 FAQ
How long have you been in business?
Potomac was founded by Joseph A. Sclafani, Certified Public Accountant/Personal Financial Planning Specialist, as an outgrowth of Mr. Sclafani’s CPA and Tax practice which started in 1982. Mr. Sclafani has over 30 years of professional financial and related experience.
What are your areas of specialization and expertise?
PFA specializes in all areas of wealth management, including financial planning, investment management, tax consulting, retirement planning, elder care, and risk management.
What is required to take advantage of PFA's investment management services?
Typically, PFA’s services are best suited for those who want to work collaboratively with an advisor or would like to turn primary responsibility for their investments over to an advisor. PFA does not operate as a typical “stockbroker.” Our minimum account size is $500,000; however, exceptions are made on a client by client basis.
What will it cost me to use Potomac Financial Advisors’ services?
Investment management services are provided on a fee-only basis, based on the client’s assets under management. PFA accepts no commissions, so all of our recommendations are unbiased. Elder care, financial planning, tax consulting, and retirement planning services are typically provided on an hourly fee basis. Clients who wish to engage PFA in a variety of services may be able to take advantage of reduced pricing for bundled services. All fees are described in detail in the Potomac Financial Advisors Form ADV, Part II. All new clients are given a copy of this document prior to signing a contract with PFA, and prospective clients may request a copy.
Where is your office located?
We are located at 2 Wisconsin Circle, Ste. 700, Chevy Chase, MD 20815, just off Wisconsin Avenue. We are also located at 11790 Farside Rd.,
Ellicott City, MD 21042.
How do I contact Potomac Financial Advisors?
Please contact us at 1-800-520-6998 or email js@potomac-financial.com
What is the next step to becoming a client of Potomac Financial Advisors?
Before beginning a client relationship, PFA schedules a series of meetings where you can learn about our services and we can discuss your needs and situation to determine if we are the right advisory firm for you. To schedule an informational meeting, please contact us at 1-800-520-6998 or email js@potomac-financial.com.
Will Potomac Financial Advisors have discretionary authority to trade in my account?
We do not exercise discretionary authority over any client accounts. PFA will make recommendations about the steps we believe you should take with your finances, but whether to buy, sell, or trade any security or make any investment is always the client’s decision.
Who uses Potomac Financial Advisors' services?
Our clients are individuals and families.
May I withdraw funds from my account?
You may withdraw all, or any part, of your account at any time. However, unplanned withdrawals could lead to your owing taxes or incurring penalties, such as from an early withdrawal from a retirement account. We urge you to discuss withdrawals with your advisor to determine the most cost-effective way for you to access your funds.
Is the investment management fee a tax deduction?
Current IRS regulations state that investment advisory fees may be an itemized deduction for tax purposes.
Is my money pooled with that of other clients?
No. Each client has a separate account that is maintained and monitored to meet your individual needs.
What security/privacy measures are provided to safeguard my information?
All client information is held in the strictest confidence by PFA. Please refer to PFA’s Privacy Notice for more information.
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About Us:
At a time when personal service is fast becoming a thing of the past, Potomac Financial Advisors’ primary goal is to provide our clients and their families with the highest quality service. We pride ourselves on providing each client with personalized, prompt and courteous service.
Potomac Financial Advisors, LLC, a Registered Investment Advisory firm and member of the American Institute of Certified Public Accountants/Personal Financial Planning Specialist section.
We provide fee-only Wealth Management services, including Financial Planning, Investment Management, Tax Consulting, and Personal Business Assistance. As a fee-only firm, we do not receive any compensation for recommending or selling wealth management products. We are compensated solely by our clients based on the services we provide. We service individuals, trusts and estates.
Ethics:
Potomac Financial Advisors, LLC is committed to the highest degree of business ethics. All staff are held to a strict Code of Ethics which covers personal investments, conflicts of interest, gifts and gratuities, relationships with clients, custodians and suppliers.
Our Founder:
Potomac Financial Advisors was founded by Joseph A. Sclafani, Certified Public Accountants/Personal Financial Planning Specialist, as an out growth of Mr. Sclafani’s CPA and Tax practice which started in 1982. Mr. Sclafani has over 30 years of professional financial and related experience. He is a CPA, holds a Series 65 license, and received an MBA from Hofstra University. Mr. Sclafani’s distinguished career includes positions in the stock brokerage industry, the US Securities and Exchange Commission, and as a Partner in charge of Financial and Management Advisory Services for a Baltimore-based CPA firm, and has worked as a Tax Consultant. Mr. Sclafani was a professor of accounting in the MBA programs of New York University and the University of Maryland.
Our Team:
Each member of our professional staff has earned one or more of the following designations: Certified Public Accountant/Personal Financial Planning Specialist (CPA/PFS); Certified Financial Planner (CFP); NASD Series 65. |
CFP® and CERTIFIED FINANCIAL PLANNER are certification marks owned by the Certified Financial Planner Board of Standards, Inc. These marks are awarded to individuals who successfully complete the CFP Board’s initial and ongoing certification requirements.
CFP, CPA/PFS® and Certified Public Accountant/Personal Financial Specialist are certification marks of the American Institute of Certified Public Accountants. These marks are awarded to individuals who successfully complete the Institutes initial and ongoing certification requirements. In addition, CPA must also meet initial and ongoing state licensing requirements. |
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