Frequently Asked Questions

Do you make money from recommending financial products, like insurance or mutual funds?

No! That's the difference with a fee-only advisor. At RVPF, we're paid solely by our clients, with no commissions involved. Unlike traditional investment advice, which is often "free" but includes hidden commissions built into the products being sold, our approach purely focuses on providing quality advice with your best interests in mind.

 

Why does fee-only matter?

At R&V Personal Finance, LLC, we follow the principle of "follow the money," because when financial advisors are paid on commission, their recommendations can be influenced by incentives other than your best interest. For exapmle, when decided what to do with a 401(k) or 403(b) from a former employer, many investors are advised to roll it over into an IRA. While this can be the right move it's often suggested because teh advisor stands to gain financially. As a fee-only advisor, RVPF works differently. On an hourly basis, we'll evaluate all your options, present the opportunities and help you implement a strategy that's right for you. 

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Where do your clients live?

RVPF originally worked exclusively with women in medicine and veterans virtually. However, after recognizing a need for fee-only fiduciary financial planning the Decorah area, we now welcome local clients from all backgrounds and walks of life.

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Do you offer one-time advice?

Absolutely. Many people are fully capable of managing their own financial plans but find value in meeting with a fee-only planner for a second opinion or additional guidance in areas where they may need more expertise, such as integrating investments with tax planning or Social Security claiming strategies.

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I don't have a lot of money. Can you still help me?

This is a common concern, but Betsy's 15+ years of experience in financial education, counseling and planning mean she's passionate about helping individuals at any financial stage. While many financial advisors only work with clients who have accumulated significant wealth, Betsy is dedicated to supporting anyone who genuinely wants to build a more secure financial future for themselves and their family. 

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My life is busy and I don't want to manage my financial plan. What does an on-going financial planning relationship look like?

We get it -todays' professionals are really busy, and medicine is one of the most demanding fields. That's exactly why RVPF was created: to help professionals and their families reduce stress by taking financial management off their plates. With an ongoing relationship, you have a dedicated advisor ready to help with everything from choosing the right employee benefits during open season (which always seems to coincide with the holiday rush) to tracking savings goals and monitoring mortgage rates to find the best time to refinance. We're here to make your financial life easier so you can focus on what matters most.

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Do you manage investments?

Yes, professional investment managemetn is a key part of implementing a comprehensive plan. With an RVPF advisor, investment guidance is included as part of your subscription, covering all accounts. For clients looking for more hands-on management, we offer a fee-offset program that handles the day-to-day investment decisions, including coordinating contributions to meet IRS limits, rebalancing accounts, optimizing asset location, implementing Roth conversions, and managing taxes. There’s no minimum required for investable assets—some clients even start with a negative net worth due to student loans. Our goal is to provide thoughtful, personalized investment management that aligns with your financial goals and helps you stay on track for the future.

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Can you manage my 401(k), 403(b), TSP or 457?

Yes! Through a partnership with a secure tech service that specializes in managing assets within employer-based retirement plans, RVPF can help optimize your held-away accounts This service allows us to professionally manage your retirement assets while pursuing tax efficiency and keeping your overall financial plan on track. We focus on minimizing taxes by utilizing tax-advantaged strategies and rebalance your holdings at the household level, aligning your employer-based accounts with your broader investment goals. This ensures that all of your assets work together efficiently, regardless of where they are held.

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Why is there a reduction in certain financial planning fees when using RVPF asset management?

Effective asset management requires significant time and expertise. At RVPF, we are committed to supporting DIY investors, but we recognize that investment coaching and education can be time-intensive. The fee offset is designed to create balance between the two approaches, ensuring that clients who choose RVPF asset management receive competitive pricing while still benefiting from personalized financial planning and investment guidance. This structure allows us to offer great value, whether you’re handling investments on your own or opting for more hands-on professional management.

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How does RVPF approach charitable giving?

Betsy understands that everyone has their own values when it comes to money, but she believes a healthy relationship with finances involves viewing life through a lens of abundance. Most of RVPF’s clients are deeply committed to supporting causes that matter to them, and Betsy not only supports but also actively encourages a spirit of generous giving. She works with clients to align their financial plans with their charitable goals, helping them make a meaningful impact while staying true to their values.

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What is your approach to investment management?
RVPF’s investment strategy is based on three core principles:

1. Minimize costs by using high-quality, low-cost funds to reduce administrative expenses.

2. Avoid speculation by steering clear of tactics like individual stock picking, market timing, or complex strategies aimed at "beating the market."

3. Stay tax-aware by staying up-to-date on tax laws and tailoring strategies to minimize household-level taxes based on individual circumstances.

This approach ensures investments are well-managed, efficient, and aligned with your long-term financial goals.

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Do you prepare taxes?
Yes, starting with the 2025 tax year (January 1, 2026), Betsy will prepare tax returns. In addition to preparing these returns, Betsy has completed the IRS Annual Filing Season Program, which allows her to provide expert guidance to DIY tax preparers. If you're handling your own taxes, she can offer advice on tax strategies, deductions, and credits to help ensure you're taking advantage of all available opportunities. While we focus on straightforward returns, we can also collaborate with trusted tax professionals for more complex situations. Our goal is to simplify tax season and make sure your filing aligns with your broader financial goals, all while minimizing tax liability whenever possible.

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I’m skeptical about the cost of financial advisors. How do you add value?
We understand your concern. At RVPF, we add value by:

1. Comprehensive Planning: We help you create and adjust a financial plan that supports your long-term goals.

2. Tax Efficiency: We integrate tax strategies to minimize your lifetime tax burden.

3. Smart Investment Management: We focus on low-cost, diversified portfolios that align with your goals.

4. Time Savings: We handle the complexities of financial decisions so you can focus on what matters.

5. Ongoing Support: We’re always here to answer questions and guide you through life changes.

Our fees are an investment in your financial future, helping you make smarter decisions, save time, and reduce financial stress.