Advisor Tax Mistake #6 – Your tax knowledge isn’t getting you more clients
One of the best parts of working exclusively with financial advisors is that I get to meet a lot of really interesting and really smart people, especially when it comes to taxes. However even the most tax-smart advisors, ones who can run laps through the tax code, often struggle with how to communicate tax strategies to clients AND how to leverage their tax planning knowledge to differentiate themselves from every other advisor when meeting with prospects.
While my last article focused on getting tax returns from clients, in this article I’m going to focus more specifically on getting tax information from prospects and demonstrating to them how working with you will prevent them from overpaying the IRS.
Recommended Articles
Advisor Tax Mistake #3 – Skipping the Three Most Important (But Least Sexy) Tax Strategies
When it comes to financial advisors and tax strategies, they often sound like old fishermen telling the story of “the one that got away,” except the stories are about ultra-obscure tax strategies that they have never used. This tendency to tell stories about the tax strategies that got away is so prolific that anytime an advisor approaches me about a tax scenario, I immediately ask for the name of the client to ensure we are talking about real life versus tax fantasyland.
Read More
There is No Such Thing as a Tax Write Off
A write-off is an incredibly misleading nickname for an expense that can help lower your taxable income. It is not a magic trick that suddenly makes something free.
Read More
Exclusive: Why Not All Income is Created Equal
We all want life to be simpler than it actually is. Your clients are no exception when it comes to how their income is taxed. Many people seem
Read More
