Paragon Services

[Broland]

I have been referred to a consortium of full-service professionals named Paragon (taxes, IRA-ROTH strategies, investment strategies, estate planning, trusts etc etc). Of course the initial consultations (to this point) have been no charge, but soon for more detailed services I'll need to pay expenses (based on the products/services I want to use). So far, they have been very professional and have answered all my queries (and challenges) to my satisfaction.

I've been retired for 10 years and so far have handled -everything- myself. However, having a "general contractor - one-stop-shop" available that can oversee my estate, manage my portfolio be available with a simple phone call (instead of me having to find help myself) sounds very appealing.

Has anyone worked with this group? Happy, not happy? No comments necessary on self-management vs paid help, just feedback on Paragon.

Thanks for any input.

 

[cathy63]

Do you happen to know their website? Google shows that "Paragon" is a very popular name for all kinds of tax and financial planning services, so it's going to be hard to know whether the Paragon you're working with is the same one that anyone else has worked with.

 

[Broland]

Do you happen to know their website? Google shows that "Paragon" is a very popular name for all kinds of tax and financial planning services, so it's going to be hard to know whether the Paragon you're working with is the same one that anyone else has worked with.

Thank you for pointing that out, I should have included it:
http://paragontaxplanners.com/

 

[Love This Community]

Thank you for pointing that out, I should have included it:

http://paragontaxplanners.com/

Thanks for starting this topic. I have no insights into this however am interested in a one stop service. Based on your interactions thus far, are they fee only or assets under management (AUM) model? I am hesitant to park my money at an AUM model.

 

[ERD50]

Thanks for starting this topic. I have not insights into this however am interested in a one stop service. Based on your interactions thus far, are they few only or assets under management (AUM) model? I am hesitant to park my money at an AUM model.

+1. The AUM model just doesn't feel right to me.

Of the services you mention ( taxes, IRA-ROTH strategies, investment strategies, estate planning, trusts etc etc), I think one can make a case for paying for that, except the "investment strategies", as that is so very simple to handle with a few broad based index funds. The rest, esp IRA-Roth, coupled with SS, RMD management does get more involved.

OTOH, even though the Roth and SS gets discussed here a lot, and gets pretty complicated to optimize, I think the reality is it doesn't really make that much difference, and a change in the future could reverse it. So it might not be worth spending money on - take a good first approximation, and go for it?

-ERD50

 

[athena53]

Is it possible to get just their tax planning advice? I'd really like someone to look over my portfolio and give me insights similar to what I learn here and there at random. EG. leave your HSA to a charity and more of your investments to individuals because if you leave it to individuals they have to liquidate it and pay taxes on it. ETFs are more tax-efficient in taxable accounts than mutual funds because they don't throw off capital gain distributions and you can control timing or realized gains and losses. I'd like advice on strategies when I have to take RMDs.

My brother the CPA tells me it's hard to find such advice and it's expensive so if they do that it might save you big bucks in taxes. OTOH, I don't want them to help me "manage my wealth" for a % of AUM.

 

[ivinsfan]

The front page of their website says they are tax planners. What's their fiduciary duty to the account holder. Also talk about insurance professionals, I can see where this is going.



Have you considered a fee only financial planner?

 

[marko]

+1. The AUM model just doesn't feel right to me.
-ERD50

Very early on, as an investment newbie, we were dealing with a very reputable investment firm. At one point our advisor suggested that he could do a better job by including our house value as part of the AUM (and it's accompanying percentage hit) in order to understand our needs and options.

I was a bit naive back then, but not THAT naive! We ran as fast as we could.

 

[Broland]

The front page of their website says they are tax planners. What's their fiduciary duty to the account holder. Also talk about insurance professionals, I can see where this is going.



Have you considered a fee only financial planner?

Paragon is one of several in their "consortium" (as I call it, not their words) where they work together with other professionals based on your needs. They first look at your income (and many other variables) to determine what products/services might be of interest to you. Paragon doesn't do the investing portion, but it sounds like they evaluate your situation and based on your needs/wants/net-worth etc, work with others to determine if they can be of assistance.

As I go further with Paragon in my investigation, I'm sure I'll find other organizations that will be interested in "helping" me, but since this was my first touchpoint into their "world", I was simply looking for anyone who has gone this route.

As for a financial planner, I do all my own and am not terribly interested in that portion ... other than, exploring opportunities I have not considered to-date such as viaticals etc.

 

[braumeister]

he could do a better job by including our house value as part of the AUM (and it's accompanying percentage hit) in order to understand our needs and options.

Apparently not unique. During my search a number of years ago for possible advisors, I ran across one that insisted on charging his percentage on your entire net worth, not merely the part he was responsible for. I couldn't believe it, but the requirement was laid out plain and simple on his website.

 

[splitwdw]

I was excited. I thought this was a question about Paragon Kilns and that there was another metal clay/glass fusion/enamelist on the forum. https://www.paragonkilns.com/ Sorry, never heard of your Paragon.

 

[ivinsfan]

Paragon is one of several in their "consortium" (as I call it, not their words) where they work together with other professionals based on your needs. They first look at your income (and many other variables) to determine what products/services might be of interest to you. Paragon doesn't do the investing portion, but it sounds like they evaluate your situation and based on your needs/wants/net-worth etc, work with others to determine if they can be of assistance.

As I go further with Paragon in my investigation, I'm sure I'll find other organizations that will be interested in "helping" me, but since this was my first touchpoint into their "world", I was simply looking for anyone who has gone this route.

As for a financial planner, I do all my own and am not terribly interested in that portion ... other than, exploring opportunities I have not considered to-date such as viaticals etc.

So two layers of people to get paid? This doesn't sound cost effective. Does Paragon get a cut of the commissions you pay others or do they charge for referrals..you realize "insurance people" is a code word for annuities?