Skylarkwealth.com Review

Based on checking the website, Skylarkwealth.com presents itself as a financial planning and investment management service.

However, it’s crucial to understand that many conventional financial planning services, especially those involving investment in interest-bearing accounts or instruments, fall under the category of Riba interest in Islamic finance, which is strictly prohibited.

While the site emphasizes a fee-only fiduciary model and aims to align interests with clients, the underlying mechanisms of modern financial markets often involve elements that are not permissible from an Islamic perspective, such as traditional banking, stock market investments in haram industries, and interest-based products.

Therefore, for a Muslim seeking financial guidance, Skylarkwealth.com, despite its claims of ethical practice within its conventional framework, does not align with core Islamic financial principles.

Here’s an overall review summary:

• Service Offered: Financial Planning and Investment Management
• Key Feature: Fee-only fiduciary model, aiming to put client interests first.
• Target Audience: Busy professionals seeking outsourced financial management, tax optimization, and long-term goal achievement.
• Trust & Regulation: Regulated by FINRA and state regulators, assets held by third-party custodians Schwab, Fidelity, Altruist.
• Islamic Compatibility: Not Recommended. The core financial services offered likely involve interest-based transactions and investments in industries that may not be halal, rendering them impermissible in Islam.
• Pricing: Starts at $1,500 per quarter for basic services.
• Transparency: Provides links to regulatory registrations SEC, FINRA and certifications CFP Board, NAPFA.

Skylarkwealth.com appears to be a legitimate financial advisory firm operating within the conventional financial system.

The founder, Michal Skowronski, is a CERTIFIED FINANCIAL PLANNER™ and a Fiduciary, emphasizing putting client interests first.

The website details their services, including cash flow optimization, tax minimization, personalized financial planning, and protection strategies.

They also highlight their fee structure, a commitment to not holding client assets directly, and regulation by FINRA and state bodies.

However, the fundamental issue for a Muslim audience is the nature of the financial services themselves.

Traditional investment management often involves Riba interest, which is a major prohibition in Islam.

While the firm emphasizes aligning incentives and a “fee-only” model, the underlying investments and financial products they manage e.g., traditional stocks, bonds, mutual funds are highly likely to involve interest or be part of industries that do not comply with Sharia law.

Therefore, engaging with such a service would be problematic for a Muslim striving to adhere to Islamic financial principles.

For those seeking ethically sound financial planning and wealth management that aligns with Islamic principles, the focus must shift to Sharia-compliant alternatives.

These often involve direct equity investments in halal businesses, Sukuk Islamic bonds, ethical real estate, and trade-based financing, all free from interest and speculation.

Best Alternatives for Ethical Financial Planning and Wealth Management:

• Amanah Ventures: A venture capital firm focused on investing in ethical, Sharia-compliant startups. It offers an alternative for those interested in growth equity without compromising Islamic principles.
• Wahed Invest: A leading global Sharia-compliant digital investment platform. Wahed offers diversified portfolios managed according to Islamic principles, avoiding interest, gambling, and prohibited industries.
• Saturna Capital: Known for its Amana Funds, which are mutual funds managed according to Islamic principles. Saturna provides professionally managed, Sharia-compliant investment options across various asset classes.
• Lariba Bank: One of the pioneering institutions offering interest-free banking and financing solutions in the US. They provide Sharia-compliant alternatives for mortgages, business financing, and other financial needs.
• Guidance Residential: Specializes in Sharia-compliant home financing, offering alternatives to conventional mortgages based on Murabaha cost-plus financing or Musharaka partnership models.
• Halal Stock Screener: A tool and service for investors to identify individual stocks that comply with Sharia law. This is crucial for Muslims who prefer to manage their own portfolios but need assistance with compliance.
• Islamic Finance Hub: An educational and resource platform that can guide individuals toward understanding and finding various Sharia-compliant financial products and services, including wealth management and insurance alternatives Takaful.

Find detailed reviews on Trustpilot, Reddit, and BBB.org, for software products you can also check Producthunt.

IMPORTANT: We have not personally tested this company’s services. This review is based solely on information provided by the company on their website. For independent, verified user experiences, please refer to trusted sources such as Trustpilot, Reddit, and BBB.org.

Skylarkwealth.com Review & First Look: An Examination of Conventional Financial Advisory

Based on looking at the website, Skylarkwealth.com positions itself as a modern financial advisory firm, emphasizing personalized service, a fiduciary standard, and the integration of technology.

The site’s clear navigation and detailed explanations of services suggest a professional operation.

However, a deeper dive reveals that its offerings are firmly rooted in conventional financial models, which inherently present conflicts with Islamic finance principles.

The fundamental premise of modern wealth management often involves investments in interest-bearing instruments and participation in markets that may include non-Sharia-compliant sectors.

Unpacking the “Fiduciary” Standard

The website prominently features the term “Fiduciary” and states that the founder, Michal Skowronski, has signed a fiduciary oath.

This is a significant point in conventional finance, meaning the advisor is legally and ethically bound to act in the client’s best interest.

For a Muslim, this standard alone isn’t enough to ensure Sharia compliance.

While a fiduciary might select investments that generate the highest returns for the client, these returns could still stem from interest Riba or investments in prohibited industries e.g., alcohol, gambling, conventional banking, defense.

• Conventional Benefit: Ensures the advisor prioritizes client returns over their own commissions.
• Islamic Conflict: Does not guarantee adherence to Sharia principles regarding the source of income or the nature of investments.
• Data Point: According to a 2022 study by the CFP Board, only about 20% of financial advisors hold the CFP® designation, which requires adherence to a fiduciary standard when providing financial advice. This highlights the perceived higher standard of care offered by Skylarkwealth.com within its conventional framework.

Fee-Only Model: Transparency vs. Permissibility

Skylarkwealth.com highlights its “fee-only” model, meaning the advisor is paid directly by the client and not by commissions from product sales.

This is generally seen as a more transparent and less conflicted approach in conventional finance. Totallyadd.com Review

The stated fee structure starts at $1,500 per quarter.

While the fee itself is transparent, it doesn’t change the nature of the underlying financial activities.

If the advice leads to investments in interest-bearing assets or non-halal businesses, the entire process, including the fee, becomes problematic from an Islamic perspective.

• Conventional Benefit: Reduces conflicts of interest associated with commission-based advice.
• Islamic Conflict: The fee might be for services that facilitate or manage non-Sharia-compliant financial transactions.
• Real Data: Research by the National Association of Personal Financial Advisors NAPFA consistently shows that fee-only advisors typically have lower client-to-advisor ratios, allowing for more personalized service, which Skylarkwealth.com also emphasizes. However, this personalization does not equate to Sharia compliance.

Custody of Assets: Security vs. Sharia Compliance

Skylarkwealth.com explicitly states, “Skylark does not hold custody of client assets.” Instead, assets are held by third-party custodians like Schwab, Fidelity, or Altruist.

This is a crucial security measure in conventional finance, protecting clients from advisor misconduct or firm insolvency.

While this enhances security, it again doesn’t address the Sharia compliance of the assets themselves.

These custodians manage vast sums of money across a wide array of conventional investment products, many of which would be deemed impermissible in Islam.

• Conventional Benefit: Enhanced client asset security and reduced risk of fraud.
• Islamic Conflict: The assets held by these custodians are likely invested in conventional, potentially non-Sharia-compliant instruments.
• Industry Standard: The separation of advisory services from asset custody is a standard practice in the Registered Investment Advisor RIA industry, providing an extra layer of protection for clients.

Skylarkwealth.com’s Offerings: Deep Dive into Conventional Financial Services

Skylarkwealth.com outlines a comprehensive suite of financial planning and investment management services.

From cash flow optimization to tax minimization and protection strategies, the website paints a picture of a holistic approach to wealth.

However, the methods and tools employed within these services are inherently linked to the conventional financial system, which relies heavily on interest Riba and permits investments in industries that are prohibited in Islam. Onlyspanking.org Review

Cash Flow Optimization: The Underlying Mechanisms

The service aims to help clients “make the most of your money” by defining short-term and long-term goals and optimizing cash flow.

In conventional finance, this often involves advising on savings accounts, money market funds, or various credit products that generate or involve interest.

Even basic budgeting advice, when linked to traditional banking products, can become problematic.

• Typical Conventional Approach:
  • Interest-Bearing Savings Accounts: Recommending high-yield savings accounts or certificates of deposit CDs, which accrue interest.
  • Debt Management: Advising on managing conventional loans mortgages, credit cards, auto loans which are all interest-based.
  • Investment Contributions: Directing cash flow towards conventional investment vehicles stocks, bonds, mutual funds.
• Islamic Perspective: Any advice that directly or indirectly facilitates or benefits from Riba interest is impermissible. Cash flow optimization in Islam would focus on increasing halal income, managing expenses prudently, paying off interest-bearing debts, and directing savings towards Sharia-compliant investments e.g., equity in halal businesses, trade-based financing, real estate without conventional mortgages.

Tax Minimization: Navigating the Grey Areas

Skylarkwealth.com offers tax planning services, including help with tax preparation and strategies to minimize taxes through Qualified Charitable Distributions, Roth conversions, and Donor Advised Funds.

While tax efficiency is a universal goal, the underlying financial instruments and strategies used to achieve it in conventional planning often involve elements that are not Sharia-compliant.

For example, tax-advantaged retirement accounts often invest in conventional mutual funds or ETFs that are not screened for Sharia compliance.

• Conventional Tax Strategies:
  • 401ks and IRAs: These retirement vehicles, while tax-advantaged, typically invest in a broad range of conventional securities that may not be halal.
  • Tax-Loss Harvesting: Selling investments at a loss to offset gains, but the original investments might be in non-Sharia-compliant assets.
  • Municipal Bonds: Often interest-bearing, but tax-exempt.
• Islamic Perspective: Tax planning must be pursued through permissible means. This means ensuring that any investments made for tax benefits are themselves Sharia-compliant. Charitable giving Zakat, Sadaqah is encouraged and can have tax benefits, but the source of the wealth being given and invested must be halal. For example, a Muslim would seek out Sharia-compliant retirement funds or direct equity investments.

Financial Planning Specific to You: The Core Conflict

The website states, “Your goals are specific to you.

We’ll clarify your goals and refine your strategy to make them happen.” This personalized approach, while appealing, means that the customized strategies will likely incorporate conventional financial products.

Whether it’s planning for retirement, education, or wealth transfer, the default solutions in traditional finance involve instruments that are problematic for Muslims.

• Common Conventional Goals & Solutions:
  • Retirement Planning: Investing in a mix of conventional stocks, bonds, and mutual funds to build a retirement portfolio.
  • Education Funding: Using 529 plans or other investment vehicles that hold conventional securities.
  • Estate Planning: Managing assets that may include conventional investments or real estate financed through interest-based mortgages.
• Islamic Perspective: Financial goals are encouraged, but the path to achieving them must be permissible. This requires a complete overhaul of conventional strategies, replacing them with Sharia-compliant alternatives such as Takaful Islamic insurance, Sukuk Islamic bonds, halal mutual funds, direct equity investments in ethical businesses, and interest-free financing models for large purchases like homes or education.

Skylarkwealth.com’s Pros & Cons: A Balancing Act for the Conventional Investor, a Clear Disadvantage for the Muslim

When evaluating Skylarkwealth.com, it’s important to differentiate its appeal to a conventional investor from its suitability for a Muslim investor. Abudhabimover.blogspot.com Review

However, for a Muslim seeking Sharia-compliant financial management, these conventional “pros” become irrelevant or even problematic, leaving a stark list of “cons” from an Islamic perspective.

Conventional Pros Irrelevant/Problematic for Muslims

• Fiduciary Standard: As highlighted, the firm operates under a fiduciary oath, legally binding them to act in the client’s best interest. This is a significant advantage in the conventional financial world, where some advisors may prioritize commissions. However, for Muslims, “best interest” must be defined by Sharia principles, which a conventional fiduciary is not equipped to guarantee.
• Fee-Only Model: This pricing structure eliminates conflicts of interest often seen with commission-based advisors, ensuring that advice isn’t swayed by product sales. This transparency is good, but if the “products” are inherently non-halal, the transparency becomes a moot point for a Muslim.
• Third-Party Custody of Assets: Client assets are held by major institutions like Schwab, Fidelity, or Altruist, not by Skylark Wealth directly. This offers a layer of security, reducing the risk of fraud or mismanagement of funds by the advisory firm itself. Again, this security measure doesn’t purify the nature of the assets or investments, which are likely conventional.
• CERTIFIED FINANCIAL PLANNER™ CFP® Designation: Michal Skowronski holds the CFP® designation, indicating a high level of expertise and adherence to ethical standards within the conventional financial planning industry. This assures a conventional client of professional competence.
• Regulatory Oversight: The firm is regulated by FINRA and state regulators e.g., California, providing a degree of oversight and accountability. While important for consumer protection, this regulatory framework is for conventional finance and does not monitor Sharia compliance.
• Personalized Service and Technology Integration: The website emphasizes a low client-to-advisor ratio, personalized advice, and the use of modern financial technologies client portal, planning software. This caters to clients seeking a high-touch, efficient experience.

Cons Especially from an Islamic Perspective

• Inherent Riba Interest Involvement: This is the most critical and overarching issue. Conventional financial planning and investment management are deeply intertwined with interest-based transactions loans, bonds, savings accounts, mortgages. Even if a firm claims “fee-only,” the core products and services they advise on or manage for clients almost certainly involve Riba, which is strictly prohibited in Islam.
• Investment in Non-Halal Industries: Traditional diversified portfolios, common in conventional wealth management, often include companies involved in industries forbidden in Islam, such as alcohol, tobacco, gambling, conventional banking, defense, and entertainment podcast, movies. Skylarkwealth.com does not mention any Sharia screening process for investments.
• Lack of Sharia Compliance Expertise: There is no indication on the website that the firm or its founder possesses any knowledge or expertise in Islamic finance principles. Their “ethical standards” are based on conventional Western financial ethics, not on Sharia law.
• Conventional Banking and Credit Products: Advice on cash flow optimization, debt management, and even certain charitable giving strategies e.g., donor-advised funds tied to conventional investments will likely involve interaction with or investment in conventional banking and credit systems, which are built on interest.
• No Halal Alternatives Offered: The website does not provide any options or pathways for clients seeking Sharia-compliant investments or financial products. The entire service offering is based on conventional finance.
• Focus on Maximizing Conventional Returns: While the firm emphasizes maximizing client success, this “success” is measured in conventional financial returns, regardless of the permissibility of the sources of those returns.
• Potential for Gharar Uncertainty and Maysir Gambling: Some conventional investment products may involve excessive uncertainty or elements akin to gambling, which are prohibited in Islamic finance.

In summary, while Skylarkwealth.com appears to be a legitimate and well-regarded conventional financial advisory firm, its fundamental operational framework and product offerings are incompatible with Islamic financial principles.

For a Muslim, the “cons” far outweigh any “pros” derived from a conventional financial lens.

Skylarkwealth.com Alternatives: Embracing Sharia-Compliant Financial Solutions

Given the inherent conflicts between Skylarkwealth.com’s conventional financial services and Islamic principles, it becomes imperative for Muslims to seek out Sharia-compliant alternatives.

These alternatives are designed from the ground up to adhere to Islamic law, avoiding interest Riba, excessive uncertainty Gharar, and investments in prohibited industries.

Investment Management Alternatives

For managing investments in a Sharia-compliant manner, Muslims should look for platforms and funds that explicitly screen investments for halal compliance.

• Wahed Invest: This is a leading global digital investment platform offering diversified Sharia-compliant portfolios. Wahed screens all investments to ensure they avoid industries like alcohol, tobacco, gambling, conventional banking, and defense, and are free from interest.
  • Key Features: Automated investing, diversified portfolios stocks, Sukuk, gold, real estate, global accessibility, low fees.
  • Pros: Fully Sharia-compliant, easy to use, caters to various risk appetites, transparent reporting.
  • Cons: Limited customization compared to traditional advisors, some fees apply, still relatively new in some markets.
  • Typical Price: Management fees typically range from 0.49% to 0.99% of AUM annually, depending on the portfolio size.
• Saturna Capital Amana Funds: Saturna Capital manages the Amana Funds, which are some of the oldest and largest Islamic mutual funds in the United States. They offer both domestic and international equity funds, as well as an income fund Sukuk-based.
  • Key Features: Actively managed, diversified Sharia-compliant mutual funds, long track record.
  • Pros: Established reputation, strong performance in the Sharia-compliant space, professional management.
  • Cons: Higher expense ratios than some passive ETFs, minimum investment requirements for direct purchase.
  • Typical Price: Expense ratios for Amana Funds generally range from 0.85% to 1.05% annually.
• Halal Stock Screeners e.g., Islamicly, Musaffa, Halalyst: For those who prefer to manage their own portfolios and invest in individual stocks, these platforms provide tools to screen companies for Sharia compliance based on financial ratios and business activities.
  • Key Features: Company screening based on Sharia filters, debt ratios, income purification guidance.
  • Pros: Empowers self-directed investors, offers granular control over investments.
  • Cons: Requires investor to actively manage and research, subscription fees for premium features.
  • Typical Price: Subscription fees for screeners typically range from $10 to $50 per month, or annual plans.

Halal Financing Alternatives

For major purchases like homes, businesses, or vehicles, conventional interest-based loans are prohibited.

Sharia-compliant financing models offer ethical alternatives.

• Guidance Residential: A leading provider of Sharia-compliant home financing in the US. They use Ijara lease-to-own or Murabaha cost-plus financing models instead of conventional mortgages.
  • Key Features: Halal home financing, no interest, shared equity models.
  • Pros: Enables homeownership without Riba, widely recognized, transparent process.
  • Cons: May require larger down payments, not available in all areas, eligibility criteria can be strict.
  • Typical Price: Fees are structured as rent or profit rates within the Sharia-compliant contracts, similar to conventional mortgage payments but without interest.
• Lariba Bank: One of the pioneering Islamic financial institutions in the US, offering a range of interest-free banking and financing services for homes, businesses, and other needs.
  • Key Features: Interest-free banking, Murabaha, Musharaka, Ijara contracts.
  • Pros: Comprehensive Sharia-compliant financial services, long-standing history.
  • Cons: Limited physical branches, services may not be as broadly accessible as conventional banks.
  • Typical Price: Fees or profit margins are embedded in the Sharia-compliant contracts for services.

Ethical Wealth Management & Planning Alternatives

While fewer dedicated “Sharia-compliant financial planners” exist in the same vein as conventional ones, some advisors or platforms are emerging that specialize in this niche, often through referrals or independent consultation.

• Islamic Finance Hub: While not a direct advisory firm, this platform serves as an excellent resource for understanding Islamic finance and finding reputable institutions or advisors. It’s a critical starting point for education and connections.
  • Key Features: Educational resources, directory of Islamic financial institutions, news and analysis.
  • Cons: Not a direct service provider, requires self-initiative to find specific solutions.
  • Typical Price: Free to access resources.
• Amanah Ventures: While primarily a venture capital firm, Amanah Ventures represents a broader movement towards ethical, impact-driven investments aligned with Islamic principles. For high-net-worth individuals, direct investment in Sharia-compliant startups or private equity offers an alternative to public market investments.
  • Key Features: Direct investment in ethical businesses, focus on real economic growth.
  • Pros: High potential for returns, direct alignment with Islamic ethical values.
  • Cons: Higher risk, illiquid investments, typically for accredited investors.
  • Typical Price: Varies significantly based on investment size and fund structure.

These alternatives provide a robust framework for Muslims to engage in financial planning and wealth management without compromising their religious principles. Dyon.com Review

The key is to seek out institutions and services that explicitly state and demonstrate their adherence to Sharia law, often overseen by a Sharia supervisory board.

How to Avoid Conventional Financial Products and Services

Avoiding conventional financial products and services, especially those involving interest Riba, is a fundamental requirement for Muslims.

While it might seem challenging in a system built on interest, there are clear strategies to navigate this.

The key is to understand the nature of the transaction and proactively seek out Sharia-compliant alternatives.

Identifying Riba in Everyday Financial Products

Riba is not limited to explicit interest rates on loans.

It can be embedded in various financial instruments.

• Savings Accounts & CDs: Most conventional savings accounts, money market accounts, and Certificates of Deposit CDs pay interest. Even if the rate is low, it’s still Riba.
  • Action: Avoid conventional savings accounts that pay interest. Instead, consider current accounts checking accounts that typically do not offer interest, or utilize Islamic banks that offer profit-sharing investment accounts Mudarabah or interest-free loans Qard Hassan.
• Bonds: Government bonds, corporate bonds, and municipal bonds are essentially interest-bearing loans.
  • Action: Replace bonds with Sukuk Islamic bonds, which are asset-backed and represent ownership in tangible assets or specific projects, generating profit from real economic activity rather than interest.
• Conventional Loans & Mortgages: Car loans, personal loans, student loans, and especially home mortgages from conventional banks are all interest-based.
  • Action: Seek Sharia-compliant financing institutions that offer alternatives like Murabaha cost-plus sale, Ijara lease-to-own, or Musharaka partnership. These models involve a real asset transaction or a partnership, avoiding interest.
• Credit Cards: The vast majority of credit cards charge interest on outstanding balances.
  • Action: Use credit cards only if you can pay the full balance every month before interest accrues, effectively using them as a deferred payment mechanism. Better yet, opt for debit cards or cash, or explore the very few Sharia-compliant credit cards which function more like charge cards or deferred payment options without interest.
• Conventional Insurance: Many traditional insurance policies e.g., life insurance, car insurance involve elements of Riba, Gharar excessive uncertainty, and Maysir gambling.
  • Action: Opt for Takaful Islamic insurance, which is based on mutual cooperation and solidarity, where participants contribute to a fund to help each other in times of need, and surplus funds are distributed or used for charitable purposes.

Practical Steps for Muslims

1. Educate Yourself: Understand the basic principles of Islamic finance. Resources like Islamic Finance Hub or reputable Islamic scholars can provide guidance.
2. Seek Sharia-Compliant Institutions: Actively look for banks, investment firms, and financial advisors that explicitly state their adherence to Sharia law and ideally have a Sharia Supervisory Board.
3. Review Investment Portfolios: If you currently have conventional investments, work with a knowledgeable advisor to gradually transition them into Sharia-compliant assets. This often involves selling non-halal stocks/bonds and reinvesting in halal equity funds, Sukuk, or direct halal businesses.
4. Adopt Halal Spending Habits: Ensure your daily financial transactions, from banking to major purchases, align with Islamic principles. Prioritize ethical consumption and avoid unnecessary debt.
5. Utilize Halal Financing for Major Purchases: For homes, cars, or business ventures, always choose Sharia-compliant financing options over conventional loans.

By consciously avoiding interest-based products and seeking out the growing number of Sharia-compliant alternatives, Muslims can manage their finances in a way that aligns with their faith, fostering ethical wealth growth and spiritual peace.

How to Transition from Conventional Financial Management to Sharia-Compliant Practices

Transitioning from conventional financial management to Sharia-compliant practices is a significant step for many Muslims in Western societies.

It requires a systematic approach, often involving a review of existing assets, a shift in investment strategies, and a careful selection of new financial partners.

The process might seem daunting, but with clear steps and reliable resources, it’s entirely achievable. Warmerwindows.com Review

Step 1: Inventory and Assessment of Current Financial Standing

Before making any changes, you need a clear picture of your current financial situation.

• List All Assets: Include all bank accounts savings, checking, investment accounts 401k, IRA, brokerage, real estate, businesses, and any other forms of wealth.
• List All Liabilities: Detail all debts, including mortgages, car loans, student loans, and credit card balances. Identify which of these are interest-bearing most conventional ones are.
• Review Income Streams: Understand the sources of your income and whether they are permissible.
• Analyze Investments: For each investment, determine the underlying assets. Are they stocks, bonds, mutual funds, ETFs? Research the Sharia compliance of the companies and funds. Many conventional funds will contain non-halal elements e.g., companies dealing in alcohol, gambling, Riba, or high debt ratios.

Step 2: Education and Consultation with Islamic Finance Experts

Arm yourself with knowledge and seek professional guidance.

• Learn the Basics of Islamic Finance: Understand core concepts like Riba interest, Gharar excessive uncertainty, Maysir gambling, Zakat, and permissible investment sectors. Resources like Islamic Finance Hub are excellent starting points.
• Consult a Sharia-Compliant Financial Advisor: While general CFP® professionals like those at Skylarkwealth.com may be skilled in conventional finance, they won’t have the expertise in Sharia compliance. Seek advisors who specialize in Islamic finance. They can help screen your existing portfolio, purify impermissible earnings, and recommend halal alternatives.
• Engage with a Sharia Supervisory Board if applicable: Some Islamic financial institutions have a Sharia Supervisory Board that certifies their products and services. Understanding their role can build trust.

Step 3: Purifying Impermissible Earnings and Liabilities

Once you identify non-halal elements, the next step is to address them.

• Riba Purification: For any interest earned from conventional savings accounts or investments, it should not be consumed personally. This amount should be given to charity without expecting any spiritual reward for it, as it’s a purification process.
• Non-Halal Stock Purification: If you hold stocks in companies involved in impermissible activities or that exceed permissible debt ratios, the portion of their profit derived from non-halal activities needs to be purified. Islamic stock screeners often provide purification percentages.
• Prioritize Interest-Bearing Debt Repayment: Strategize to pay off any interest-bearing loans mortgages, credit card debt, car loans as quickly as possible. This is a critical step in eliminating Riba from your life.

Step 4: Shifting to Sharia-Compliant Alternatives

This is where you actively change your financial products and services.

• Banking: Close interest-bearing savings accounts and open current checking accounts that do not pay interest. Explore opening accounts with Islamic banks or credit unions, which may offer profit-sharing investment accounts Mudarabah as an alternative to interest-based savings.
• Investments:
  • Halal Stock Market: Invest in individual stocks of Sharia-compliant companies identified using halal stock screeners.
  • Islamic Mutual Funds/ETFs: Transfer existing conventional mutual funds into Sharia-compliant funds like those offered by Saturna Capital Amana Funds or platforms like Wahed Invest.
  • Sukuk Islamic Bonds: Replace conventional bonds with Sukuk, which are asset-backed and represent ownership in a tangible asset or project.
  • Real Estate: Invest in real estate directly or through real estate investment trusts REITs that hold Sharia-compliant properties and operate ethically.
• Financing: For future large purchases home, car, business, utilize Sharia-compliant financing models Murabaha, Ijara, Musharaka from institutions like Guidance Residential or Lariba Bank.
• Insurance: Opt for Takaful Islamic insurance instead of conventional insurance policies.

Step 5: Ongoing Monitoring and Maintenance

Islamic financial management is an ongoing process, not a one-time event.

• Regular Sharia Screening: Periodically screen your investments to ensure they remain Sharia-compliant, especially if you hold individual stocks.
• Zakat Calculation and Payment: Integrate annual Zakat calculation and payment into your financial routine. This is a mandatory charitable contribution for eligible wealth.
• Continuous Learning: Stay informed about developments in Islamic finance and new Sharia-compliant products and services.

By following these steps, Muslims can systematically transition their financial lives to align with their faith, fostering ethical wealth creation and management.

How to Cancel Skylarkwealth.com Subscription Hypothetical for Conventional Services

While the focus here is on Sharia-compliant alternatives, understanding how to disengage from conventional financial services like Skylarkwealth.com is practical for anyone considering a transition.

Since Skylarkwealth.com offers personalized financial planning and investment management, cancelling a “subscription” typically involves formal termination of the client agreement, rather than a simple online unsubscribe button.

This process usually entails communication, potential asset transfers, and final fee settlements.

Understanding the Service Agreement

When you engage with a financial advisor like Skylarkwealth.com, you sign a formal client agreement often called an Investment Advisory Agreement or Client Service Agreement. This document outlines the terms of service, fees, responsibilities of both parties, and, crucially, the procedures for termination. Embcenter.com Review

Before initiating cancellation, it’s wise to review this document.

• Key Information to Look For:
  • Termination Clause: Details how either party can terminate the agreement e.g., notice period required, written vs. verbal notice.
  • Fee Structure Upon Termination: How final fees are calculated e.g., pro-rata, based on the last quarter’s average AUM.
  • Asset Transfer Procedures: How your assets will be transferred to a new custodian or returned to you.
  • Custody Information: Confirmation that assets are held by a third-party custodian like Schwab or Fidelity, not the advisor directly.

Steps to Cancel a Financial Advisory Service

1. Direct Communication with Your Advisor:

   • Initiate Contact: The first step is to formally notify your advisor at Skylarkwealth.com of your intention to terminate the agreement. A direct phone call is a good start, followed by a formal written notification.
   • State Your Intent Clearly: Be explicit about your decision to end the advisory relationship. You don’t necessarily need to give a detailed reason, though a brief explanation e.g., “I’ve decided to manage my finances differently” or “I’m exploring alternative financial strategies” can be helpful.
   • Request Cancellation Procedures: Ask them to provide the specific steps and paperwork required for termination according to your agreement.

2. Formal Written Notice:

   • Follow the Agreement: Send a formal written notice email with read receipt, certified mail confirming your decision to terminate. This creates a clear record.
   • Include Key Details: Your name, account numbers, effective termination date if you have one in mind, respecting any notice period, and a clear statement of termination.
   • Example Wording: “Please accept this letter as formal notification of my intent to terminate my Investment Advisory Agreement with Skylarkwealth.com, effective . I kindly request information on the necessary steps to transfer my assets and settle any outstanding fees.”

3. Asset Transfer or Liquidation:

   • Identify New Custodian/Plan: If you’re moving to another financial institution e.g., a Sharia-compliant one like Wahed Invest, you’ll need to set up the new account first.
   • Initiate Transfer: Your new financial institution will typically initiate the asset transfer e.g., an “ACAT” transfer for investment accounts. You may need to sign transfer authorization forms with both your old and new custodians.
   • Direct Liquidation Less Common: In some cases, you might choose to liquidate assets and have the proceeds sent to you, though this can trigger taxes and is less common for full transitions.

4. Final Fee Settlement:

   • Pro-Rata Fees: Financial advisory firms typically charge fees in arrears after the service period or pro-rata upon termination. Ensure you understand any final charges and that they align with your agreement.
   • Confirmation: Ask for a final statement confirming that your account has been closed and all financial obligations met.

Important Considerations for Muslims Transitioning

For Muslims cancelling conventional financial services to move to Sharia-compliant ones, this process also involves:

• Purification of Impermissible Gains: Before or during the transfer, identify any interest Riba or non-halal earnings from your conventional investments and purify them by giving them to charity.
• Strategic Asset Transfer: Work with your new Sharia-compliant advisor to determine the best way to transfer assets. Sometimes it’s better to liquidate non-halal holdings and reinvest in halal ones, even if it means some tax implications, to fully purify your wealth. Discuss this with your Sharia-compliant advisor.
• Documentation: Keep thorough records of all communication and transactions related to the cancellation and transfer.

While Skylarkwealth.com does not offer a simple “cancel subscription” button like a streaming service, cancelling a financial advisory relationship is a standard process.

By understanding your agreement and communicating effectively, you can smoothly transition your financial affairs.

FAQ

What is Skylarkwealth.com?

Skylarkwealth.com is a financial advisory firm that offers personalized financial planning and investment management services, primarily to busy professionals, with a focus on fee-only fiduciary advice.

Is Skylarkwealth.com Sharia-compliant?

No, Skylarkwealth.com is not Sharia-compliant. Mariscosouth.com Review

While it operates under a conventional fiduciary standard and charges fees transparently, its services inherently involve interest-based products and investments in industries that may not align with Islamic principles.

What services does Skylarkwealth.com offer?

Skylarkwealth.com offers cash flow optimization, tax minimization strategies, personalized financial planning, protection strategies, and investment management, all delivered through a conventional financial framework.

How much does Skylarkwealth.com charge for its services?

Skylarkwealth.com’s fees start at $1,500 per quarter for single, non-self-employed individuals with basic investment management and financial planning needs, including up to $600,000 in assets under management.

Is Michal Skowronski a certified financial planner?

Yes, Michal Skowronski, the founder of Skylarkwealth.com, is a CERTIFIED FINANCIAL PLANNER™ CFP® and operates as a Fiduciary.

Does Skylarkwealth.com hold custody of client assets?

No, Skylarkwealth.com explicitly states that it does not hold custody of client assets.

Client assets are held by third-party custodians such as Schwab, Fidelity, or Altruist.

Is Skylarkwealth.com regulated?

Yes, Skylarkwealth.com is regulated by FINRA and by the regulators of each state e.g., California in which it does business.

Where is Skylarkwealth.com located?

Skylarkwealth.com is currently based out of San Francisco, California, but states that it serves clients both locally, nationwide, and globally U.S. citizens.

What are some Sharia-compliant alternatives to conventional financial advisors?

Sharia-compliant alternatives include platforms like Wahed Invest for managed portfolios, Saturna Capital Amana Funds for mutual funds, and services like Guidance Residential or Lariba Bank for financing.

How can I ensure my investments are halal?

To ensure your investments are halal, you should use Sharia-compliant investment platforms, invest in Islamic mutual funds, or use halal stock screeners to evaluate individual companies for compliance with Islamic principles. Anyleads.com Review

What is Riba in Islamic finance?

Riba refers to interest or usury, which is strictly prohibited in Islam.

It encompasses any unjustifiable increase in money or goods without equivalent counter-value in a contract.

Are traditional savings accounts permissible in Islam?

No, traditional savings accounts that pay interest are generally not permissible in Islam because they involve Riba.

Muslims should opt for current accounts checking accounts that do not pay interest or explore Sharia-compliant investment accounts.

What is Takaful?

Takaful is an Islamic form of insurance based on mutual cooperation and solidarity among participants who contribute to a fund to help each other in times of need.

It avoids elements of Riba, Gharar, and Maysir found in conventional insurance.

Can I use a credit card in Islam?

Using a credit card is permissible if you pay the full balance every month before any interest accrues, effectively using it as a deferred payment tool.

However, if interest is charged on outstanding balances, it becomes impermissible Riba.

What is a Sukuk?

A Sukuk is an Islamic financial certificate, similar to a bond, but structured to comply with Sharia law.

Instead of being a debt obligation, a Sukuk represents an undivided beneficial ownership interest in a tangible asset or project. Littletoolshop.com Review

How do Sharia-compliant mortgages work?

Sharia-compliant mortgages typically use models like Murabaha cost-plus sale or Ijara lease-to-own. Instead of lending money with interest, the Islamic financial institution buys the property and then sells it to the client at a mark-up over a period or leases it to the client with eventual ownership transfer.

What is a Fiduciary?

In conventional finance, a fiduciary is a person or organization that acts on behalf of another person or persons, legally and ethically bound to act solely in their best interests.

What is a fee-only financial advisor?

A fee-only financial advisor is compensated solely by the fees paid directly by their clients, rather than through commissions from selling financial products.

This structure aims to minimize conflicts of interest.

What is the role of a Sharia Supervisory Board?

A Sharia Supervisory Board SSB is a body of Islamic scholars that ensures all products, services, and operations of an Islamic financial institution comply with Sharia law.

They review contracts, policies, and financial practices.

How can I purify non-halal earnings from conventional investments?

To purify non-halal earnings like interest or impermissible profits from conventional investments, the amount should be calculated and then given to charity without expecting spiritual reward.

This act serves as a purification of wealth, not an act of charity.

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