Has anyone used WealthAbility?

71 Replies

Hi Everyone,  I wanted to see if anyone has used WealthAbility by Tom Wheelwright.  The amount they charge to analyze your information and give you a plan is pretty steep, so I wanted to see if anyone has used them and how happy you are with their services. Thanks in advance for any input.

Hey @Shan Vincent ! I currently use Wealthability, signed up not too long ago.

They course you get access to on Wealth and Tax strategies is GREAT! I have learned a ton. They highly encourage you to become educated in the topics yourself, rather than strictly relying on the CPA, which I like a lot.

Youll get referred to a CPA that they themselves have trained, and the firm we got referred to is great.

I'll be honest though, it took me about a year to pull the trigger on this due to the cost, but I am kicking myself for waiting that long, as my first years tax savings will be much more than the price I paid. That doesnt even factor in the ongoing savings and various other factors.

You are bound to get a bunch of people commenting on here saying you can get the info cheaper elsewhere, yadda yadda yadda, but I highly recommend them. I do agree thought that price is a bit steep.

I know @Michael Blank also has used them

Updated 9 days ago

They referred me out to Smeed CPA in california. And to be quite honest, what they provided wasnt worth the $5k fee that I paid. Then on top of that, last tax season they took MONTHS to complete my returns, and trust me, my tax prep work was pretty simplistic. They would take a week to reply to me, and I had to be the one to reach out to them to see what the hell was going on. On top of that, what they charged for my tax prep work was absurd for how little there was to do. I have now switched and found another CPA on my own. I was happy for awhile, but after how last tax season went, I reflected on it and am disappointed.

I'm in the same situation. I pay a significant income tax each year. The cost to sign up may be steep but I'm looking at it from a ROI. If I can save 10-15% It will be a 100% ROI in the first year. I'll keep folks posted about my experience.

Thus far I've had two 30 min  getting to know you conversations with the advisor.  Cost up front was made clear about 10K.  Some of their suggestions were not a surprise.  Other's I had not considered but I can see value moving forward. 

Planning on having one more conversation this time with my wife on the call as well and that point I would need to pull the trigger on paying for the service.  

Thereafter the plan would be to get teamed up with a CPA and Advisor team locally to build out the frame work in which I can maximize deductions.  

I am also on the fence about using their services. I had a consultation with them last summer and feel like I need more professional help but just can't pull the trigger for the promise of what could be without concrete guarantees it will be worth it...

I had my call on Friday, just after finishing Tom’s Tax Free Wealth book a week ago. I’m supposed to speak with him again on Friday, which is when he wants me to make a decision. It seems so promising to take this leap as it feels like it’ll save the $5k cost to sign up in the first year, but without this being my expertise I literally have no idea. I emailed them asking if they even had a ballpark of what I may expect on my return this year, given that they have my 2018 tax return and it’ll be just about the same this year. I just want to know if it’s going to be like $200 savings or will it be over the $5k. There are many extra expenses I’m trying to take into account too, like $1k for them to do my taxes, which is what they said during my phone call. 

Really hoping for some clarity this week and hoping that this thread helps us all!

Has anyone in the above thread gone forward with Wealthability and if so what were the results? I had the initial consult and couldn't pull the trigger on the $15k initial cost - which seems higher than the costs others mentioned above. Thanks! 

We had our initial consultation with ProVision (Wealthability) just this week.  We were actually supposed to do a third follow up call today, but we cancelled it.  After reading the reviews on ProVision on this site (that is the company Wealthability uses to set up your financial freedom plan), we backed out. I was very impressed with Tom's book and excited to be a part of his organization, but the reviews stopped us from proceeding as well as the 9750.00 price tag. If anyone has had a good experience with them, I would love to know. We are currently looking into other companies that can provide the same service but that has been challenging.

@Ali Whitman

I have only seen a couple reviews on BP by clients of Wealthability or ProVision, and they were all favorable. Almost all the comments you see on here are not by clients, but by folks who did the initial consultation and are hesitant to make the plunge.

If there are any negative reviews by clients, could you paste a link?

I just got off the phone with Wealthability.  I was not happy with the conversation.  I am not interested in paying 15k for their services.  I am looking for a CPA that owns rental properties and understands taxes and being a real estate professional vs. an agent and which way to file the taxes. If anyone has any recommendations please send them my way. 

We had an initial phone call this week with Wealthability. They seem to be knowledgeable about what they are doing, but the price seems steep as mentioned throughout this thread. The price tag for us was 10K. There seems to be quite a variance. Shan, did you find any other options? I think we would be interested in a knowledgeable CPA as you've suggested. Can anyone suggest books or reference materials to help educate in this area?

Thanks

We had the initial call with WealthAbility today. I was surprised at the cost $14,750. However, based on the suggested  10-40% tax savings it could be a no-brainer. I am interested if anyone has some recent experience with them.

Originally posted by @Shan Vincent:

I just got off the phone with Wealthability. I was not happy with the conversation. I am not interested in paying 15k for their services. I am looking for a CPA that owns rental properties and understands taxes and being a real estate professional vs. an agent and which way to file the taxes. If anyone has any recommendations please send them my way.

Hi Shan,

Thanks again for talking to us I'm really sorry that it didn't work out and it would never be our intent to make anyone upset! We try to tailor our services based on each individual's situation and needs so as not to set up the client and CPA for failure by trying to fit a round peg in a square hole. All the best in your search I hope you find someone great!


Best Regards,

Brad

@Jim Armitage let me know how that goes, I have heard good things. I run a tax planning practice in Boston and am a CPA and Certified Tax Planner.  

Tom's methods and program is great, we subscribe to many of the same techniques but we do not attach to the Wealthability brand.  Instead, we are licensed through the American Institute of Certified Tax Planners (which is a non profit).

I agree with previous comments that with advanced tax planning, it should be a "no brainer" once you see the ROI.


Hi All,

Had my initial consultation and, while they are saying all the right things and offering something I feel has been missing from my support network, I am not completely sold. I think the price may be too high for what may be something that I can research and implement on my own or work with someone local who offers a similar service that I can get to know better before jumping in.

@Greg O'Brien , I am going to PM you. Thanks.

So lots of people considering Wealthabilty just like myself. Has anyone decided over the last few months to sign up? It certainly looks and sounds like a great investment with a strong ROI. When I asked for the details of the program they avoided the questions. Out of the folks that signed up can you tell me about the strategy that they provided after going through the long process that they talk about? Did they give you a roadmap or strategy document to follow? How well are the CPAs trained to follow Tom Wheelwright's ideas from his book?


Any and all feedback would be very appreciated.

Warm regards,

Michael DeAngelis  

@ShanVincent I know a CPA ( a family friend) who is also an investor herself. Would you like me to refer you to her?  One caveat - she has a full-time job so not sure what her availability is in terms of taking on outside work. 

Quick question how do you reduce your tax liability to the lowest possible amount while still maintaining a decent amount of loan eligible income banks will use for financing. Is this possible to do? Would the company in discussion here know how to do this? It seems like banks lend more money to people paying more income tax.

Rich,  Great question.  I do not remember Tom Wheelwright covering that specific topic in his book, but I am sure it is a factor.  Perhaps someone that is using Wealthabilty can answer that question in more detail.

Success to all,

Michael