Richard Frazier

Richard Frazier CFP®

About Richard

“I am a fee-only financial advisor working in Wilmington, NC. I work with individuals regarding comprehensive planning.”

Frazier Financial Consultants is a Fee-only financial planning firm with offices in Chapel Hill and Wilmington, NC.  We work mainly with individuals in planning areas not limited to retirement, insurance, investments, estate, tax, cash flow, etc.  As fiduciaries we put the clients needs first in all areas of planning and only make recommendations that are suitable to that particular client. 

We are registered with the NC securities division and are members of NAPFA. 

Education

Bachelors, Commercial recreation with a business minor, Appalachian State University

Certifications

Designations

Registrations

Firm CRD #112897

Certified Financial Planner (CFP) is a designation issued by the Certified Financial Planner Board of Standards

Educational/Exam Requirements:

  • Completion of CFP-board registered study program, or alternative degree or certification, demonstrating mastery of over 100 topics surrounding financial planning
  • Pass 10 hour exam testing knowledge in financial planning situations

Prerequisites/Experience Requirements:

  • A bachelor’s degree (or higher) from an accredited college or university, and
  • Three years of full-time personal financial planning experience

Public Disciplinary Process? Yes

Continuing Education Requirements: 30 hours every two years

Typical Clients

Business Owners People near retirement Widows/widowers

How I Can Help

Retirement Investing Taxes

Fee Structure

Fee-only Asset-based Commissions Hourly Other Contingency
Learn more about how advisors are paid in our Guide to Advisor Compensation.

Contact:

Phone: (919) 251-5835 Address: 5616 Maxwell pl
Wilmington, NC 28409
Address: 109 Conner dr, ste 205
Chapel Hill, NC 27514
richfrazier72@gmail.com

Richard has answered 8 questions

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Richard Frazier
Answer added by Richard Frazier | 150 views
2 out of 2 found this helpful

Usually if you are in the same job as last year and your income is consistent from last year to this,

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Usually if you are in the same job as last year and your income is consistent from last year to this, you can look at last years tax return.  If you received a refund then you are withholding enough. If you had to pay out a significant amount last year in April, then you may want to withhold more.

If you started a new job this year with a different income level for you, then you can go to your human resources at work.  They will provide you with a worksheet that will calculate how much federal and state taxes you should withhold based on your current situation (married, dependants, home owner, etc).  

I would also suggest if possible to save some money for April just in case you owe.  If this is the first year in a job it's always a bit of an estimate as to whether you are withholding enough. Next year will be easier!

Richard Frazier
Answer added by Richard Frazier | 166 views
2 out of 2 found this helpful

I find that using Turbo tax is very easy.  If you are not familiar with tax returns they make it

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I find that using Turbo tax is very easy.  If you are not familiar with tax returns they make it easy by walking you through an interview process.  You fill out your tax return by answering questions and they do the rest.  It's a little pricey, maybe $90, so you may want to explore going to HR block and seeing how much they charge.  As a student your taxes should be very simple so they may not charge much.

If you go the Turbo Tax route, or another software, stick with it from year to year. Everything gets transferred from last years taxes and makes every year after the first less work.

Good luck!

Richard Frazier
Answer added by Richard Frazier | 253 views
1 out of 1 found this helpful

Im very sorry to hear that.  That is a tough thing to have to face.  As far as lowering death

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Im very sorry to hear that.  That is a tough thing to have to face.  As far as lowering death taxes there will not be any estate tax associated as you are able to pass over $5 million dollars estate tax free at death.  There may be some inheritance taxes depending on your state of residence.  

My advice is to start getting financial information together.  Account statements, valuing assets he owns that could be valuable, debts etc.  This will all help to reduce the stressful time of settling his estate.  An estate attorney is very helpful during this time also. 

Beyond that I would just spend as much time as you can with him.  Getting prepared is a great thing but spending the last moments with him will be most important.

Good luck.

Richard Frazier
Answer added by Richard Frazier | 53 views
1 out of 1 found this helpful

The only tax break that I can think of has to do with charity contributions from your IRA.  You

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The only tax break that I can think of has to do with charity contributions from your IRA.  You can make contributions from your IRA to qualifying charities and this will satisfy your required minimum distributions (for people over 70.5 years of age).  You do not pay income taxes on this amount.  

This is set to expire at the end of the year but may get renewed going forward.  I do not know if this helps but this is the only one I can think of off the top of my head!

Richard Frazier
Answer added by Richard Frazier | 36 views
1 out of 1 found this helpful

Hi Sean, In terms of finding another place to live, my initial reaction on buying is that it may be tough

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Hi Sean,

In terms of finding another place to live, my initial reaction on buying is that it may be tough for you to qualify for a mortgage on your income as NYC prices tend to be very high.  On the other hand you have a great savings account built up which could be used as a down payment.  I would talk to a mortgage broker and see what you might qualify for and then take it from there.

I would advise you to open a Roth IRA and contribute there.  You do not get a tax deduction for the contribution, but when you withdraw from this in retirement it comes out tax free.  However if you owe a lot come April in taxes it may be wise to open up a traditional IRA instead so you get the tax deduction for your contribution. You can open either through Vanguard.  They have great mutual funds that are very low cost.

If it turns out that you qualify and can buy a property, I would make sure that you do not exhaust your savings account on a down payment and IRA contribution.  Make sure to keep a chunk of this in cash for emergencies (at least $10k).

Hope this helps, and good luck! 

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