Onboarding & Technology

Q: What specific documents should I gather before our introductory discovery meeting?

A: To make the most of our time, we recommend having your most recent tax return, brokerage statements, and a summary of your employer-sponsored benefits (like 401k or stock options) ready.  We will send you a full list of helpful documents to have ready prior to your meeting.

Q: How does Hendricks Wealth & Estate Management charge for services?

A: We operate on a transparent fee-only structure. For most clients, this is an advisory fee based on a percentage of Assets Under Management (AUM), debited quarterly. For those seeking specific advice without full management, we offer hourly or negotiated fee arrangements.

Q: Do you provide a mobile portal where I can view the performance of my investments?

A: Yes, our clients have access to a secure, encrypted dashboard that aggregates all accounts to provide a holistic view of your financial health.

Q: When is the best time to start investing for retirement?

A: The best time is "yesterday," but the second best time is today. Due to the power of compounding, starting in your 20s or 30s—even with small amounts—can result in significantly more wealth than starting a decade later with larger contributions.

Q: Should I choose a Traditional IRA or a Roth IRA?

A: The choice depends on your current tax bracket versus your expected bracket in retirement. A Traditional IRA provides an immediate tax deduction, while a Roth IRA offers tax-free growth and tax-free withdrawals. We help you evaluate your long-term tax strategy to determine which "tax-advantaged" bucket serves you best.

Q: What is a Fiduciary Financial Advisor, and why does it matter?

A: As a fiduciary firm, Hendricks Wealth & Estate Management is legally and ethically obligated to act in your best interest at all times. Unlike commission-based brokers, we do not receive incentives for recommending specific products, ensuring our advice is objective and aligned solely with your goals.

Q: Do you provide a mobile portal where I can view the performance of my investments?
A: Yes, our clients have access to a secure, encrypted dashboard that aggregates all accounts to provide a holistic view of your financial health.

Q: Can I work with you virtually if I spend part of the year in another state?

A: Absolutely. We are set up for secure video conferencing and digital document signing to support our clients regardless of where they are currently residing.  We currently assist clients in 38 states.

Q: Do I have to be a millionaire to work with Hendricks Wealth?
A: Our primary requirement is a willingness to be coached. We look for people who are serious about their goals and value professional guidance over "get rich quick" schemes.

Q: How often will I actually hear from you?
A: You won't just get an automated statement once a quarter. We provide proactive outreach through our email updates, regular review meetings, and timely check-ins when major life events or market shifts occur. You have a dedicated partner, not a 1-800 number.

Q: Do you offer services for small business owners?
A: Yes. We specialize in establishing and managing business retirement plans like Simple IRAs, SEP-IRAs and 401(k)s. Our unique approach includes face-to-face consulting with your employees to create personalized financial plans, which helps improve employee retention and morale.

Behavioral Finance & Market Volatility

Q: How does your firm help me stay disciplined during a market correction?

A: We use "Behavioral Coaching" to remind you of the long-term plan and use data—not headlines—to determine if any actual change to your strategy is warranted.

Q: What is "Sequence of Returns Risk" and why does it matter right before I retire?

A: This is the risk that a market drop early in retirement could disproportionately affect your portfolio's longevity. We proactively use "Cash Bucketing" to help mitigate this fear.

Q: Should I pay off my mortgage early or invest that money?

A: At Hendricks Wealth, we often advise that you "Don’t Do Dumb" by rushing to eliminate a low-interest mortgage if those funds could be earning a higher potential return in a diversified investment portfolio. Every situation is unique, but the opportunity cost of lost compound interest is often greater than the benefit of being debt-free sooner.

Q: How do we handle the "Emotional Side" of an inheritance or windfall?

A: Sudden wealth can be overwhelming. We provide a "Decision-Free Zone" for the first few months to ensure you don't make permanent choices while in a high-stress state.

Q: What should I do with my portfolio if a recession starts next month?

A: You DO NOT panic and abandon a long-term strategy because of a short-term headline. Before a recession hits, we stress-test your plan to ensure you have enough invested conservatively to weather the storm without being forced to sell your investments at a loss.

Q: I’m about to retire—how do I know exactly which account to pull money from first?

A: This is the "Distribution Puzzle." Withdrawing from a 401(k), a Roth IRA, and a brokerage account in the wrong order can cost you thousands in unnecessary taxes. We create a Sequential Withdrawal Plan that prioritizes tax efficiency to make your nest egg last as long as possible.

Estate & Multi-Generational Planning

Q: Do I need a Will or a Trust for estate planning?
A: A Will is a foundational document for asset distribution, but a Trust may be better for avoiding probate, maintaining privacy, and managing complex distributions (like special needs care). We evaluate your "life's work" to determine if you should "Trust a Trust" or stick with a traditional Will.

Q: What is the difference between a "Per Stirpes" and "Per Capita" beneficiary designation?

A: These legal terms determine how your money flows if a beneficiary predeceases you. Per Stirpes passes a deceased beneficiary’s share down to their children, while Per Capita redistributes that share among the surviving heirs. We review your beneficiaries with you every year to ensure your intent is legally documented.

Q: How do I talk to my adult children about their inheritance without making things awkward?

A: We often act as a "family mediator." We can host a "virtual" family meeting or in-person at our office to explain the "why" behind your estate plan, ensuring your heirs understand your legacy goals and are prepared to manage the wealth they will eventually receive.  We also take pride in building a tax efficient strategy of passing your estate on to your beneficiaries, keeping more in their hands and having them pay less in taxes.

Q: How do you help facilitate "Family Wealth Meetings" with my adult children?

A: We can act as a neutral third party to help explain your legacy goals to your heirs, ensuring a smooth transition and reducing future family conflict.

Q: What steps should I take if I am worried about the cost of Long-Term Care?
A: We analyze various "self-funding" vs. "insurance-based" strategies to protect your spouse and your legacy from being depleted by healthcare costs.

Safety, Security & Compliance

Q: Who "holds" my money?

A: We use an independent third-party custodian (Charles Schwab). Your assets are held in your name and are separate from our firm's operational accounts.

Q: What kind of cybersecurity protocols do you have in place?

A: We utilize multi-factor authentication (MFA), encrypted document vaults, and secure communication channels to ensure your data remains private.

Advanced Retirement & Tax Strategy

Q: How does the SECURE Act 2.0 change my Required Minimum Distribution (RMD) strategy?

A: The new laws have pushed back RMD age to 73 and changed penalty structures; we help you navigate these timelines to potentially defer taxes for as long as possible.

Q: What is a "Backdoor Roth IRA" and is it appropriate for high earners?

A: This strategy allows those over income limits to contribute to a Roth via a conversion process. We analyze your specific "Pro-Rata" risk before recommending this move.

Q: Do you offer strategies for "Tax-Loss Harvesting" during market downturns?

A: Yes, we proactively look to capture investment losses to offset future capital gains, which can significantly improve your after-tax "real" return over time.

Q: How do you evaluate "Net Unrealized Appreciation" (NUA) for highly appreciated company stock?

A: If you have significant company stock in a 401(k), we help determine if moving it to a brokerage account offers better tax treatment than a traditional IRA rollover.

Q: Can you help me set up a "Qualified Charitable Distribution" (QCD)?

A: If you are over 70½, we can help you send RMD funds directly to a charity, which satisfies your distribution requirement without increasing your taxable income.

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