frequently asked questions
Good Questions Deserve Clear Answers
What should you know before hiring a financial advisor? From understanding fee-only fiduciary advice and advisory fees to evaluating financial planning, investment management, and the client relationship, we address the questions that matter when choosing a financial advisory firm. Learn how Ruiz Financial Group approaches these decisions and what you can expect from working with us.
Questions We Hear Most Often
We believe transparency begins with providing straightforward information. Explore the questions below to better understand our approach, the services we provide, and what you can expect from a relationship with Ruiz Financial Group.
Does it make sense for me to work with a financial advisor right now?
It depends on your circumstances, not your age or account balance. The right time comes down to the decisions you're facing and how comfortable you feel managing your financial life on your own.
Sometimes a major life event prompts the conversation, such as approaching retirement, getting married or divorced, starting a business, or transitioning from medical residency into practice. Other times, your financial life has simply become more complex, and coordinating your investments, taxes, insurance, retirement goals, and other priorities requires more attention than you're comfortable giving it.
You may be perfectly capable of managing these decisions yourself but lack the time, interest, or desire to do so. Working with a financial advisor isn't necessarily about giving up control of your finances. It's about having someone help you organize your priorities, evaluate your options, and make informed decisions.
At Ruiz Financial Group, we begin by understanding your circumstances and what you're hoping to accomplish. From there, we can determine together whether comprehensive financial planning, Wealth Management, or another approach makes sense for you.
If you're beginning to wonder whether professional guidance could make your financial life easier to manage, that may be a good reason to start the conversation.
If I'm working with a financial advisor, don't I already have a financial plan?
Not necessarily. Working with a financial advisor may involve investment management, financial advice, or comprehensive financial planning. While these services can complement one another, they're not necessarily the same thing.
Your investments are only one part of your financial life. What about your insurance coverage and risk management, estate and legacy planning, income tax planning, retirement goals, and the financial decisions that arise when life changes? A comprehensive financial plan considers how these areas work together, not simply how your investments are performing.
At Ruiz Financial Group, our SMART Planning™ approach is the foundation of our client relationships. We organize financial planning around the interconnected areas of your financial life, focusing on those most relevant to your circumstances, priorities, and goals. Some may require significant attention, while others may have little relevance to your situation.
We bring those considerations together into a documented financial plan that helps you understand where you stand, what you're working toward, and how decisions in one area may affect another. And when we continue working together, we revisit the plan, track your progress, and make adjustments as your life and priorities change.
Comprehensive financial planning isn't simply about managing your money. It's about making coordinated financial decisions that support the life you want to live.
Have I outgrown my current advisory relationship?
Possibly. If your financial life has become more complex but the advice you're receiving hasn't evolved with it, it may be time to reevaluate whether your current advisory relationship still meets your needs.
Perhaps your advisor has primarily focused on managing your investments, but you're now facing decisions involving retirement income, tax planning, insurance, estate planning, or business ownership. Or maybe your circumstances have changed, but the conversations you're having with your advisor haven't.
A good place to start is by considering what you need from the relationship today. Are your financial priorities being addressed? Do you understand the recommendations you're receiving and how they fit together? Is there a documented plan that evolves as your circumstances change?
Different advisory relationships offer different services, and an arrangement that served you well in the past may not necessarily be the right fit today.
At Ruiz Financial Group, our approach begins with understanding your current circumstances and identifying the areas that deserve the most attention. Through comprehensive financial planning, we help coordinate those decisions so your strategy reflects where your life is today.
What does it mean that you're “Independent • Fee-Only • Fiduciary”?
These three terms describe important aspects of how we operate and our responsibilities to our clients.
Independent means we're not owned or controlled by a bank, brokerage firm, or insurance company. This gives us the freedom to select investment solutions, financial planning technology, and services based on what we believe best serves our clients, rather than being limited by a parent company's products or business priorities.
Fee-only describes how we're compensated. We're paid directly by our clients for financial planning and investment advisory services. We don't receive commissions from product sales, referral fees, or other third-party compensation for recommending financial products. Our compensation comes from the people we serve.
Fiduciary means we have a legal obligation to act in your best interest when providing investment advice, including identifying and addressing conflicts of interest.
As part of our commitment to fee-only financial advice and fiduciary standards, we're proud members of the National Association of Personal Financial Advisors (NAPFA), a professional organization dedicated to these principles.
My current advisor says they're a fiduciary but also fee-based. What's the difference?
Being a fiduciary describes an advisor's legal responsibilities when providing investment advice. Being fee-based describes how an advisor is compensated. The two aren't mutually exclusive.
A fee-based advisor may charge advisory fees while also earning commissions from selling insurance, annuities, or certain investments. When acting as an insurance agent or broker, different regulatory standards may apply, depending on the product and the capacity in which the recommendation is made. A good question to ask any advisor is: "Are you acting as a fiduciary for this recommendation, and how are you being compensated?"
At Ruiz Financial Group, we're fee-only. We don't receive commissions from selling financial products. We can still evaluate investments, insurance, annuities, and other financial decisions as part of your comprehensive financial plan. If a particular solution makes sense for your circumstances, we can recommend it without receiving additional compensation from the product provider.
That distinction matters. No compensation arrangement is entirely free of potential conflicts. For example, advisors who charge fees based on assets under management, including Ruiz Financial Group, have a financial incentive to retain those assets. However, our fee-only structure eliminates commissions from product sales, allowing us to evaluate financial solutions without the added incentive of compensation from product providers.
Will I work directly with my financial advisor, and how often will we meet?
Yes. You'll work directly with Anthony Ruiz on your SMART Planning™ and investment management, with support from other members of our team when appropriate. As a boutique financial advisory firm, we place a high value on personal relationships.
Our initial financial planning process involves a series of meetings, each with a specific purpose, as we get to know you, evaluate your financial circumstances, develop your strategy, and begin implementation. The number of meetings varies depending on your needs and the complexity of your financial life.
After your plan is delivered, how often we meet depends on how we're working together. With Wealth Management, we agree on a review schedule that fits your needs, along with additional conversations when significant decisions or life transitions arise. A one-time SMART Planning™ engagement concludes once the services outlined in your agreement have been completed.
We offer both in-person and virtual meetings, along with a secure financial planning vault that makes sharing documents and financial information more convenient.
Our goal is to provide a personal, accessible relationship with the flexibility to meet your needs as your financial life evolves.
Can I work with Ruiz Financial Group if I don't live in Ohio?
Yes. Although Ruiz Financial Group is based in Toledo, Ohio, we work with clients in other states through virtual meetings, allowing us to provide comprehensive financial planning and investment management regardless of geographic distance.
Whether you live nearby or across the country, our goal is to provide the same personal attention, thoughtful guidance, and ongoing support. Our ability to serve clients outside Ohio is subject to applicable state registration requirements.
What services do you offer, and how are SMART Planning™ and Wealth Management different?
At Ruiz Financial Group, we offer two primary ways to work with us. Both are built around comprehensive financial planning. The difference is whether you'd also like us to manage your investments.
Wealth Management combines SMART Planning™ with ongoing investment management. In addition to developing and maintaining your financial plan, we manage your investment portfolio based on your goals, risk tolerance, and financial circumstances.
SMART Planning™ is also available as a standalone, one-time financial planning engagement. We develop a comprehensive financial plan around your goals and priorities, review the recommendations with you, and help you understand the steps needed to put them into action. Investment management isn't included, so you can receive professional planning guidance without transferring your investment accounts to us.
In either relationship, financial planning is the foundation. The choice comes down to whether you'd like a one-time plan or an ongoing relationship in which we also manage your investments.
How much does it cost to work with you?
Our fees depend on the services you choose, and we explain both how they're calculated and how they're paid before you become a client.
Wealth Management uses a tiered asset-based fee, with lower rates applying as managed assets increase. Ongoing financial planning is included, with no separate planning subscription. A one-time $1,500 onboarding fee applies to relationships beginning with less than $500,000 in managed assets. Advisory fees are typically deducted from managed accounts, although other payment arrangements may be available.
SMART Planning™, as a standalone engagement, is a one-time fee starting at $3,000, based on the complexity of your situation and the scope we agree on. We confirm your fee in writing before work begins, and it's paid directly through our invoicing process.
We publish our fees so you can understand the costs and services before deciding whether to work with us.
Does fee-only mean you charge a flat fee?
These are two different things. Fee-only describes how a financial advisor is compensated, while flat fee describes how the fee is calculated.
At Ruiz Financial Group, we're fee-only. That means we're compensated directly by our clients and don't earn commissions from selling financial products. Fee-only advisors may charge fixed fees, hourly fees, ongoing planning fees, or fees based on the assets they manage.
We offer two ways to work with us, each with a different fee structure:
Wealth Management combines SMART Planning™ with personalized investment management for one ongoing asset-based fee. Ongoing financial planning is included.
SMART Planning™ is also available as a one-time planning engagement, with a fee quoted before work begins and no investment management. There is no asset-based (AUM) fee for standalone SMART Planning™.
The right arrangement depends on the services you need and how much responsibility you'd like us to assume.
Learn more about our fee-only approach and view our published fees.
Does Ruiz Financial Group have minimum investment requirements?
No. We don't impose a minimum investment requirement, and we don't believe the amount someone has invested tells the whole story about the guidance they may need.
With SMART Planning™ as a standalone engagement, there's no investment requirement at all, because investment management isn't part of the service.
With Wealth Management, your ongoing fee is based on the assets we manage, and financial planning is included. A one-time $1,500 onboarding fee applies to relationships beginning with less than $500,000 in managed assets.
What is your investment philosophy, and how do you decide which investments are right for me?
We believe the value of your wealth isn't simply measured by the balance of your accounts, but by the choices and opportunities it provides for your life. Your investment strategy should reflect what matters most to you, taking into consideration your financial goals, risk tolerance, personal preferences, and circumstances rather than fitting you into a predetermined portfolio.
As part of our SMART Planning™ approach, we hold an Investment Approach Discussion designed to help you understand different investment approaches while giving us a better understanding of your preferences, concerns, and comfort level with investment risk. Together, we evaluate what makes sense for your situation and how your investments can support your broader financial plan.
Our SMART Investing™ approach emphasizes thoughtful asset allocation, risk management, ongoing oversight, disciplined rebalancing, and tax-aware investing. These principles guide how we develop and manage investment strategies tailored to each client's circumstances.
For a more detailed explanation of our approach, download our Investment Philosophy.
Do I have to move my investment accounts to work with Ruiz Financial Group?
Not necessarily. It depends on the services you're looking for and what you're comfortable with.
With SMART Planning™, you can receive comprehensive financial planning while keeping your investment accounts where they are. We'll incorporate those investments into your financial plan and help you understand how they fit into your broader financial picture, without requiring us to manage them.
With Wealth Management, we provide both comprehensive financial planning and professional investment management. The accounts we manage are generally held at Charles Schwab, our independent custodian. However, that doesn't mean every investment account you own needs to be transferred.
Some clients prefer to begin with SMART Planning™ and later decide they'd like us to take a more active role in managing their investments. Others may have workplace retirement accounts, existing advisory relationships, or investments they prefer to maintain elsewhere. We respect those decisions.
Our goal is to build a relationship you're comfortable with, while helping you make informed financial decisions. Whether and when you entrust us with managing your investments is a decision we make together.
Where are my investments held, and who has control over my accounts?
Our preferred custodian is Charles Schwab, where your investment accounts are held in your name or the name of the appropriate account owner. You maintain access to your accounts through Schwab, including the ability to review balances, holdings, transactions, and account statements independently of our firm.
As your investment advisor, we may have discretionary authority to make investment decisions within the accounts you've authorized us to manage. This allows us to implement and maintain your investment strategy without requiring your approval for individual trades.
You remain the owner of your investments. Our responsibility is to manage the accounts you've entrusted to us in accordance with your risk tolerance, financial goals, investment strategy, and the authority established in your advisory agreement.
What happens to my accounts and financial plan if something happens to you?
At Ruiz Financial Group, we take business continuity seriously and maintain procedures designed to help protect the interests of our clients if unexpected circumstances affect our operations.
Your investment accounts are held at Charles Schwab, our independent custodian, and remain registered in your name or the name of the appropriate account owner. This means you retain ownership of your investments and direct access to your accounts independently of our firm.
We also have business continuity arrangements in place to address the ongoing servicing of client relationships. We're happy to discuss those arrangements and what they mean for your financial plan and investments.
How can you help me determine if I'll have enough money to retire?
Having enough money to retire isn't simply about how much you've saved. It's about whether your financial resources can support the lifestyle you want to maintain throughout retirement. Two people of the same age, with similar savings and financial circumstances, may have very different retirement outlooks. The difference often comes down to how they want to live, what they expect to spend, and what's most important to them.
That's why our SMART Planning™ approach begins with getting to know you. We discuss your goals, priorities, and expectations before evaluating your retirement income, investments, taxes, healthcare costs, and potential financial risks. From there, we can assess whether you're on track, identify gaps that may need attention, or uncover opportunities for greater financial flexibility.
We also evaluate different scenarios to understand how changes in retirement timing, spending, investment performance, or unexpected expenses could affect your financial future. And because life rarely unfolds exactly as planned, retirement planning isn't a one-time calculation. Your plan should be revisited as circumstances change, and when we continue working together, we help you make those adjustments along the way.
Our goal is to replace uncertainty with greater clarity and confidence about your retirement decisions.
Not sure where you stand? Take Our Retirement Readiness Score.
When should I start collecting Social Security?
There's no single age that's right for everyone. The best time to begin collecting Social Security depends on your financial circumstances, retirement goals, health considerations, and other sources of income.
Through our SMART Planning™ approach, we evaluate how different claiming decisions fit into your overall retirement strategy, including their potential impact on retirement income, taxes, and your financial resources over time.
Our goal is to help you make an informed decision that supports your retirement lifestyle and financial security.
How do you help turn retirement savings into retirement income?
Saving for retirement is one thing. Turning those savings into a reliable income stream that supports your lifestyle is another.
Through our SMART Planning™ approach, we develop a retirement income strategy that coordinates your investments, Social Security benefits, pensions, and other financial resources. We consider your income needs, long-term goals, and the tax implications of different withdrawal strategies, with an emphasis on managing your lifetime tax obligations rather than simply minimizing taxes in any given year.
We also plan for the possibility that your circumstances and financial needs will change. Healthcare expenses, lifestyle changes, and evolving tax laws can all affect your retirement income strategy. By anticipating potential challenges, your strategy is built to adapt, and when we continue working together, we revisit your plan and make adjustments as your circumstances evolve.
Our goal is to help you transition from accumulating wealth to using it confidently, with an income strategy designed to support the retirement lifestyle you've worked toward.
Do you prepare tax returns, or do you help with tax planning?
We provide tax planning as part of our SMART Planning™ approach, but we do not prepare or file income tax returns.
Tax planning involves looking ahead and evaluating how financial decisions may affect your taxes, both today and over time. This can include retirement account withdrawals, Roth conversions, investment strategies, charitable giving, and other financial decisions that may have tax consequences.
We also collaborate with your tax preparer, helping coordinate your financial strategy with your tax situation. Our goal is to identify opportunities to manage your lifetime tax obligations while keeping your broader financial goals in perspective.
Tax preparation looks at what happened. Tax planning helps you prepare for what's ahead.
What can I expect from an initial conversation with Ruiz Financial Group?
Our initial conversation is an opportunity to get acquainted, understand what's prompting you to seek financial guidance, and discuss what you're hoping to accomplish. It's also your opportunity to ask questions, learn more about us and how we work, and determine whether our approach feels right for you.
We'll discuss your circumstances and the financial decisions you're facing to determine whether our services may be a good fit. If we believe a more detailed conversation would be beneficial, we'll explain the next steps. If we're not the right fit, we're happy to suggest other resources or professionals who may be better suited to your needs.
There's no pressure or obligation. Our goal is simply to help both of us determine whether a more in-depth conversation makes sense.
Still Have Questions?
Not every question has a simple answer, and your financial circumstances deserve individual consideration. We’re happy to discuss what’s on your mind, explain how we work, and help you determine whether Ruiz Financial Group is the right fit.