How to Use a Client’s Tax Return to Map Financial Success
For most people, a tax return is the most consistent, if not the only, measure of their financial life. Investment statements can be glossed over, and credit scores can be ignored, but like clockwork, the IRS comes back every year asking all of us to take inventory. This can create a massive opportunity for financial advisors if they know where to look. Whether serving existing clients or courting prospects, the tax return gives an advisor a consistent tool to understand where a person is financially and what opportunities might be available to them.
Recommended Articles
Backdoor Roth Contributions – What Could Go Wrong?
For some taxpayers, so-called “backdoor” Roth contributions can be a great way to fill an investment bucket that will grow tax free. Tax free is everyone’s favorite kind of money but the […]
Read More
Advisor Tax Mistake #2-Not Getting Referrals from COIs
“I send tons of clients to my local CPA, but she never sends me a single client back!” As an advocate of advisors working closely with tax preparers, and as a tax preparer myself, I hear the complaint of unreciprocated referrals all the time from financial advisors.
Read More
Do You Actually Have An Inherited IRA?
Words matter. At times distinctions may seem trivial, but how we think about certain topics can influence the action we take. When it comes to being the beneficiary of an […]
Read More
