Beware of Craig Wear…Roth Conversion Guru for Million Dollar IRAs

To download a client proposal given to a real client who paid Craig Wear’s firm $8,300, click here. If you can make sense of the numbers, please email roccy@thewpi.org and setup a time for a call with Roccy DeFrancesco, JD, CAPP, CMP, CRCS.

To download the client engagement document Craig’s firm had the client sign, click here. 

OnPointe’s Numbers

We tried to mirror the five-year Roth conversion recommendation made by Craig’s office. The numbers are stunningly different. You will also notice the extreme detail provided in the OnPointe output vs. Craig’s output which has very little detail (it’s mostly summary info). Click here to download the OnPointe output.

There are many reasons why OnPointe’s numbers are different including that the focus of Craig Wear’s firm seems to be saving taxes. That is NOT the goal of a Roth conversion. The goal is to have more total wealth for the client while alive and, if a legacy client, more total wealth for the heir(s) at the end of the 10-year inherited time period.

Another reason (the #1 reason) the numbers are so different is that Craig’s firm uses Right Capital to run the baseline conversion numbers (at least that’s what they were using when we last corresponded with Craig). It is our opinion that Right Capital’s numbers are far from accurate.

Were we able to come up with any conversion amount for this client that would generate a positive financial outcome? NO!  So, the client sent Craig’s firm an email expressing his disappointment and let them know he would no longer need their services (an expensive lesson).