Taxes Do Matter
For an advisor to make a recommendation and not understand the tax implications of that recommendation can be catastrophic to the success of any financial plan
Challenge
- Most advisors are restricted or outright prevented from providing specific tax advice.
- Advisors do not understand the tax implications of their investment recommendations or how to create tax efficient income streams.
- Their clients are desperate for tax guidance and most CPA's and tax professionals are number historians: they put numbers on a page but provide little, if any, actual forward looking tax advice or planning.
- Investors and retirees are losing upwards to 30% of their investment income: would an investor voluntarily agree to an investment that loses 30% of every dollar they spend?
- Paying taxes is voluntary and Representative Advisors do not understand the tax code sufficiently enough to ensure that their clients pay the least amount of taxes legally possible.
Solution
- Practice Management Group teaches and provides comprehensive guidance on tax planning providing the Advisor. Representative the knowledge necessary to guide their clients through retirement in the most tax efficient manner possible.
- Advisor Representatives have the tax expert resources they need to make sure that their clients not only are diversified for risk purposes but also for tax minimization purposes.
- Less taxes coming out of the client investments results in more retention of assets which results in more AUM fee revenue for the Advisor.
Outcome
Increased Revenue
Advisor Representative benefits from additional retention of assets on assets not lost to taxes.
True Differentiation
The Advisor Representative has a competitive advantage in their community as no other firm provides tax planning and preparation services.
Increased Competitiveness
Representative provides comprehensive services and does not need to worry about poaching from other practice areas: CPA's and Estate Attorney's referring your clients to another advisor for a 2nd opinion.
Captures More Assets
By providing more specific ongoing service to the client, it could potentially increase the advisor’s assets under management while maintaining client satisfaction.
Client Satisfaction
By providing comprehensive tax planning, clients will feel better situated as they enter into and go through retirement. Satisfied clients are more likely to provide referrals, further growing the advisor’s business.
Ready to take your practice to the next level?
Our team is here to provide you with personalized support and tailored solutions. Whether you need detailed guidance, seamless team integration, or custom strategies, we're committed to your success.