Your portfolio, connected to the decisions ahead
Your investments should support the life you want to live. Todd considers what you already own, the accounts you use and when you may need to draw on the money.
You work directly with Todd Smurl, CFA, for independent, fee-only fiduciary advice and ongoing portfolio management.
A simple foundation, tailored to your accounts
Low-cost funds as the starting point
An exchange-traded fund, or ETF, holds a collection of investments. An all-ETF portfolio can be an appropriate solution on its own; individual stocks are not required.
Individual stocks where they serve a purpose
Owning stocks directly can provide more control over particular holdings and additional tax-management choices in taxable accounts. We consider that approach when its potential benefits justify the costs and complexity.
Your accounts working together
Your retirement accounts, taxable investments and company stock do not all have to use the same approach. We consider them together, including the taxes that changes could create and when you expect to need the money.
A new adviser does not have to mean starting over
Before recommending changes, Todd reviews what you own, which investments can transfer without being sold and which may still belong in your portfolio. In taxable accounts, the transition can happen gradually rather than through an immediate sell-off.
Where appropriate, we agree on a gains budget: a target for how much taxable investment gain to realize as your portfolio changes. We can use investment losses to offset gains and adjust the pace of the transition, balancing taxes with your investment goals and the risks of keeping existing holdings.
Money for the years ahead
The money you expect to spend soon has a different job from money invested for later years. Todd considers your cash reserves, other income and planned withdrawals together, including which accounts will fund the spending.
Where appropriate, bonds that come due in different years can help align part of your portfolio with future spending needs. The aim is a coordinated plan for using your money, not simply a collection of investments.
Additional choices when they serve a purpose
A straightforward portfolio may be enough. The following are possible tools for selected circumstances, not default holdings or a requirement to work with IFP.
Individual bonds, coordinated with your spending
A bond ladder uses individual bonds that come due in different years, helping organize money around future spending. Selection and ongoing review consider the quality and costs of the bonds, when the money may be needed and what to do as each bond comes due.
Repayment depends on the issuer, and selling before a bond comes due can produce a loss.
Alternative investments, with a clear purpose
Some investors may consider private business lending or real estate funds alongside their stocks and bonds. Potential benefits include additional sources of income or a broader mix of investments.
The question is whether those potential benefits justify the costs, risks and any limits on access to your money. These investments should serve a specific purpose, not make a straightforward portfolio unnecessarily complicated.
Structured investments for selected situations
Some investments link what they pay to the performance of a market or index. For specific situations, they may offer income potential or limited protection against certain market declines.
Those features come with conditions. Gains may be limited, losses are still possible and selling before the investment ends may be difficult. The financial strength of the company responsible for payment also matters.
What's included
- A written investment policy built around your goals and the risks you are willing and financially able to take
- A portfolio of low-cost funds, individual stocks or a combination, as appropriate for your accounts
- Consideration of existing holdings and the tax trade-offs of making changes
- Personal investment preferences considered, with company exclusions available for the direct-stock portion
- Ongoing portfolio review and adjustments when appropriate
- Optional active tax management for taxable accounts, with an annual estimated Taxes Saved report prepared by Altruist
- Consideration of which investments belong in your taxable, retirement and Roth accounts
- Personal financial planning, included in the investment management fee, subject to the hourly-fee exception below
- One-on-one service: you work directly with Todd every time
For clients with assets under management under $500,000, the Advisor reserves the right to charge an hourly fee for financial planning.
Costs, taxes and fit come first
We consider the cost of the whole proposed portfolio, not just its least expensive investment. Compare our advisory fee together with fund expenses and any other applicable charges before deciding whether a change makes sense.
Keeping costs low is one part of the decision. Your taxes, spending needs, existing investments and ability to absorb losses also matter; lower costs do not guarantee higher returns.
How we work together
Understand what your money needs to do
We discuss your goals, expected spending, income sources and comfort with investment losses. We also review your accounts, existing investments and preferences.
Agree on the portfolio and transition
Todd recommends an approach and explains its costs and trade-offs. We consider what can stay, what may need to change and the tax consequences before making changes.
Keep the portfolio connected to your plan
We review the investments alongside changes in your life, spending and financial priorities. You continue to work directly with Todd rather than choosing from a product menu on your own.
How we manage taxes
Active tax management is an optional service for taxable accounts. Altruist, our custodian, charges up to 0.10% per year on the enrolled assets for its tax-management tool, separate from our advisory fee; Integrity Financial Planning receives no part of it. Retirement accounts are managed without this optional taxable-account service. This is portfolio-level tax planning, not tax preparation. We coordinate with your tax preparer; we do not prepare tax returns.
Technology supports the plan. Todd oversees it.
Automated rebalancing and tax-loss harvesting can help keep your portfolio aligned with the agreed approach while looking for useful tax opportunities. Todd sets the strategy, reviews the trade-offs and oversees the process as your circumstances change.
Look for useful opportunities, not a promised tax result
When you elect active tax management, investment losses may provide opportunities to offset gains. Keeping an appreciated investment can defer a sale, but it can also leave you exposed to too much of one company or industry.
We consider those trade-offs alongside your investment goals and the rules that apply to claiming losses. Tax management does not guarantee tax savings or higher returns; the questions below provide more detail.
Reviewing your estimated tax impact
Clients who elect active tax management receive an annual report prepared by Altruist. It estimates taxes saved or deferred using assumptions; it is not proof of additional investment return or permanent tax savings. See a sample report.
What it costs
Personal Index Portfolios are billed as a percentage of assets under management. Financial planning and values screens are included as part of the fee; active tax management for taxable accounts is optional, and Altruist, our custodian, charges up to 0.10% per year on the enrolled assets for its tax-management tool, separate from our advisory fee; Integrity Financial Planning receives no part of it. Altruist charges no commissions to buy or sell U.S.-listed stocks and ETFs. Full details are on the fees page.
For clients with assets under management under $500,000, the Advisor reserves the right to charge an hourly fee for financial planning.