This site uses cookies to improve your experience. To help us insure we adhere to various privacy regulations, please select your country/region of residence. If you do not select a country, we will assume you are from the United States. Select your Cookie Settings or view our Privacy Policy and Terms of Use.
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Used for the proper function of the website
Used for monitoring website traffic and interactions
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Strictly Necessary: Used for the proper function of the website
Performance/Analytics: Used for monitoring website traffic and interactions
Taxes are a central component of financialplanning. Almost every financialplanning issue – whether it is retirement, investments, cash flow, insurance, or estate planning – has tax considerations, and advisors provide a great deal of value in helping clients minimize their overall tax burden.
Still others may choose a hybrid model, combining AUM fees with additional charges for other services like taxplanning. They also suggest how advisors with unsustainably low fees can shift their mindset, embrace their value, and realign their pricing to reflect both the tangible and intangible value they actually provide to clients.
Anjali is the Founder of FIT Advisors, an RIA based in Torrance, California (but works virtually with clients nationwide) and oversees $65 million in assets under management for 45 client households.
One way to do so is through a sabbatical, and advisors can play an important role in supporting clients who are interested in taking this step. With this in mind, advisors can help clients assess how their sabbatical plans will affect their other financial goals.
When it comes to focusing on a niche for financial advisors, business owner clients can be an appealing target as they can have complex financialplanning problems ranging from cash flow management to taxplanning to acquisition strategies.
Tax-loss harvesting – i.e., selling investments at a loss to capture a tax deduction while re-investing the proceeds to maintain market exposure – is a popular strategy for financial advisors to increase their clients’ after-tax investment returns. With these three tools (i.e., Read More.
As comprehensive financialplanning has become more widely adopted, many financial advisors have felt pressure to find new ways to differentiate themselves by demonstrating their unique value to clients.
For instance, the financial advice industry has seen many changes to regulations (for both advisors and their clients), advisor business models, and the advisor technology landscape. The changing patterns in how financial advice is delivered can be compared to the similar trends seen in the evolution of medicine.
Enjoy the current installment of "Weekend Reading For Financial Planners" – this week's edition kicks off with the news that a recent survey indicates that clients of financial advisors are more confident than others about their financial preparedness for retirement and are more likely to have a financialplan in place that can weather the ups (..)
Develop a risk management plan to implement strategies that minimize or eliminate risks, and protect your business with appropriate insurance coverage, such as liability, property and business interruption insurance. Get Help with TaxPlanningTaxplanning is a critical component of financial management.
Traditionally, financial advice and tax preparation have existed as 2 related, but separate, services. Besides the fact that many financial advisors don’t hold the necessary credentials (e.g., by tailoring client data-gathering worksheets to focus on the information that is relevant to a client’s tax situation).
Podcasts Brendan Frazier on how your clients change will inevitably over time. papers.ssrn.com) Taxes A 2023 year-end taxplanning guide. kitces.com) Advisers How the profession of financialplanning has changed over time. riaintel.com) How to prep an RIA for sale. (fa-mag.com)
Enjoy the current installment of "Weekend Reading For Financial Planners" - this week's edition kicks off with the news that the shift in financial advice from pure investment management to comprehensive financialplanning continues, with more individuals becoming CFP professionals than CFAs in the past few years as consumers increasing the diversity (..)
Kamila is the CEO and Founder of Collective Wealth Partners, an independent RIA based in Atlanta, Georgia, that oversees nearly $25 million in assets under management for almost 175 client households.
We start with several articles on retirement planning: Why considering a client's retirement time horizon and spending flexibility could lead to more accurate (and often higher) safe withdrawal rates than the simpler "4% rule" Four unique risks retirees face when drawing down their assets, from sequence of returns risk to tax risk, and how financial (..)
Notably, while the rule will create an additional compliance burden, the due diligence advisers offering comprehensive planning services (as well as their investment custodians) are likely already conducting on their clients to create an effective financialplan could be a 'defense mechanism' for these firms against criminals looking to take advantage (..)
Financialplanning and taxplanning go hand in hand. Including taxplanning as part of your service provides clients a comprehensive view of their finances and helps them achieve their financial goals. In addition, we can be confident that tax rates will continue to ebb and flower over time.
If you are looking for opportunities to grow your business, expanding your services to clients at all stages of the financialplanning lifecycle creates new opportunities for you to reach those households in search of professional advice. Starting Out clients are typically focused on beginning to build wealth.
Read the analysis about these announcements in this month's column, and a discussion of more trends in advisor technology, including: Brand design consultancy firm Intention.ly
detecting fraud or analyzing data) to provide a better client experience! Nonetheless, respondents (particularly those in younger generations) do not see this as an either-or choice, but rather anticipate benefitting from working with human advisors who leverage AI tools for certain tasks (e.g.,
Daniel is the CEO of WMGNA, a hybrid advisory firm based in Farmington, Connecticut, that oversees approximately $270 million in assets under management for 200 client households.
Going beyond FPA’s existing PlannerSearch tool, the narrowed-down list is meant to help consumers identify a focused subset of the most reputable planners.
I knew these clients were being overlooked. Early in my career at a large broker-dealer in San Francisco, I noticed retirees were the ones getting all the attention, while the Millennials were craving financial knowledge and the attention of financial advisors. Some clients want to be the next Elon Musk.
As client expectations continue to evolve, there is an opportunity for financial planners to broaden and deepen their service offerings by providing holistic financialplanning. To successfully make a move to a more holistic service offering, advisors must gain an understanding of the value clients seek in their services.
Podcasts Christine Benz and Jeff Ptak talk with Tim Steffen, director of taxplanning for Baird. morningstar.com) Michael Kitces and Carl Richards talk about repurposing lessons from clients for content. thinkadvisor.com) Morgan Stanley ($MS) sold computers with unencrypted client data on them.
Most people start financialplanning with the goal of growing their finances through savings and investments. But financialplanning is not limited to increasing your wealth alone. Taxplanning is essential. Tax is charged on every penny you earn. What impact do taxes have on your financialplanning?
Advisors are being asked to provide their clients with a full suite of solutions, ranging from estate and taxplanning to portfolio management, and everything in between. Clients are increasingly eager to gain access to fully customizable solutions that meet their individual needs.
Gaining a better understanding of this audience can help you connect with and identify potential clients and uncover their needs and wants in a way that benefits you both. Mass Affluent Clients and the Advice They Crave. Generally, a mass affluent client has investable assets between $100,000 and $1 million.
With the fee-for-service model, you can customize service offerings for clients seeking advice who don’t (yet) have traditional portfolio assets to transfer to your firm’s custodian for full-time management. This approach allows you to engage these clients by charging a fee that’s covered through their monthly cash flow.
In today’s increasingly complex financial landscape, professional financialplanning education has become more crucial than ever. The CFP certification stands as the gold standard in financialplanning, offering professionals a comprehensive pathway to excellence in this dynamic field.
To stand out in the competitive world of financialplanning, you need more than just excellent financial services or agency support. To attract and retain clients, mastering the art of financialplanning marketing is crucial. Highlight how your distinct qualities benefit your clients.
In the vast world of financial services, it’s crucial to distinguish between legitimate businesses and those seeking to exploit unsuspecting individuals. MainStreet FinancialPlanning , Inc. wants to address a recent issue that has come to our attention, confusing our valued clients and potential customers.
The MainStreet FinancialPlanning Discussion Club. How : Zoom Meeting, Free to ongoing clients; $10 for guests. Acts, what that means to you and your TaxPlanning in Retirement. Acts, what that means to you and your TaxPlanning in Retirement. “MainStreet Chalk Talk”. 30-45 minutes.
This certification is recognized globally and showcases a deep, systematic understanding of personal financial management, including investment planning, risk management, taxplanning, and retirement planning. Individuals who earn this certification are thoroughly prepared to offer expert financial advice.
Guest: Megan Gorman, Founder and Managing Partner of Chequers Financial Management , a female-owned, high-net-worth tax and financialplanning firm based in San Francisco. In a Nutshell: High-net-worth clients have high-net-worth needs. Megan’s vision of the “perfect” client experience.
The MainStreet FinancialPlanning Discussion Club. How : Zoom Meeting, Free to ongoing clients; $10 for guests. TaxPlanning: Things to work on before year-end. Though it may seem that we’ve just put last tax season to rest, now is the time to work on adjustments to optimize your 2022 taxes!
The start of a new year presents opportunities for clients to make positive changes for their financial futures. According to a recent Advisor Authority survey, powered by the Nationwide Retirement Institute®, only 20% of non-retired investors have confidence in their retirement plans despite market volatility.
Fee-only advisor – This is an advisor that does not charge commissions and hence is believed to be more aligned with the client’s best interests. What is a financial paraplanner? The job responsibilities may be back-office or client-facing, depending on the scope of the paraplanner’s work.
Recognizing the need for a financialplan is a significant first step toward the goal of achieving personal financial security. Table of Contents What is a FinancialPlan? Table of Contents What is a FinancialPlan? Why is FinancialPlanning so Important?
There’s nothing quite like the flurry of excitement and activity around onboarding a new client and getting started on their financialplan. This can be a tricky time and it’s tempting to think about adding services to your practice to help the client see your value.
Key Takeaways: Too many tax practices are bogged down in commoditized administrative tasks and compliance work, making it challenging to cross-sell services to expand client relationships. The more a firm can either automate processes or outsource tasks, the more time it’ll have to build deeper client relationships.
We organize all of the trending information in your field so you don't have to. Join 36,000+ users and stay up to date on the latest articles your peers are reading.
You know about us, now we want to get to know you!
Let's personalize your content
Let's get even more personalized
We recognize your account from another site in our network, please click 'Send Email' below to continue with verifying your account and setting a password.
Let's personalize your content