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Over the past decade, a growing number of advisors have expanded into offering comprehensive financialplanning services, reflecting a shift that not only helps them stand out from (increasingly commoditized) portfolio management offerings but also supports clients' broader financial goals.
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.
In these moments, the conversations that advisors have with their clients play a crucial role in helping clients maintain perspective, avoid emotional decisions, and stay committed to their long-term financialplans. Finally, volatile markets offer a powerful opportunity for advisors to reinforce the value of financial advice.
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.,
Though in practice, while a 1% AUM fee is a common 'starting point' in the industry, the actual fee structure can vary based on the firm's approach; for example, some firms may reduce the fee for high-net-worth clients, or charge an additional fee for separate and additional services (from deeper financialplanning to add-ons like tax preparation).
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. In the context of the financialplanning industry, whereas Financial Advice 1.0 Specifically, Financial Advice 3.0
Understand taxes: Capital gains, dividend taxes, and exit loads can eat into your returnsplan accordingly. Final Thoughts: The Path to Financial Security Starts Today Smart financialplanning isnt about giving up the things you enjoyits about making informed decisions that align with your goals.
From gradually raising the RMD age to 75 to expanding opportunities to make Roth-style contributions, to increasing the annual limit for Qualified Charitable Distributions, this legislation will likely impact nearly all financialplanning clients! How ‘regifting’ can help save money and reduce waste. Read More.
Taxplanning might not top everyone’s list of leisure activities, but in the middle of tax season, theres a hidden opportunity. What if, instead of seeing it as a mere logistic hurdle, we embraced it as a moment to refine our financial strategy? Analyze whether your tax rate will rise or fall in the coming years.
Tariffs impact: Proposed increases could raise the effective tax rate on U.S. For investors, this may be a time to revisit your financialplan, not to panic. Consider speaking with a financial advisor about risk tolerance and strategies like tax loss harvesting. Oil: Also down nearly double digits for the week.
We've also rolled out a new private community specifically for Directors of FinancialPlanning (DFPs), who are increasingly becoming the lynchpins that drive planning excellence in advisory firms… which is so in alignment with our own Kitces mission that we wanted to start hosting a community for DFPs to further foster their success!
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?
This month's edition kicks off with the news that financialplanning software platform RightCapital has launched a workflow management tool called RightFlows to help advisors manage and assign steps in the financialplanning process to team members and clients – which on the one hand capitalizes on advisor demand for workflow solutions tailored (..)
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As financial planners, we need to build an inclusive environment where women have the confidence to use their voice in financial conversations, can discuss finances with people they relate to, and have their unique concerns addressed. It is not meant to be, and should not be taken as financial, legal, tax or other professional advice.
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In addition to this, you can save more and plan for more significant purchases with greater ease. The tax liabilities for married couples filing their taxes jointly will differ from single individuals and those filing individually. Is financialplanning for dual-income families different from others?
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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 financialplanning (..)
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Developing topics, engaging speakers, and creating presentation content are all time-consuming and require careful advanced planning. We also follow a cadence that helps us plan our schedule. We start the year with a session focused on budgeting and typically end the year with a webinar related to tax and charitable planning.
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We also offer financialplanning firms access to a more diverse talent pool. Like me, the remarkable professionals below are doing their part to change the financialplanning landscape. Dr. Cherry is also the founder of Concurrent FinancialPlanning, where he helps clients pursue what he calls “life-money balance.”
Accordingly, back in 2012, I started to craft my own annual list of 'best-in-class' top conferences for financial advisors, allocated across a range of different categories (as what's best for solo advisors isn't the same as what's best for larger advisor enterprises, what's best for fee-for-service advisors isn't the same as what's best for AUM firms, (..)
This is a publication of Tobias Financial Advisors.The information presented is believed to be factual and up to date, but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. It is for information and planning purposes only.
By taking the clients back to the beginning, the financial professional can get to the heart of what the couple in conflict truly wants out of their financialplan. Using communication skills derived from financial counseling , learn what would be a win for each of the partners. Sources: 1 Asebedo, Ph.D.,
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Keen Wealth’s checklist-driven financialplanning process. Our team is so focused on the financialplanning side of the equation for everyone that they just eat up all this planning. And we’re able to model that in and present it in such a way so people can understand it.
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First, do you have the necessary financial acumen and knowledge to make financial decisions? Are you good with numbers, accounting, and financialplanning? If yes, then DIY financialplanning might be a good option for you. What is DIY financialplanning? Chalk out a financialplan.
As while many entrepreneurs are perpetually on the lookout for the 'next big thing' when it comes to business opportunities, they are also receptive to the idea of switching financial advisors who might offer a more compelling value propositions. For instance, many business owners have loosely defined succession plans (or none at all!),
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