Sunrise Financial Services -- Comprehensive Financial Planning and Wealth Management

Life Cycle Planning

Wealth Management

Comprehensive Financial Planning

Prem Somu MS(Finance), EA, CFA, CFP

Qualifications

Prem Somu, EA, CFA^® is the president of Sunrise Financial Services. LLC.

Prem has a Master's Degree in Finance from George Washington University and a Master's Degree in Computer Science from Old Dominion University. Prem has been working in the financial sector for more than 8 years and currently is part of a team that helps manage the Investment portfolio of a very large financial services company

Prem is an Enrolled Agent (EA) and is licensed by the IRS to represent taxpayers. An Enrolled Agent is a federally-authorized tax practitioner who has technical expertise in the field of taxation and who is empowered by the U.S. Department of the Treasury to represent taxpayers before all administrative levels of the Internal Revenue Service for audits, collections, and appeals. Enrolled Agents advise, represent, and prepare tax returns for individuals, partnerships, corporations, estates, trusts, and any entities with tax-reporting requirements. Enrolled Agents’ expertise in the continually changing field of taxation enables them to effectively represent taxpayers audited by the IRS

The EA license is earned by passing three comprehensive examinations which covers all aspects of the tax code. All candidates are subjected to a rigorous background check conducted by the IRS. In addition to the stringent testing and application process, the IRS requires Enrolled Agents to complete 72 hours of continuing professional education, reported every three years, to maintain their Enrolled Agent status.

EAs are the only Professionals licensed by the U.S. Treasury Department to prepare taxes. Prem has the specialty License in Taxes as well as the ability to practice in every state and territory of the United States

Prem is a Chartered Financial Analyst (CFA) charter holder since 2007. CFA institute leads the Investment Industry by setting the highest standards of ethics and professional excellence. The CFA designation is globally recognized and attests to a charterholder’s success in a rigorous and comprehensive study program in the field of investment management and analysis.

To earn a CFA charter, one needs to pass 3 exams sequentially over a minimum period of 3 years. Prem has passed all exams on the first attempt. Less than 6% pass all 3 exams in the first try.

He also has passed the exam portion of the Chartered Financial Planner (CFP) designation and is currently awaiting for the designation.

Areas of Specialization

Tax Planning and Preparation
Because taxes impact nearly every aspect of our lives, we spend a significant amount of time looking at strategies that defer, reduce and eliminate taxes. This perspective, not typically offered by most financial advisors, is critical in increasing wealth over one’s lifetime.

Investment Advice
Based on a thorough understanding of the client's financial objectives, risk tolerance and investment time horizon, Prem helps in building a diversified portfolio centered around maximizing the risk adjusted returns. A well-diversified portfolio commensurate to the client's risk profile containing low cost funds offers the investor the highest probability of reaching their financial goals.

College Funding
There are many different strategies to consider when planning for college. Many involve understanding and maximizing the benefits of the college financial aid system. Others involve tax efficient long-term saving or ways to generate more after-tax dollars, such as 529 College Savings Plans and Education Savings Accounts (ESA). Prem's knowledge would enable his clients make the most efficient use of these funding options.

Retirement Planning
His knowledge of retirement plans (including IRA and 401k plans) enables to develop a plan to help his clients maximize their benefits during retirement.

Employee Stock Options and Employee Benefits
Optimization of this valuable benefit requires a thorough understanding of the complicated employee stock option tax rules and the ability to effectively incorporate these employee stock options into the client's overall investment plan. As an investment adviser is able to provide this specialized service.

Cash Management
Prem helps clients obtain financial peace of mind by developing a plan to increase savings and reduce debt.

Tax Planning
To formulate financial planning strategies that reduce and defer tax liabilities to maximize net earned income and after tax investment returns.

Sunrise Financial Services, LLC

42, St Adams dr., Stafford, VA, 22556

Phone: (540) 318-6768 - E-mail: premsomu@sunrisefinancial.org