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People deserve to understand what’s happening with their money.

Have you ever sat across from a financial advisor and only understood every third word they were saying? And yet they were talking about your money, your life, and your future.

At Wise Counsel, we believe clients should understand everything that is happening with their money; that advisors should be just as good about explaining investments as they are at making them.

First, we’re going to get to know you and discuss what’s most important to you. We’re going to figure out your goals and the outcomes you’d like to achieve with this money. We’ll do this by establishing your Family Index Number, which is the rate of return needed on your investments in order to pursue those outcomes. After we determine your Family Index Number, we allocate your money to our various investment strategies designed to help you pursue those goals.

We work with a wide variety of clients – everyone from high net worth investors to those who are just starting out. While each family gets a personalized allocation strategy, we’ve helped thousands of families navigate their complex financial needs and guided them through life’s major decisions.

As your trusted advisor, we’re focused on adding convenience and simplicity to your lives. We will make sure you’re educated on your investments and how we manage your money – as much or as little information as you’d like.

Whether you’re investing hundreds or millions, at Wise Counsel we’re about much more than results – we’re about helping you understand where those results have come from and why the strategy works. If you’re tired of the mystery of investing and want to know exactly what’s happening with your money, schedule an appointment today.

Discover the right investment strategy for you.

Tell us a little more about your investment objectives and level of comfort with risk.

By what percentage do you expect your portfolio to grow
annually over the long-term (10+ years)?

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2. Meet with us for a custom listening session

3. Get your personalized strategy

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Our financial planning services are built on trust, transparency and accountability.

Our experienced team of professionals will develop a personalized plan that gives you the power – and a path – to realize your dreams. Explore services

Portfolio Management

We bring our clients focus and discipline when it comes to investment strategies. Learn More

Risk Management

Our insurance specialists will identify areas that could negatively impact your short and long term financial goals.
Learn more

Tax Planning

Taxes are a significant part of your life and one of the biggest drags on wealth accumulation and preservation. We are always mindful of the tax implications for each part of your planning when making recommendations. Learn more

Wealth Planning

Our objective and unbiased approach, solid credentials and over 30-year history of client involvement combine to help invest and manage your wealth at and through retirement in a manner that reflects your individual goals, priorities and values. Learn more

Estate Planning

You work a lifetime saving and building your estate and then what? Once again, our mission of “Connecting Wealth with Purpose” comes into play here.
Learn more

Welcome to Wise Counsel

When it comes to financial advice, most people are looking for more than just someone to sell them investments or other financial products. What they really want is knowledgeable, unbiased advice. Located in the heart of Texas, our firm is intentionally structured to offer you independent and unbiased advice. We strive for excellence and to serve our clients with complete trust, transparency and accountability.

Investment Management

Disciplined investment strategies are the foundation of our investment management process. Our time-tested strategies are designed to meet a variety of investment goals and objectives.

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Carson Group Partners

Carson Group Partners is a network of growth-minded advisors with one common massive transformative purpose: to be the most trusted for financial advice.

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Our Locations

Headquartered in Georgetown, Texas, Wise Counsel serves clients all over the State of Texas and beyond. Contact us today to speak with a wealth advisor or financial professional nearest you.

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Insights

Wise Counsel’s team of professionals provide you with transparent and proactive communications to equip you with the knowledge you need. Read more

Blog
When Work Becomes Optional

Published by Robert W. Huntley, CFP®, CHFC®, CKA® Founder & Wealth Advisor

WHAT WILL YOU DO WHEN WORK BECOMES OPTIONAL? 

For most people, there is never enough money. Either that is factually true, meaning the numbers just don’t add up yet, or, it’s emotionally true, they will never feel like they have enough, regardless of the numbers. Read more

Market Commentary
Weekly Market Commentary – August 19, 2019

Volatility continued to rise last week as the markets swung sharply in both directions. Markets moved more than 1% on four days. The most impactful event was the two-year yield temporarily rising above the 10-year yield, a move that has coincided with the last seven recessions. Read more

529 college savings plan strategy
Monthly Newsletter
3 Money-Smart Strategies for 529 College Savings Plans

Between squeaky new shoes, fresh pencils, packs of index cards, trendy new backpacks and other learning supplies, back-to-school shopping in the U.S. is expected to exceed $27 billion this year – about $510 per household. That’s a lot of Trapper Keepers. Read more

QMO video
Video
Quarterly Market Outlook: Q3 2019

Carson Partners’ Scott Kubie shares key events we saw in the past quarter and how we think they’ll affect markets in the upcoming quarter. Contact us to speak with a financial advisor. Read more

forbes
News
Busting Three Half-Truths About Reverse Mortgages

A few years back, I conducted and published research in the Journal of Financial Planning that showed Americans don’t understand reverse mortgages. In fact, respondents scored below 50 percent on a 10-question true-false quiz.

Read more

Blog post
  • Is a SIMPLE IRA a Good Option For You On Your Consulting Income?

    Published by Robert W. Huntley, CFP®, CHFC®, CKA® Founder & Wealth Advisor

    Many people retire in their mid-50s to mid-60s but continue working on the side as contractors. The side gig is a way to earn some extra spending money and stay engaged mentally and socially.

    In this situation, you have an option to fund a SIMPLE IRA plan that can be very attractive and save you some serious taxes. Here’s how it works.

    Suppose you retired and are doing consulting work now, earning profits of $20,000 per year. This consulting income must be reported as self-employed income and most people will report it as if they’re a sole proprietor, using a Schedule C form on their personal tax return.

    On a Schedule C form, you record your gross income first. Then you deduct legitimate business expenses against the income. Whatever is left over is taxable income to you personally at your normal tax rate. It’s also considered taxable income for FICA tax purposes, and the combined tax rates can easily amount to 37% or more taxation.

    Your federal tax rate, for example, might already be 22%. This is often referred to as your “marginal tax rate” meaning the last dollar of income added on top of all the other income is taxed at this rate. In 2019 your taxable income, married filing jointly would need to be $78,950 to hit the 22% rate. It would only need to be $39,475 if you were filing single.

    Keep in mind that your income to hit those rates would include pension, social security, IRA distributions, annuity, and investment income. If you’re filing married-jointly, your spouse’s income is also added into the mix. So, it’s not hard to get to those levels. The self-employed income is added on top of all that other income to end up with the tax rate described.

    The FICA & Medicare tax rate for someone who’s self-employed is a combined 15.3%. That’s because you’re paying both sides of the tax burden. The employer and employee shares.

    So, the two rates together might be 22% + 15.3% equaling 37.3% tax rate on the profit.

    This is where the SIMPLE IRA can be so useful.

    In 2019, the IRS allows you to put up to $13,000 and another $3,000 catch up (if you’re over age 50) into a SIMPLE IRA. You also get to do a matching contribution of as much as 3% of your taxable self-employed income. These contribution amounts are available if you have at least that much taxable income to report on your Schedule C.

    In our example, you have $20,000 profit on your Schedule C. So, you could contribute $13,000 + $3,000 + $600 for a total of $16,600 into your SIMPLE IRA and get a full deduction for the contribution. That saves you the 22% federal income taxes. Unfortunately, it doesn’t reduce your FICA taxes. Those are only reduced by normal business expenses. However, 22% of $16,600 is still a nice saving.

    What’s unique about the SIMPLE IRA is it lets you contribute the maximums if you have at least that much income. Another common self-employed retirement plan is the SEP plan. However, SEP plans limit you to contributing 25% of profit so in order to get up to the funding limits of a SIMPLE IRA you’d have to have much higher profits.

    To contribute $16,600 to a SEP, you’d have to have a self-employed profit of closer to $66,400. Most people aren’t earning that much as part-time contractors, so the SIMPLE IRA is usually easier to fund at higher levels. In our $20,000 example, a SEP would only allow you to contribute $5,000. That makes the SIMPLE IRA more attractive in this situation due to the higher contribution limits.

    You can read more about these plans on the IRS website links below:

    SIMPLE IRA: https://www.irs.gov/retirement-plans/plan-sponsor/simple-ira-plan

    SEP: https://www.irs.gov/retirement-plans/plan-sponsor/simplified-employee-pension-plan-sep

    As always, it’s best to talk with someone you trust who can explain your options. I have seen the SIMPLE IRA work well for many people. Feel free to reach out to us if you have any questions about your personal options.

     

    This piece is designed to provide accurate and authoritative information on the subjects covered. It is not, however, intended to provide specific tax or other professional advice.

     

Weekly Market Commentary