WealthAbility client charges

[Naheed Ansari]

Hi, 

I just finished introductory meeting with WealthAbility CPA and he told me that client intake fee is $19.5K for lifetime membership. Tax preparation annually is separate charge of $1000-1500.. Isn't that too steep of a charge? Please comment.

[Bill Hampton]

Naheed, yes 19k is very high. 

As far as tax return prepartion, it depends on how complicated your tax return is. 

I recommend finding an accountant that specializes in real estate taxation so you can compare prices. You may want to consider working with your accountant remotely to expand your options.

I would also recommend looking for a tax strategist who is willing to work with you throughout the year, not just when preparing your tax return. You want an accountant that can help you strategize and who is responsive when you want to know the tax consequences of the decisions you are making throughout the year.

Good luck and let me know if I can be of assistance.

[Jeff Stein]

@Naheed Ansari

$1000-1500 for tax preparation may be an accurate amount based on how many forms you need filled out for your taxes, especially if you have multiple real estate properties. I am not familiar with weathability, so I dont really know what they are providing for that extra $19.5k.

[Jonathan Pavkov]

@Naheed Ansari - That could be reasonable, depending on the complexity of your assets. How many legal entities do you have ownership in that the CPA is helping you with?

[Tom Wheelwright]

Hi @Naheed Ansari, 

We aim to be the best investment our clients can make and approach tax planning from an ROI perspective as opposed to a commodity service. That said, our system and approach isn't for everyone and we understand that. If you have questions on how and what goes into the process, our team members will be happy to walk you through it as thoroughly as needed to understand if this is a good long-term fit for both the CPA and you. I wish you the best and hope to see you on our WealthAbility Live call someday!

-Tom

[Greg O'Brien]

@Naheed Ansari it all depends. If you are able to get a customized, in depth plan followed by implementation that will save you far more than the cost then it could be a worthwhile investment. In my opinion, any consumer/clients needs a strong return on their investment in a professional service. The service should be highly customized to you as well.

How much that is could vary greatly but that’s how I’d look at the analysis