Hall Retirement Planning Services, LLC (hereinafter referred to as “RPS”) is a financial planning
and investment advisory firm offering wealth management services customized to your individual
needs.
A.In 1985, Retirement Planning Services, LLC (RPS), was founded by Steven Hall. Spencer
Hall joined his father, Steven, in the family business in 2010. RPS was registered as an investment
adviser from 2004 until 2017. In 2012, Spencer became a Managing Partner of RPS along with
Steven. In 2017, when Spencer was ready to take the lead in the business, Hall Retirement Planning
Services, LLC was formed under the laws of the State of Tennessee as a continuation of the family
business, still doing business as Retirement Planning Services. Spencer Hall, CRD number
5821183, is the owner of the firm. Spencer Hall serves as President and an Advisory Representative
of RPS. He has been in the financial services industry since 2010. Additional business information
about Spencer is disclosed in the Supplemental Brochure attached to this Brochure.
B.RPS offers the following advisory services, with each service more fully described below:
● Financial Planning
● Asset Management Services
Financial Planning Services
Our mission is to educate and equip clients to make wise financial decisions that align their wealth
with their values through exceptional financial planning and investment management. We initially
meet with potential clients to determine if a working relationship would be a good fit. In the first
meeting we listen to understand what services the potential client desires and what expectations the
client has in considering working with our team. If we feel that we have the capacity to meet a
potential client’s expectations and fulfill the services desired, we typically offer to mutually explore
working together by taking up to two more meetings without charge.
We begin this exploratory process by verbally gathering information from you. We ask questions
about your biographical and financial background and want to understand your personal and
financial goals and your values. We gather additional financial information and history from you
about your retirement goals, investment horizon, cash flow needs, education spending plans, savings
tendencies, and other applicable financial information to provide the planning services you request.
Through a series of questions and dialogue, we also work to understand your expectations, your
tolerance for risk, the way that you have invested in the past, the assets you have accumulated, and
how they are currently invested. We also ask that you bring statement copies of any investments you
have to the meeting.
At the end of the third meeting together, if both our team and the potential client agree to continue
the financial planning process, our team will walk you through a financial planning agreement and
specify a fee for the financial plan, or if you are prepared to invest with our team, we may waive the
financial planning fee and engage in an asset management agreement.
We will work together with you to build a collaborative, written financial plan. This typically
includes building a personal balance sheet, a series of hypothetical scenarios to understand
cash-flow, retirement savings, and investment account value potential outcomes (given a variety of
different assumptions), and determining an asset allocation with an appropriate amount of fixed
income and equity investments based on a net present value calculation, given your tolerance for
risk. The financial plan includes an analysis of how to locate particular assets to help reduce the tax
drag on your portfolio. We also offer to review your former year tax filing to assess if any
investment changes in allocation (e.g. maintaining municipal bonds in after-tax accounts),
investment vehicle (e.g. opening a health savings account), or distribution strategy (e.g. executing a
qualified charitable distribution from an IRA) might be explored further. We may evaluate one or
more years of prior 1040s and supporting documents to inform present tax-planning decisions and
identify planning opportunities and areas of concern for the current and future periods. Because we
have no Certified Public Accountants (CPAs) or Enrolled Agents (EAs) on our team, the client
should not expect “tax advice” – meaning an opinion from a federally authorized tax practitioner
who could prepare returns and defend the client in front of the Internal Revenue Service. Instead,
any planning areas identified should be discussed with your CPA or EA.
If you are facing a pension election decision or Social Security benefit decision within the next two
years, we will also typically collaborate on a series of hypothetical scenarios particular to those
decisions that will equip you to see a range of possible outcomes.
We will also educate you on an evidence-based approach to managing investments and
psychological pitfalls that snare many investors related to their investment behaviors. We will work
with you to build a strategy for your distributions and assess if other strategies (e.g. Roth conversion)
would be advisable and present the analysis of your situation along with potential steps to be taken
to assist you to work toward your financial goals.
The Plan is based on your financial situation at the time and on the financial information you
disclosed to our Advisory Representative. We will collaborate with you on the planning assumptions
that will be made with respect to portfolio rates of return, inflation rates, cost of living adjustment
changes for Social Security and pensions, and a variety of other variables. However, past
performance is in no way an indication of future performance. RPS cannot offer any guarantees or
promises that your financial goals and objectives will be met. If you solely engage us for a financial
planning agreement, you will be responsible for all implementation of recommendations.
If you engage our team in helping you manage your assets after completing the financial plan, we
offer to update the financial planning projections at least annually, but you must continue to review
the plan and collaborate with us to update the plan based upon changes in your financial situation,
goals, or objectives or changes in the economy. If your financial situation or investment goals or
objectives change, you must notify RPS promptly of the changes. You are advised that the
advice offered by RPS is limited and is not meant to be comprehensive. When appropriate to your
specific needs or situation, you will need to seek the services of other professionals such as an
insurance adviser, attorney and/or accountant.
Asset Management Services
RPS will collaborate with you to develop an asset allocation strategy consistent with your
investment objectives, financial and tax status, risk tolerance and time horizon. Each asset
allocation strategy consists of either an agreed-on percentage mix of fixed income and equity
investments or a target amount of fixed income investments to be maintained when the account is
rebalanced near stock market highs. The fixed income allocation may include one or more of the
following: (a) cash; (b) money market funds; (c) U.S. government securities; (d) foreign
government bonds; (e) U.S. corporate debt; (f) foreign corporate debt; (g) municipal securities; (h)
fixed income mutual funds; (i) fixed income ETFs and ETNs, and (j) any other appropriate fixed
income investment. The equity portion of the allocation may include one or more of the following:
(a) individual stocks that are exchange listed; (b) individual stocks that are traded over-the-counter;
(c) individual stocks issued by foreign corporations; (d) equity, REIT and MLP mutual funds; (e)
variable annuity sub-accounts (with fee-based providers like TIAA-CREF and Jefferson National)
products; (f) equity, REIT and MLP ETFs and ETNs; and (g) any other appropriate equity
investment. Where appropriate, fee-only fixed indexed annuities may also be included in the asset
allocation - typically to provide a fixed rate of return with other guaranteed insurance benefits.
Recommended mutual funds may be no-load or load-waived. If you strongly desire to defer as
much taxation as possible, your Advisory Representative may also recommend a no-commission,
flat-fee variable annuity platform where investments can be located.
Once the basic asset allocation strategy is determined, and you approve the new target asset
allocation, your existing assets may be liquidated (or transferred into the appropriate account) and
invested into the chosen investment vehicles. Our team will walk you through the process of
transferring resources (whether the transfer requires paperwork, telephone call(s), or other actions).
Reallocation of your assets will trigger taxable events except where Individual Retirement
Accounts, 401(k) Accounts, 403(b) Accounts, 457 Accounts or other qualified retirement plans or
accounts are involved. As resources transfer into accounts that are managed by our team, we will
implement the asset allocation strategy.
After we implement the initial portfolio allocation, with your written approval as indicated in the
Advisory Agreement, we will manage your account on a continuous and ongoing basis, using our
own discretion to determine any changes to the account. Unless
otherwise expressly requested by
you, RPS will manage the account and will make changes to the allocation as deemed appropriate by
the firm and your Advisory Representative. You will receive a confirmation for all securities
transactions in your account (buys and sells). RPS will determine the securities to be purchased and
sold in the account and will alter the securities holdings from time to time, without prior consultation
with you.
When managing your account, and in an effort to better coordinate your tax planning and estate
planning needs, our team may refer you to a select person or firm to assist with annual tax filing
preparation and/or estate planning document preparation and updates. RPS may elect to pay on your
behalf the cost of preparing and filing the annual, personal tax return. RPS may also elect to pay the
cost of preparing and updating estate planning documents – Will, Living Will, Powers of Attorney,
and Trust or Amendment to Trust. If you grant authorization, RPS and the select individual or firm
providing the services will share your personal, non-public information.
In order to share your information with the select individual or firm providing tax or estate planning
services, you must first provide us with written authorization by signing the addendum to our Asset
Management Agreement.The tax preparer, CPA, attorney, or individual designated are not
employees of or affiliated with RPS. RPS receives no remuneration for such referrals.
C.We tailor the advisory services we offer to your individual needs. Your specific information
is obtained during our in-person-interviews. The information gathered by RPS will assist the firm in
providing you with the requested services and customize the services to your financial situation.
Depending on the services you have requested, we will gather various financial information and
history from you including, but not limited to:
● Retirement and financial goals
● Investment objectives
● Investment horizon
● Financial needs
● Cash flow analysis
● Cost-of-living needs
● Education needs
● Savings tendencies
● Other applicable financial information required by our Advisory Representative to
provide the investment advisory services you have requested.
The software we currently subscribe to for assistance in planning includes Social Security Timing,
Morningstar Direct, and Tax Clarity.
D.RPS does not participate in any wrap fee programs.
E.When we provide investment advice to you regarding your retirement plan account or
individual retirement account, we are fiduciaries within the meaning of Title I of the Employee
Retirement Income Security Act (“ERISA”) and/or the Internal Revenue Code (the “Code”), as
applicable, which are laws governing retirement accounts. The way we make money creates some
conflicts with your interests, so we operate under a special rule that requires us to act in your best
interest and not put our interest ahead of yours. Under this special rule’s provisions, we must:
I.Meet a professional standard of care when making investment recommendations (give
prudent advice);
II.Never put our financial interests ahead of yours when making recommendations (give loyal
advice);
III.Avoid misleading statements about conflicts of interest, fees, and investments;
IV.Follow policies and procedures designed to ensure that we give advice that is in your best
interest;
V.Charge no more than is reasonable for our services; and
VI.Give you basic information about conflicts of interest.
F.As of December 31, 2022, we have approximately $147,934,185 of client assets under our
discretionary management. We have $0 of client assets under our non-discretionary management.
General Information
Financial planning and investment advisory services offered by RPS and Advisory Representatives
do not constitute legal or accounting advice. From time to time, we will suggest items to review
with your CPA or attorney and investment actions to consider which may impact your tax situation,
but we are not licensed to practice law, nor to represent clients before the IRS, nor serve as an
accountant. We do not compose any estate planning documents (will, living will, power of attorney,
trusts, etc.) for clients. You should coordinate and discuss the impact of financial advice with your
attorney and/or accountant. Our primary goal is to help our clients identify and pursue their
financial goals, thereby enhancing the overall quality of their lives.
IRA Rollover Considerations
As part of our consulting and advisory services, we provide you with recommendations and advice
concerning your employer retirement plan or other qualified retirement account. When appropriate,
we recommend that you withdraw the assets from your employer's retirement plan or other qualified
retirement account and roll the assets over to an individual retirement account ("IRA") that we will
manage. If you elect to roll the assets to an IRA under our management, we will charge you an
asset-based fee as described in Item 5. This practice presents a conflict of interest because our
investment advisory representative has an incentive to recommend a rollover to you for the purpose
of generating fee-based compensation rather than solely based on your needs. You are under no
obligation, contractually or otherwise, to complete the rollover. Furthermore, if you do complete the
rollover, you are under no obligation to have your IRA assets managed by us. You have the right to
decide whether or not to complete the rollover and the right to consult with other financial
professionals.
Some employers permit former employees to keep their retirement assets in their company plan.
Also, current employees can sometimes move assets out of their company plan before they retire or
change jobs. In determining whether to complete the rollover to an IRA, and to the extent the
following options are available, you should consider the costs and benefits of each.
An employee will typically have four options:
1. Leave the funds in your employer's (former employer's) plan.
2. Roll over the funds to a new employer's retirement plan.
3. Cash out and take a taxable distribution from the plan.
4. Roll the funds into an IRA rollover account.
Each of these options has advantages and disadvantages. Before making a change, we encourage you
to speak with your CPA and/or tax attorney.
Before rolling over your retirement funds to an IRA for us to manage, carefully consider the
following. NOTE: This list is not exhaustive.
1.Determine whether the investment options in your employer's retirement plan address your
needs or whether other types of investments are needed.
a. Employer retirement plans generally have a more limited investment menu than IRAs.
b. Employer retirement plans may have unique investment options not available to the
public such as employer securities or previously closed funds.
2.Your current plan may have lower fees than our fees.
a. If you are interested in investing only in mutual funds, you should understand the cost
structure of the share classes available in your employer's retirement plan and how the
costs of those share classes compare with those available in an IRA.
b. You should understand the various products and services available through an IRA
provider and their costs.
c. It is likely you will not be charged a management fee and will not receive ongoing asset
management services unless you elect to have such services. If your plan offers
management services, the fee associated with the service may be more or less than our
asset management fee.
3. Our strategy may have higher risk than the option(s) provided to you in your plan.
4. Your current plan may offer financial advice, guidance, management, and/or portfolio options
at no additional cost.
5. If you keep your assets titled in a 401k or retirement account, and you are still working, you
could potentially delay your required minimum distribution beyond age 70.5 (70 ½).
6. Your 401k may offer more liability protection than a rollover IRA; each state may vary.
Generally, federal law protects assets in qualified plans from creditors. Since 2005, IRA assets
have been generally protected from creditors in bankruptcies; however, there can be
exceptions. Consult an attorney if you are concerned about protecting your retirement plan
assets from creditors.
7. You may be able to take out a loan on your 401k, but not from an IRA.
8. IRA assets can be accessed any time; however, prior to age 59 ½, distributions are subject to
ordinary income tax and may also be subject to a 10% early distribution penalty unless they
qualify for an exception such as disability, higher education expenses, or a home purchase.
9. If you own company stock in your plan, you may be able to liquidate those shares at a lower
capital gains tax rate.
10. Your plan may allow you to hire us as the manager and keep the assets titled in the plan name.
It is important that you understand your options, their features and differences and decide whether a
rollover is best for you. If you have questions, contact one of our Advisory Representatives at our
main number listed on the cover page of this brochure.