Financial Planning Resources

Straightforward answers, plain-English definitions, and trusted links for the questions our clients ask most about retirement, taxes, investing, and estate planning.

Common Questions  |  Industry Terms  |  Helpful Links  |  Planning Topics

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Common Questions

A fiduciary is required to act in the client’s best interest when giving advice. That means putting the client’s needs ahead of the advisor’s own and being clear about fees and conflicts of interest. Ask any advisor directly whether they act as a fiduciary for all of the advice they give you.

A good starting point is comparing what you expect to spend in retirement with the income you expect to have from Social Security, pensions, and savings. A retirement plan looks at your timeline, savings rate, investment mix, taxes, and health care costs together, then shows where the gaps are and what changes would close them.

Traditional IRAs and 401(k)s are generally funded with pre-tax dollars, and withdrawals are taxed as income later. Roth accounts are funded with after-tax dollars, and qualified withdrawals are tax free. Which one fits better depends on your tax bracket now compared with what you expect in retirement.

Owners of traditional IRAs and most workplace retirement plans generally must begin taking RMDs starting in the year they reach age 73. The rules have changed several times in recent years, so check the IRS RMD page linked below or talk with your advisor about your own situation.

Tennessee does not tax wages or salaries. The Hall income tax on interest and dividends was fully repealed beginning with the 2021 tax year. Tennessee also has no inheritance or estate tax. Federal taxes still apply, and Tennessee businesses may owe franchise and excise taxes.

Exit planning is the process of preparing a business, and its owner, for a future sale or transfer. It covers the value of the business, the owner’s personal financial goals, taxes, and who will take over. Starting several years before a planned exit usually gives owners more options.

Most estate plans include a will, beneficiary designations on retirement accounts and life insurance, a durable power of attorney, and a health care directive. Some families also use trusts. An estate plan should be reviewed after major life events such as marriage, divorce, a new child, or the sale of a business.

You can look up a financial professional’s registrations, employment history, and any disclosures for free using FINRA BrokerCheck and the SEC’s Investment Adviser Public Disclosure site. The CFP Board also lets you verify whether someone holds the CFP® certification.

Start by checking credentials such as the CERTIFIED FINANCIAL PLANNER® certification, and ask whether the advisor acts as a fiduciary. Look up their background on FINRA BrokerCheck, ask how they are paid, and make sure their experience fits your situation, whether that is retirement, selling a business, or managing executive compensation. Southern Oak Wealth Group’s advisors meet with clients at our office in Brentwood, Tennessee, or by phone and video for clients in other parts of the country.

No. Our office is in Brentwood, Tennessee, and many of our clients live in the Nashville area, but we work with individuals, families, and business owners across the country. Meetings can be held in person, by phone, or by video.

Our office is at 5205 Maryland Way, Suite 320, in Brentwood, Tennessee 37027. We work with clients in Nashville, Franklin, and across Middle Tennessee, as well as clients nationwide. You can reach us at (615) 246-5510 or [email protected].

Yes. J. Patrick Poling and Samuel Oliver hold the CERTIFIED FINANCIAL PLANNER® certification. Our team also holds designations in retirement planning (CRPC®), exit planning (CEPA®), retirement plan advising (CPFA®), divorce financial analysis (CDFA®), asset management (AAMS®), and sports and entertainment wealth management (SE-AWMA®).

Yes. Several of our advisors hold the Certified Exit Planning Advisor® designation and help business owners prepare for a future sale or transition. We also help executives plan around stock options, restricted stock, and deferred compensation.

Industry Terms

Definitions of common financial planning terms and the professional designations held by our team.

401(k)
An employer-sponsored retirement plan that lets employees save from their paychecks, often with an employer match.

529 Plan
A tax-advantaged savings plan for education costs.

Accredited Asset Management Specialist (AAMS®)
A professional designation focused on investment, insurance, tax, retirement, and estate planning issues for individual clients.

Accredited Investor
An individual or entity that meets SEC income or net worth thresholds and may invest in certain private offerings that are not available to the general public.

Alternative Investment
An investment outside traditional stocks, bonds, and cash, such as private equity, private credit, hedge funds, real estate, or commodities. Alternatives can carry higher risk, higher fees, and limited liquidity.

Annuity
A contract with an insurance company that can provide a stream of income, often for life, in exchange for a lump sum or a series of payments. Guarantees are based on the claims-paying ability of the issuer.

Asset Allocation
How an investment portfolio is divided among categories such as stocks, bonds, and cash. It is one of the main drivers of both risk and long-term return.

Beneficiary Designation
The form that names who receives an account or insurance policy when the owner dies. It generally overrides what a will says, so it should be kept up to date.

Capital Gain
The profit from selling an investment for more than its cost. Gains on assets held longer than one year are usually taxed at lower long-term rates.

Certified Divorce Financial Analyst® (CDFA®)
A designation for professionals who help clients understand the financial side of divorce, such as dividing assets, retirement accounts, and support.

Certified Exit Planning Advisor® (CEPA®)
A designation for advisors trained to help business owners plan the sale or transfer of their company.

CERTIFIED FINANCIAL PLANNER® (CFP®)
A certification granted by the CFP Board to professionals who meet education, exam, experience, and ethics requirements, including a duty to act as a fiduciary when giving financial advice.

Certified Plan Fiduciary Advisor® (CPFA®)
A designation for professionals who advise employer retirement plans such as 401(k)s on their fiduciary responsibilities.

Chartered Retirement Planning Counselor℠ (CRPC®)
A designation focused on helping individuals plan for and manage income in retirement.

Deferred Compensation
An arrangement where an executive delays receiving part of their pay until a later date, often retirement, which can postpone income taxes.

Direct Indexing
Owning the individual stocks in an index directly instead of through a fund. This can allow for more personalized tax management, such as harvesting losses on individual positions.

Diversification
Spreading investments across different assets so that a loss in one area has less impact on the whole portfolio. Diversification does not guarantee a profit or protect against loss.

Donor-Advised Fund (DAF)
A charitable giving account. You can receive a tax deduction in the year you contribute, then recommend grants to charities over time.

Durable Power of Attorney
A legal document that lets a trusted person handle your financial matters if you become unable to do so.

Estate Plan
The set of documents and decisions that control how your assets are managed and passed on, and who makes decisions for you if you cannot.

Estate Planning and Wealth Transfer
Arranging how assets will be managed during your life and passed to heirs or charities, with attention to taxes, timing, and family goals.

Exchange-Traded Fund (ETF)
A basket of investments that trades on an exchange like a stock. Many ETFs track an index and tend to have lower costs.

Family Office / Multi-Family Office
A firm that coordinates investments, taxes, estate planning, philanthropy, and other financial matters for one family (single-family office) or several families (multi-family office).

Fiduciary
A person or firm legally required to act in someone else’s best interest.

Health Savings Account (HSA)
A tax-advantaged account paired with a high-deductible health plan. Contributions, growth, and qualified medical withdrawals can all be tax free.

Hedge Fund
A privately offered investment fund that may use a wide range of strategies, including borrowing and short selling. Hedge funds are generally available only to accredited investors or qualified purchasers.

High-Net-Worth (HNW) and Ultra-High-Net-Worth (UHNW)
Industry terms for individuals with significant investable assets. HNW commonly refers to $1 million or more, and UHNW to $30 million or more, though definitions vary.

Holistic Financial Planning
Planning that looks at your whole financial picture together, including investments, taxes, retirement, insurance, estate plans, and business interests, instead of one piece at a time.

Individual Retirement Account (IRA)
A personal retirement account with tax advantages. The two main types are traditional and Roth.

Market-Linked Investment
An investment, often a note or CD, whose return is tied to the performance of a market index. Some offer partial or full principal protection if held to maturity, subject to the issuer’s credit risk.

Money Market Fund
A mutual fund that invests in short-term, high-quality debt and aims to keep a stable value. It is not FDIC insured.

Mutual Fund
A professionally managed pool of money from many investors that buys a mix of stocks, bonds, or other securities.

Net Unrealized Appreciation (NUA)
A tax strategy for company stock held in a 401(k). When the stock is moved to a taxable account, the growth may be taxed at long-term capital gains rates instead of ordinary income rates.

Private Credit
Loans made directly to companies by non-bank lenders or funds instead of through public bond markets.

Private Equity
Investments in companies that are not publicly traded, usually held for several years with limited ability to sell early.

Private Wealth Management
A coordinated service for individuals and families that combines investment management with financial, tax, and estate planning.

Qualified Charitable Distribution (QCD)
A direct transfer from an IRA to a qualified charity by someone age 70½ or older. It can count toward the required minimum distribution without being added to taxable income.

Qualified Purchaser
A higher SEC investor standard than accredited investor. It generally applies to individuals with at least $5 million in investments and allows access to certain private funds.

Real Assets
Physical assets such as real estate, infrastructure, farmland, timber, and commodities.

Real Estate Investment Trust (REIT)
A company that owns or finances income-producing real estate. Many REITs trade like stocks and pay out most of their income as dividends.

Rebalancing
Adjusting a portfolio back to its target mix after market movements push it off course.

Required Minimum Distribution (RMD)
The minimum amount that must be withdrawn each year from most retirement accounts once the owner reaches the age set by the IRS.

Restricted Stock Units (RSUs)
Company shares promised to an employee that vest over time or when goals are met. They are generally taxed as income when they vest.

Retirement Income Planning
Building a strategy to turn savings, Social Security, pensions, and other sources into reliable income throughout retirement.

Risk Tolerance
How much ups and downs in your investments you are willing and able to accept in pursuit of your goals.

Roth Conversion
Moving money from a traditional IRA or plan into a Roth account. Taxes are paid on the converted amount now in exchange for tax-free qualified withdrawals later.

Sports & Entertainment Accredited Wealth Management Advisor℠ (SE-AWMA®)
A designation for advisors who work with professional athletes and entertainers on issues such as uneven income, short careers, and contracts.

Stepped-Up Basis
When someone inherits an asset, its cost basis is generally reset to its value at the original owner’s death. This can reduce capital gains taxes when the heir sells.

Tax-Efficient Investing
Arranging investments to reduce taxes, for example by choosing which accounts hold which assets, harvesting losses, and managing when gains are realized.

Tax-Loss Harvesting
Selling investments at a loss to offset taxable gains elsewhere in a portfolio.

Trust
A legal arrangement where one party holds assets for the benefit of others. Trusts can help with privacy, control, and avoiding probate.

Wealth Preservation vs. Wealth Accumulation
Wealth accumulation focuses on growing assets, usually during working years. Wealth preservation focuses on protecting what has been built from risks like market losses, taxes, and inflation.

Financial Advisors in Brentwood, Nashville & Middle Tennessee

Southern Oak Wealth Group is a wealth management firm based in Brentwood, Tennessee. Our advisors work with individuals, families, business owners, and executives throughout Nashville, Franklin, Williamson County, and Middle Tennessee, helping them plan for retirement, manage investments, make tax-conscious decisions, and pass on what they have built.

Who We Work With

  • Families and individuals planning for retirement
  • Business owners preparing to sell or transition their company
  • Corporate executives managing stock options and deferred compensation
  • Professional athletes and entertainers
  • Individuals navigating the financial side of divorce
  • Employers that sponsor 401(k) and other retirement plans

Our Advisors

J. Patrick Poling, CFP®, CRPC®, CEPA®, CPFA®
Managing Director / Senior Portfolio Manager

Jonathan M. Trusty
Managing Director / Senior Wealth Advisor

Ann Hollis-Young, AAMS®, CDFA®
Managing Director / Senior Wealth Advisor

Philip Benavides, CEPA®, AWMA®
Senior Vice President, Senior Wealth Advisor

Wyatt England, SE-AWMA®
Senior Vice President, Senior Wealth Advisor

Samuel Oliver, CFP®
Wealth Advisor, Relationship Manager

Visit Our Brentwood Office

Southern Oak Wealth Group
5205 Maryland Way, Suite 320
Brentwood, TN 37027

(615) 246-5510
[email protected]

Based in Brentwood. Serving clients in Middle Tennessee and nationwide.

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This page is for general educational purposes only and is not tax, legal, or investment advice. Tax laws change and individual situations vary. Please consult a qualified professional about your specific circumstances. Links to third-party websites are provided for convenience; Southern Oak Wealth Group is not responsible for their content.