Advisor Tax Mistake #7 – Client’s refuse to provide tax documents
When I come off stage after speaking about taxes at industry conferences, one of the first questions I get (after trying to get past advisors who just want to show off their tax knowledge) is “I get the importance of tax planning and I think I’m pretty good at it, but many of my clients and especially my prospects, never provide me with their tax documents.” In this article, I want to show you how to establish a system for getting client tax returns each year.
As a CPA and tax preparer, the idea of clients NOT providing tax documents is a bit foreign to me as my clients often hand me their tax documents before we even exchange pleasantries. However, in working with hundreds of financial advisors around the country, I’ve learned that for even the best, and most tax-focused advisors, getting clients to consistently provide their tax information is a real struggle. In my experience, there are TWO reasons clients and prospects fail to provide tax information:
Recommended Articles
Advisor Tax Mistake #5 – Your Tax Planning is Making Your Client’s Life Harder
This article is the 3rd in a series of the 7 most common mistakes financial advisors make on tax planning with clients
Read More
5 Things Taxpayers Get Wrong When Itemizing Deductions
Background Everyone is interested in lowering their taxable income. The desire to personally pay less might be one of the few views consistently shared across all political party lines. […]
Read More
How to Use a Client’s Tax Return to Map Financial Success
When advising clients on taxes financial advisors must remember that education and action are both critical.
Read More
