When I was five, I loved juice boxes. Who didn’t? They were portable and delicious – just what every preschooler needs. But as I got older, carrying around a juice box wasn’t cool. So I graduated to soda. Then, as I weaned myself off the constant onslaught of sugar and caffeine, water. My tastes changed. I’m sure yours have, too.
WiseBanyan’s core (and free) investment management and financial planning services are designed to be timeless. However, we expect our clients’ already diverse situations and preferences to continually evolve along the way. That’s why we don’t believe in one-size-charge-all financial advisory.
This year we’re releasing our first premium packages designed to provide greater customization, personalization, and value to your WiseBanyan experience. Instead of making you pay the same one-size-fits-all fee for services you may or may not use, you opt in to the services you want, when you want them.
So, it’s with great satisfaction that we’re bringing you our Tax Protection Plan. Yes, we’re putting “tax” and “satisfaction” in the same sentence. Here’s why.
What’s In The Tax Protection Package?
So, what does Tax Protection do? Pretty much what is says on the “packaging:” protect your returns from taxes. Our Tax Protection Package includes three features: WiseHarvesting, Selective Trading, and Roth IRA Conversions.
WiseHarvesting was our first premium feature, designed to help lower your tax bill each year, by offsetting your investment gains with harvested investment losses. While other financial advisors bundle Tax-Loss Harvesting within their paid basic offering, we didn’t think that makes sense, since WiseHarvesting isn’t applicable to everyone’s situation.
If you’re already opted into WiseHarvesting, you now get the option of two new features at no extra cost. That’s right – the whole Tax Protection package is actually less expensive than WiseHarvesting was as an individual feature.
Selective Trading is our newest feature that lets you remove ETFs you hold elsewhere from future trading in your WiseBanyan portfolio(s). We built this to accommodate the clients who told us they couldn’t use WiseHarvesting without an increased risk in wash sales. This should let them both focus on offsetting their taxes each year while leaving their outside account(s) untouched.
IRA Conversions, aka Backdoor IRAs, were also in high demand by our clients. Roth IRAs have income limits (which you can peep here). But if you’re not “eligible” to contribute to a Roth, with an IRA conversion, you can contribute to a Traditional IRA and convert these funds to a Roth IRA to let your investment returns pile up tax-free on your way to retirement.
So let’s get to it: how much does Tax Protection cost?
There’s no account minimum required to activate Tax Protection. The monthly cost is 0.02% of your average account value (0.24% annually), capped at $20 a month. We cap the monthly cost at $20 across all WiseBanyan accounts so as your assets grow, your costs don’t. After you activate the Tax Protection Plan, you can turn any of the three services on or off at any time. As your tastes change, your features adapt.
And this is just the beginning.
We have a ton of other packages in the works, all designed to provide additional value to your WiseBanyan experience. Services that take into account the changing aspects of your life, like the people important to you, your investment preferences, and your distinct financial needs.
We built Tax Protection because you – our fantastic, passionate, vocal clients – told us what you wanted. Don’t be shy about letting us know what other features you’d like to see now or in the future!
Author: Aliza Kellerman
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