Wealth Management FAQ
Breakaway Wealth – Frequently Asked Questions (FAQ)
What Does Breakaway Wealth Do?
Breakaway Wealth helps clients create coordinated, tax‑efficient, and goal‑driven financial strategies by reviewing retirement accounts, building financial plans, better positioning investments, tax planning, and coordinating long‑term financial decisions. Their process includes asset allocation reviews, retirement planning analysis, distribution strategies, tax mitigation, estate planning essentials, and more.
Who Do We Serve?
Breakaway Wealth works with individuals and families seeking coordinated financial planning, tax‑efficient wealth management, and long-term goal planning. Our service model is designed to reduce financial stress, improve clarity, and integrate all areas of a client’s financial life.
Where is Breakaway Wealth Located?
Breakaway Wealth has offices in Hoboken, NJ and Ft. Lauderdale, FL.
What Financial Planning Services Do You Provide?
Our comprehensive services help bring clarity to your financial life by organizing your finances, setting personalized goals, and building investment strategies designed to help you pursue those goals, including:
- Build asset allocation strategies
- Manage cash flow
- Build an emergency fund
- Manage investment portfolios
- Handle 401(k) rollovers
- Create retirement plans
- Manage concentrated stock positions, including stock options and RSUs
- Develop college funding strategies
- Access tax‑advantaged accounts (IRA, Roth, 529, etc.)
- Plan for long‑term care, life insurance needs and Medicare
- Assess risk tolerance and return expectations
- Support estate planning
Do You Help with Retirement Planning?
Yes. Breakaway Wealth performs full retirement readiness reviews, including portfolio diversification, income distribution strategies, Social Security timing considerations, and long‑term tax minimization. We run 1,000‑scenario Monte Carlo simulations to measure retirement success probabilities.
Can You Help Me with Tax Planning?
Yes, we can help create tax‑efficient strategies that include:
- Tax‑loss harvesting
- Selecting specific tax‑advantaged investment lots
- Distribution strategies designed to reduce taxable events
- Roth conversion planning
- Coordinating with accountants to stay below key tax thresholds
Do You Coordinate with Other Professionals (CPAs, Attorneys, etc.)?
Yes. Breakaway Wealth actively coordinates with estate attorneys, mortgage specialists, and tax advisors to ensure all parts of your financial life are aligned and well positioned.
Do You Work with Clients Who Have Stock Options or Equity Compensation?
Yes. We can create stock‑option liquidation strategies using limit orders and help design tax‑efficient diversification plans for restricted stock, stock options, and long‑term incentive programs.
Do You Offer College Funding Planning?
Yes, we can analyze your ability to fund education goals by reviewing educational plans and other available assets.
Do You Provide Insurance Analysis?
Yes. Breakaway Wealth evaluates life insurance policies to ensure they align with your goals and cost‑efficiency needs. Long‑term care strategy analysis is also offered.
Are Your Services Fiduciary?
We use the fiduciary standard in our practice. Which means we always put your interests first.
Can You Help Manage My Accounts Across Different Institutions?
Yes. Our asset allocation review includes 401(k)s, IRAs, investment accounts, and other assets across platforms.
How Do I Get Started?
We encourage you to schedule a meeting (virtually or in-person) through our website scheduling tool found here.
All investing involves risk including loss of principal. No strategy assures success or protects against loss. There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.
Traditional IRA account owners have considerations to make before performing a Roth IRA conversion. These primarily include income tax consequences on the converted amount in the year of conversion, withdrawal limitations from a Roth IRA, and income limitations for future contributions to a Roth IRA. In addition, if you are required to take a required minimum distribution (RMD) in the year you convert, you must do so before converting to a Roth IRA.
