but they can’t help with syndications which I do a lot of, and price is crazy high!
Did you find a CPA to help with syndications?
Wealthability Program does provide a 30 day no questions asked cancellation. So I'll be signing be signing up at the end of the week.
@Paige Harrison interesting, as in your the syndicator or you invest in syndications? That seems odd since most RE niche tax strategists deal with both sides routinely
-
CPA
Hi Everyone: There are a lot of responses here from people who have considered Wealthability or are considering. I'm checking back in to see if anyone else (besides those who have already posted) has used the service and if so thoughts? Thanks,
I've worked for a CPA the past two years getting my hours in to complete my CPA. I decided to go independent this year and set up my own tax shop. I haven't completed my CPA yet but have the credit hours necessary to sit for the exam and I'm studying for it currently. Depending on how complicated your situation is I may or may not be able to help. My reputation is worth more than the dollar so I have no issue referring out if I'm in over my head.
That being said, good things aren't cheap and cheap things aren't good. I'm a huge fan of Tom Wheelright. He's one of the biggest reasons I got in the tax game. He's definitely the best in my opinion. Like others on this thread I'm very curious to hear about the ROI someone has had while working with him.
Appreciate the comments which confirmed my experience. The program offers many of the items I want to tackle: overall tax strategy, review of past 3 tax returns, etc. Had 2 calls with a WA sales person and was quickly forwarded a link to sign-up for $13,200. I sent a follow-up email with 3 questions/requests before moving forward:
1. Opportunity to speak to 3 current references.
2. Greater detail/specifics around the 100% customer satisfaction guarantee.
3. Given they're based in Arizona, like me, an opportunity to meet the lead CPA before moving forward.
I never received a response from the sales contact despite sending 3 follow-up requests on top of my initial request email.
That was it for me. Disappointed as I hoped this might work out.
@Patrick OHalleran - Hi Patrick I am the Services Manager/Director at WealthAbility. Do you mind connecting on this so I can figure out what happened with the representative you were working with?
I emailed you at the address we had on file. I hope that is okay. Thank you!
Quote from @Brad L.:
@Patrick OHalleran - Hi Patrick I am the Services Manager/Director at WealthAbility. Do you mind connecting on this so I can figure out what happened with the representative you were working with?
I emailed you at the address we had on file. I hope that is okay. Thank you!
@Brad L. Can you also please have my sales guy contact me. Aside from being referred an accountant, I don’t feel I am receiving much value from this subscription. Maybe I am missing something but once I signed up and paid the money I haven’t heard from anyone from this organization since.
@Ben Goodall - Using your inbox with the email we have on file. Thanks!
Quote from @Eric Buckland:
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.
Wow that's horrible