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This month's edition kicks off with the news that Holistiplan has announced the rollout of a new estate plan document extraction tool to stand alongside its highly popular tax return scanning tool – which highlights how advances in AI technology have allowed tools like Holistiplan to go beyond tax returns and scan nearly any kind of document (..)
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 (..)
Also in industry news this week: While RIA M&A deal flow hit record levels in 2024 (both in terms of volume and the speed of completing them), firm valuations saw relatively modest gains In its latest annual regulatory oversight report, FINRA joined the SEC in flagging the potential risks to firm and client data from the use of third-party vendors (..)
Taxes are a central component of financial planning. Almost every financial planning 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 tax planning. Others may align with broader industry trends, like transitioning to fee-only structures to buffer against market volatility.
Which could prove to be a boon for the financial advice industry as more consumers are willing to entrust their assets to an advisor (while at the same time possibly making it tougher for some advisors to differentiate themselves primarily by how they put their clients' interests first?).
Whether planning for retirement, investing in volatile markets, or managing tax implications, clients are often presented with intricate information that can leave them overwhelmed, confused, and anxious, undermining their ability to make informed decisions.
This weeks Tax Advisor news roundup covers key updates for financial professionals. Last but not least, we have a rundown of the IRSs ‘Dirty Dozen’ tax scams for 2025. Wealth Taxes in Europe, 2025 ( Cristina Enache , Tax Foundation) Net wealth taxes are recurrent taxes on an individuals wealth, net of debt.
philbak.substack.com) Taxes How much do higher taxes prompt millionaires to relocate? theatlantic.com) Is there a better way to maximize charitable giving instead of a tax deduction? vox.com) Trying to tax all families equitably is a dilemma. disciplinefunds.com) The Fed's communication regime is a mess.
For many small tax firms, the process of collecting client tax documents can be a time-consuming and a prolonged process. The good news is that technology solutions, like Harness, can streamline document collection and transform the way tax professionals work.
There are many tax planning strategies that allow financial advisors to demonstrate the ongoing value they provide to clients in exchange for the fees they charge. Advisors also can support the backdoor Roth process by communicating with clients' tax preparers about the strategy and why they are recommending it for their mutual client.
In our 103rd episode of Kitces & Carl, Michael Kitces and client communication expert Carl Richards discuss the challenges of finding an optimal balance between proactively providing value and the consistency of simply being available to respond to clients when they come to their advisor for assistance. and gaining their trust.
tonyisola.com) How couples communicate about money is more important than the details. citywire.com) After-tax returns are what matter. bestinterest.blog) Tax loss harvesting, 101. Family Tony Isola, "Projecting irrational expectations onto your kids and finances is a dangerous game."
From there, the latest highlights also feature a number of other interesting advisor technology announcements, including: Holistiplan, after achieving success with its tax planning and analysis software, has announced an investment from Lead Edge Capital, signaling that it may be ready to expand into other financial planning areas beyond tax – (..)
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.
However, by creating a systematic annual process to monitor and update client plans based on seasons, not only can advisors save time and work more efficiently, but they can also communicate the value of ongoing financial planning services to prospects and clients more effectively.
The survey also suggests that a firm's tech stack can affect its ability to attract and retain clients, with 93% of advisors who said they work with state-of-the-art technology reporting that they have added new clients as a result of another firm's bad technology, and 58% of all advisors surveyed reporting they had lost new business due to bad technology. (..)
Also in industry news this week: A CFP Board study indicates that financial planners with the certification earn 10% more than other advisors and show very high levels of career satisfaction A Morningstar study has identified 4 main areas where investors find value from their financial advisors, which might not match an advisor's own list of top ways (..)
(wealthfoundme.com) More families are at risk from estate taxes looking out into 2025 and beyond. humbledollar.com) Why QCDs can be so valuable, tax-wise. time.com) Family Communicating about money with your partner never really ends. wsj.com) It's understandable why people put off estate planning.
interest rates, and relatively little new tax legislation (yet). Additionally, the upcoming Kitces Value Summit, coming December 12 , 2024, will tackle how real advisors provide and communicate their ongoing value to their clients.
riabiz.com) Communication Having a public presence can be scary for advisers. advisorperspectives.com) IRAs Why asset location matters from a tax-perspective. (cnbc.com) Startup 401(k) provider Blooom has abruptly closed its doors. wealthmanagement.com) Should you write your clients an annual letter?
For many financial advisors, financial planning advice traditionally focuses on optimization: tax-efficient, continually rebalanced portfolios are often designed to maximize a client's wealth throughout retirement.
In November 2022, proponents of the Massachusetts ‘millionaires’ tax (question 1) won their bid to nearly double the income tax rate on individuals with taxable income over $1M a year. As proposed, the new legislation would increase these tax rates to 9% and perhaps even 16% , respectively, starting in 2023.
The 2017 Tax Cuts and Jobs Act (TCJA) brought sweeping changes to the tax code, impacting every taxpayer and business owner. Here’s a summary of the major tax law changes coming in 2026 and some steps individuals and business owners can take to prepare. For some, this may lead to more taxes paid on capital gains.
For example, an advisor may think of "risk management" in terms of life and property insurance coverage, whereas HNW clients may instead think of tax and estate-planning strategies as asset protection measures – particularly for the future wealth of their heirs.
Also in industry news this week: Backers announced the new Texas Stock Exchange, which seeks to provide companies with a lower-cost alternative to the NYSE and Nasdaq, which, if successful, could create a more competitive landscape and potentially better execution and reduced trading costs for financial advisors and their clients The American College (..)
In our 121st episode of Kitces & Carl, Michael Kitces and client communication expert Carl Richards discuss the importance for advisors to advertise their expertise, and whether focusing on providing exceptional work can be enough to attract and acquire clients to sustain a healthy and remunerative business.
Enjoy the current installment of "Weekend Reading For Financial Planners" - this week's edition kicks off with the news that the T3/Inside Information Software Survey is available, providing insights into which technology tools advisors use and their level of satisfaction with them, which highlighted the continued rise of specialized financial planning (..)
Mike Valenti, CPA, CFP ® , Director of Tax Planning Tom Fridrich, JD, CLU, ChFC ® , Senior Wealth Planner It’s January, so it’s officially tax season! One of the most common client questions heard by tax preparers is, “So, what do you need from me?” This can result in additional tax owed, plus penalties and interest.
For founders, employees, and executives with stock-based compensation, an 83(b) election can be a powerful tax planning tool. When you make an 83(b) election, you’re opting to pay tax on unvested shares now, instead of when the stock vests. In tax lingo, this is known as substantial risk of forfeiture.
In this episode, we talk in-depth about how, despite not implementing an AUM model, Jim’s firm was independently valued at $31 million of enterprise value based on the strength and growth rate of their retainer-based pricing model, how Jim arrived at his retainer-based model that charges $4,000, $6,000, or $10,000 per month to cover the breadth (..)
Also in industry news this week: 2 House committees this week advanced legislation that would halt implementation of the Department of Labor's new Retirement Security Rule, which, combined with ongoing lawsuits, threaten to derail the regulation either before or soon after it becomes effective in late September A Federal judge has put the future of (..)
We also talk about why Ari and his firm have leaned into values-based investing to further differentiate with their unique clientele not by utilizing ESG funds, but instead choosing ETFs that are more proactive with their proxy voting, and implementing Ethic Investing to offer clients a 'Personalized Indexing' approach while also capitalizing on the (..)
Also, if you believe your estate might owe estate tax, gifting assets to your heirs throughout your life can be an effective way to reduce those taxes. When using gifting as an estate planning strategy, it can be important to pay attention to two IRS rules: the annual gift tax exclusion and the lifetime gift and estate tax exemption.
(thinkadvisor.com) Advisers How to set expectations with clients about communication. riabiz.com) Communication matters when it comes to understanding benefits, like Social Security. riabiz.com) Communication matters when it comes to understanding benefits, like Social Security. It seems so. bloomberg.com).
So historically, every $1 million invested would yield annual dividend income of $19,800 on average… before tax. If you own 10,000 shares, you receive $40,000 in dividend income (before taxes) and have a portfolio currently worth $2M. If qualified, the IRS uses more favorable long-term capital gains tax rates.
Each core offeringsuch as investment management, financial planning, and tax strategieshas its own dedicated page. The homepage is particularly compelling, featuring a professional video and impactful messaging that immediately communicates the firms values and expertise. Is it optimized for SEO and mobile devices?
morningstar.com) Brendan Frazier talks with Ted Klontz about how to better motivate, communicate and connect with clients and prospects. etftrends.com) Expiring tax breaks make planning all the more challenging. kitces.com) A Q&A with Tyrone Ross, founder and president of 401 Financial, about bucking industry norms.
When you have the resources to make an impact, this type of planning helps you pinpoint what you want to accomplish for your family, community, and society. This refers to the potential for your fund or foundation to lose financial value, due to poor investment decisions, insufficient tax planning, etc.
Sector Performance : Energy, healthcare, and communication services are outperforming; technology and consumer discretionary sectors are underperforming. Zoe Financial is not an accounting firm- clients and prospective clients should consult with their tax professional regarding their specific tax situation.
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