FAQs

Your Top Questions, Answered

How do you meet with clients? In-person? Virtual? Other states? 

We do both. Post-COVID, most of our meetings are still via Zoom, but we meet in person most often in our Edina, MN office. We do request that you provide at least 3-4 business days’ notice for in-person meetings. In most cases, we can work with clients from any state.  

Is there a separate fee for financial planning and investment management? 

No. For assets under management or AUM clients, financial planning and investment management are included in the AUM fee. For subscription clients, financial planning and investment guidance are included in the subscription fee. Separate fees may apply to third-party asset management or held-away investment management.  

Is there an additional fee for the initial financial plan?  

After the Free Retirement Review, your financial plan is completed once you become a Sona client. There is no additional fee for your financial plan for asset under management (AUM) clients. For subscription clients, a one-time fee of up to $1,500 may apply for more complex clients. Additional fees for third-party asset management and held-away assets may apply. 

When do you meet with clients? 

Mondays are reserved for client prep, so we do a lot of analysis! Client meetings take place Tuesday-Thursday from 9 am-6 pm Central Time, and Friday mornings. Friday afternoons, we set aside for pro bono work and client prep. 

Do you have an Assets Under Management (AUM) minimum?

Yes, for clients where we directly manage investments, we find we do our best work when there is at least $750,000 in liquid assets to be held with our preferred custodian, Charles Schwab.


For our Subscription clients, we do not have an assets under management minimum, as no funds are held with our custodian. However, to ensure the value aligns with our minimum annual subscription fee of $10,000, we typically require a household net worth of at least $2-3 million, or equivalent income.

If you don’t take commissions, what if I need insurance products?

To eliminate conflicts of interest and ensure we always act as fee-only fiduciaries, we do not accept commissions. This means our advice is always solely in your best interest, without any incentive to recommend a specific product that pays us.


However, we recognize that comprehensive financial plans often require insurance products (such as life, long-term care, or disability insurance). As a result, we partner with specialized, independent firms like Low Load Insurance Solutions (LLIS) to address your insurance needs. We receive no compensation or referral fees from them; our only incentive is knowing you will receive well-vetted solutions at a competitive price.

Do you offer hourly or flat-fee, project-based planning?

Currently, our service model is designed for ongoing, comprehensive client relationships, and we are not equipped for one-time hourly or project-based engagements.


If you are specifically looking for advisors who offer hourly or project-based planning, the XY Planning Network is an excellent resource to find dedicated professionals with those fee schedules.

What are the disadvantages of the AUM model?

While the Assets Under Management (AUM) model is widely used, no fee model is perfect. The primary advantage of the AUM model is the strong alignment of interests: when your investments do well, so do we. It also gives us more direct control and a clearer, continuous view of our investments, allowing us to manage them proactively – as Mark likes to say, “the kids are in our backyard.”


However, it’s fair to acknowledge potential disadvantages:

  • Incentive Bias: The advisor is primarily incentivized to manage assets, which could, in theory, subtly disincentivize advice that might reduce AUM (e.g., paying down debt with investment funds, or advising on placing funds into employer-sponsored plans we don’t manage).
  • Cost for High-Net-Worth Clients: For very large portfolios, the percentage-based AUM fee can become substantial in dollar terms, leading some clients to question the value received relative to the fixed amount paid. Although here at Sona, our higher-level tiers are often 0.10% or less.


With our subscription model, we provide expert guidance and help you manage your assets, though we do not have direct custodial access or the same real-time, granular oversight of your investments as we do with our AUM portfolios. This also means we will not be processing trades or handling investment-related paperwork on your behalf, like with Roth Conversions. If your primary goal is to fully delegate investment management and simplify your financial life in retirement, our AUM model may be the most suitable fit. Regardless of the model chosen, our commitment to providing comprehensive financial planning and personalized advice remains unwavering.

How often do you meet with clients?

Our client relationships are designed for consistent engagement.

During the initial phase, as your financial plan is being developed and implemented, you will likely have several meetings within the first few months. After that, we maintain a proactive schedule with two structured client review meetings per year:

  • One typically in May/June, following tax season, to review the prior year and strategize for the current.
  • Another in October/November, to prepare for year-end tax planning and upcoming financial goals.

To ensure we maximize our time together and make the most informed decisions, we encourage clients to plan ahead and utilize these scheduled sessions effectively. This allows us to provide the highest level of service to all our valued clients.


Beyond these biannual meetings, we maintain contact through:

  • Our 2-3x monthly newsletter featuring timely insights.
  • Email reminders for important planning tasks.
  • Quarterly check-ins for ongoing monitoring.
  • For clients actively engaged in Roth conversion strategies, we establish additional contact points throughout the year to manage these ongoing tax opportunities.

Why should I hire a financial advisor? And why Sona Wealth?

Deciding to hire a financial advisor is a significant step. Our Free Retirement Review™ is specifically designed for those who have already determined they are ready to delegate their retirement planning to a professional, allowing them to enjoy their retirement with confidence. If you’re still exploring whether a DIY approach or professional guidance is best for you, an hourly or project-based engagement might be a suitable initial step; as mentioned, the XY Planning Network is an excellent resource for finding qualified flat-fee advisors offering those services.


Once you’ve decided that expert help is right for you, the next step is to determine if Sona Wealth is the ideal partner.


Consider partnering with Sona Wealth if you aim to:

  • Maximize Your Leisure Time: Delegate the complexities of financial planning and investment management so you can reclaim your time for the activities you truly enjoy in retirement, living life on your terms.
  • Convert Your Savings into Steady Income: Expertly transform your accumulated nest egg into a consistent, dependable paycheck that reliably supports your lifestyle throughout your retirement years.
  • Keep More of Your Earnings: Implement advanced tax strategies to minimize your tax burdens, allowing you to retain a larger share of your hard-earned money and grow your wealth more efficiently.
  • Build a Prudent Retirement Portfolio: Understand that retirement investing isn’t about chasing fleeting trends or hot stocks. It’s about constructing a diversified portfolio designed to deliver more predictable, inflation-adjusted returns, securing a comfortable and stable retirement journey.
  • Maximize Your Return on Memories (ROM): Recognize that your financial wealth serves a higher purpose. We help ensure your nest egg facilitates more than just financial ROI; it’s also about optimizing your “Return on Memories” – enabling the experiences that truly enrich your life.


By choosing Sona Wealth, you’re investing in a personalized plan that not only secures your financial future but also supports a stress-free, enriching retirement. This confidence is further bolstered by the potential integration of comprehensive estate planning or advanced tax optimization techniques, ensuring a healthier and wealthier retirement.

Where are my assets held? How can I see them?

At Sona Wealth, your assets are held with our preferred third-party custodian, Charles Schwab. We firmly believe that this separation of your advisor and your custodian is in your best interest. This structure ensures an additional layer of security and transparency, as Sona does not have direct custody of your assets.


The only minor downside of this robust protection is that Charles Schwab has its own procedures and policies (designed for your security), which may involve a few more documents or steps. However, we are always here to guide you through any paperwork or processes.


You can easily access and view all of your assets directly through Schwab’s state-of-the-art Advisor Alliance platform. Additionally, for a comprehensive overview of all your financial accounts (even those not held at Schwab), you can see them aggregated through our Right Capital Financial Planning software, which offers a unified client portal.