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  • Areas that are in fact tax advice and things most advisors should stay away from
  • That there is so much more that most advisors could be doing around taxes for their clients, compliance isn't the obstacle you think it is
  • Details of the upcoming RTS Tax Planning summit and how to register


In this episode Steven welcomes RIA Attorney Leila Shaver to the show to talk about the line between tax planning and tax advice. They both openly share their opinions on where Advisors can potentially get in trouble and whole-heartedly agree that there is A LOT more Advisors can be doing around tax planning for their clients without flirting with the lines of compliance. Steven also shares details on the upcoming RTS Tax Summit this fall, at which Leila will be a keynote speaker. Listen for an informative and entertaining conversation around all things tax compliance.

Ideas Worth Sharing:

I won't say it's irresponsible not to do it, but I think in order to really live up to that fiduciary standard of doing what's in your client's best interest, you really have to look beyond simply the services you're providing. -… Click To Tweet If you wanna be a blockhead, you can get yourself into a lot of trouble. But most of what your clients need around taxes is fair game. - Steven Jarvis Click To Tweet Connect with the CPA, connect with the tax attorneys. Open that line of communication, talk with them. Start getting some resources together… Start that research, start looking at the different educational platforms you can pursue… Click To Tweet

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Read The Transcript Below:

We’re not overpaying. No, we’re not overpaying. We’re not overpaying anymore. The tax code’s complicated, boring, and overrated. You don’t want that, you want a pro. One thing that you should know: this is a radio show. It’s not tax advice, don’t take it that way.


Steven (00:50):


Hello everyone, and welcome to the next episode of the Retirement Tax Services Podcast, Financial Professionals Edition. I am your host, Stephen Jarvis CPA, and with me today, I do not have a CPA. I do not have a financial advisor. I have someone even better. I have an attorney, Leila Shaver, who is an attorney for RIAs. Leila, welcome to the show.


Leila (01:08):


Thank you so much. I never thought I’d get introduced as being better than a CPA.


Steven (01:14):


Well, depending on who you ask and in what circumstances, I could probably go either way. But compared to our normal guest, you are an exciting change of pace. So thank you for being here.


Leila (01:23):


Oh, I’m excited to be here. Thank you.


Steven (01:25):


Now, Leila, we had the opportunity actually originally to meet on the perfect RIA podcast. We had a great time talking with Micah Schilanski about kind of this line between tax planning and tax advice. That’s really what we wanna dive deeper here today of talk. Really, my biggest motivation for having you come on the show is that I find that most advisors could be doing more than they are, but they’re so scared of this line of compliance that they just don’t know where to even start or how to keep themselves safe. And so maybe give a little bit of background about who you are and how you work with advisors, and then we’ll dive into this topic.


Leila (02:00):


Sure. So I’ve been a securities attorney for over a decade. I’ll leave it there. I don’t wanna age myself too much. We’ve been working specifically with RIAs for the last seven years through my firm, My RIA Lawyer. But the RIA space is so incredibly entrepreneurial. So we don’t just do work with RAs, we do work with broker dealers, private fund managers, insurance agents, etc. But we really come in as both a legal and compliance partner to these different firms. Really where we specialize is a lot of firms tend to have an outsource compliance consultant. They may have an outsource general counsel or legal department, but the two aren’t really speaking to each other. So what we do through our firm is really provide both services and we’re able to kind of discuss that nexus between them. Where is that legal line? Where is it compliance? What are the issues? What are the legal implications of compliance? What are the compliance implications of legal? And so we’re really able to kind of dive a little bit deeper being both legal and compliance under one umbrella.


Steven (03:06):


Yeah, that makes a lot of sense. Obviously the compliance element of anything a financial advisor does is important. And that’s true when it comes to taxes as well. Leila, I think most of us have a tendency to just immediately assume worse possible outcomes. So let’s start with the extremes in all of your experience working with RIAs, what is the worst thing you’ve seen happen when a financial advisor gets involved in taxes?


Leila (03:30):


They [bleep] up the taxes. I mean, that’s the worst part, right? What we usually see is someone who is providing tax return preparation services through their firm. And they’re not an enrolled agent. They’re not qualified to do so. They’re just starting out. They’re confused by the form and they totally and royally screw up the tax return. That’s one kind of really bad scenario. Another is someone who’s trying to be everything to their client and they’re trying to give tax advice to a client, like specific tax advice around new regulations. Specifically how new regulations affect their current situation when they’re not a tax attorney, they don’t have any sort of background or skill in it. They don’t have the qualifications to do so. And in reliance on that advice, something happens to the client, whether it’s a tax issue, you know, they’re being fined. They owe additional taxes unforeseen circumstances as a result of that tax advice. So, I mean, those are worst case scenarios in term. And it’s really ultimately the common thread between all of it is harm to the client.


Steven (04:45):


And, Leila, how often do you see situations like that?


Leila (04:49):


Like once.


Steven (04:51):


Like once.


Leila (04:51):


Right? The last 10 years. Yeah. That’s what happened. Cause again, to your point, a lot of advisors are very hesitant about going there.


Steven (04:58):


Yeah. So I wanna draw a couple of things outta there. So clearly, if you are an advisor getting into the actual tax preparation, like you are filing and signing tax returns, that’s a whole thing in and of itself. Like at that point, we’re not even really talking about RIA compliance. We’re talking about like IRS complaints. That’s a whole different ball of acts. And so yes, there are definitely some issues that can come up there. Like if you don’t really want to commit to being a professional in that area, don’t get involved in the tax prep. I meet advisors all the time who wanna go out and buy a tax firm and incorporate that in-house. We’ll have to have a separate discussion on why I think that’s generally a bad idea and you should outsource to someone like RTS. But that’s a different conversation. The the other thing you mentioned in there is, and you gave specific examples of advisors waiting into tax advice. And I think that term by the industry gets used very broadly too.But you used it very specifically. You mentioned new regulations or getting into just very specific recommendations on, you talked about penalties or fines from the IRS that where advisors can get themselves in trouble is essentially when they’re giving a legal opinion on what should happen on something.


Leila (06:06):


Yeah. And that’s really a situation. Now, there are advisors out there who are licensed attorneys. But if that is not a service you’re providing through your IRA, which again, that’s a whole nother conversation about, that should be a separate entity and work that you do, even if you are a licensed attorney and an advisor, you shouldn’t be doing both through the advisory entity. You know, you really have to kind of the same way in which someone who’s a broker and an investment advisor has to be very careful about identifying what role they’re in when they’re providing certain advice. So their client understands kind of the implications of it. The same thing applies here. So, you know, being careful where you are, but God bless the attorneys that reform themselves and become advisors, there aren’t too many out there, but for the most part, yeah, you really wanna be careful about the very specific legal opinions at that point that you’re giving when you’re taking a code or regulation and applying it to a specific set of circumstances for your client.


Steven (07:05):


All right, so then we’ve covered, so tax preparation is an area that people can get themselves in trouble interpreting new tax law, applying existing tax law in a new way. So you’ve never heard of this before, you’ve never seen this client situation, but you’re gonna go ahead and opine for them anyways. Here’s how you should deal with this. We didn’t talk about it necessarily directly, but I think it was kind of implied with the penalties you mentioned. If you’re trying to represent your client before the IRS, that’s another area where you’re kind of waiting into deep waters. So that’s maybe four or five things that yeah, that’s probably tax advice and you should stay away from those unless you really know what you’re doing. But that leaves lots of other things that are tax related that advisors can be doing without even flirting with this line of tax advice. Leila, is that a fair takeaway from what we’ve discussed so far?


Leila (07:54):


Absolutely. I think that’s a completely fair takeaway.


Steven (07:56):


Okay. So for our listeners, that means that yes, there are these really kind of nuanced one-off exceptions that can be scary. Just like any area of your business, if you wanna be a blockhead, you can get yourself into a lot of trouble. But most of what your clients need around taxes is fair game. As long as you’re coming from an educated place of, you’re at least familiar with how this applies to your specific clients and that you’re giving recommendations that they know where they’re coming from and that you’re, you’re appropriately letting them know that, Hey, I’m your financial advisor. Here’s what the tax impact looks like. And this would be a great thing for us to talk together to your tax professional about that you can share with your tax professional. There’s lots of ways to massage that language, but I guess my point is there’s so much more tax planning that advisors can be involved in.


Leila (08:48):


Absolutely. I mean, there’s a lot. You know, my big thing with telling advisors is education’s a great place to start. If you’re hesitant, start with the education, you know, inform your clients, whether it’s, you get resources that you develop yourself or you use a third party and use their resources, getting resources from the IRS or another government agency. But education’s a good place to start. If you kind of wanna start, have a little baby step into waiting into that conversation. Education’s never a problem when it comes to financial advisors. You’re not giving a specific opinion. You’re just talking to your client about what’s out there. What are the regulations happening, what news articles you’ve read about, you know, what the IRS is considering, what’s Congress considering and putting it on their radar. Right? Those are all educational components that you’re absolutely free to talk to your clients about.


Steven (09:44):


That’s a great distinction. I really appreciate you making that. So that’s for advisors listening. That’s gonna be a combination of, obviously you need to get educated yourself so you can share this education, right? So that’s listening to podcasts, that’s attending conferences, that’s reading books, whatever that might look like. Hopefully it’s not just watching TikTok. Hopefully you go a little bit deeper than that. But then it goes from that to educating your clients. And the other thing that I would really recommend where I see advisors do the best with this is the advisors who take that education and then practice it. Whether that’s reviewing tax returns, reviewing their own tax return, explaining their team members tax returns to them practicing the language that we use. So you’re taking complex areas and making it simple in a way that someone can take action. Again, just like any other area of financial planning that you’re working in.


Leila (10:33):


Yeah, no, absolutely. And the other thing to consider also is that tax planning can come up in other types of conversations as well. So for example, I know there are advisors out there with this kind of divorce advisor’s designation, right? So they’re helping someone going through a divorce. Obviously tax implications is part of that discussion, and you’re gonna learn about some of the rules that come into play through a divorce. Some of the things that your client who’s going through a divorce has to consider. So those designations are also, you know, opportunities for advisors to get education, get designations, continue their education related to that designation where they can speak very intelligently about certain implications related to something like a divorce. So that’s another opportunity for advisors who want to do more for their clients. That’s another avenue to do so.


Steven (11:28):


That’s a great example of picking a very narrow area to start in as well, instead of saying, okay, the tax code is some 80,000 pages long before Secure act 2.0. And before I can talk to a client, I have to memorize the whole thing that’s not the expectation. I haven’t committed any of the tax code to memory yet. I’ll work on that next year. But being able to pick a very narrow slice, whether it’s divorce or retirees, or I work with an advisor who works mid-career doctors, but whatever your clients look like, find what those commonalities are in the tax code so that you can go deep on that one area and get that comfort level and not just your comfort level, but your ability to deliver value. That’s what this comes down to at the end of the day, compliance is just there to help you stay in the lines so that you are delivering as much value as possible.




So, yeah, I love that. Starting narrow it, it did make me think, I feel like I just need to throw this out. There’s a little bit of a tangent just cuz it came up a couple of times recently. Quick reminder that your filing status is based on your December 31st legal marital status. I’ve had a couple of people ask me recently if they can choose between married filing jointly and single and it’s No, you can’t. Your legal marital status on 12/31. There’s some edge cases for people going through divorces, but we won’t dive into that just at that quick reminder, legal, marital status. All right, let’s come back to compliance here,


Leila (12:56):


Yeah, so I mean, I think there are great ways in which advisors can start exploring that part of their business in terms of educating taking a specific area and starting there. Because to your point, there’s lots of implications when it comes to taxes. Starting somewhere narrow is an easy way to start, especially given, I mean, I haven’t spoken to any advisor who’s sitting on their butt twiddling your thumbs with nothing to do. So, I mean, you’re already busy. You’ve got a lot going on to try to take on an immense project like learning everything, taxes. I mean, there are people who go to school for years to learn this. They’re constantly learning on the job. They’ve been doing it for decades, and there’s still something new they’re learning every day. So, you know, starting small is a good way.




Another, good way to start figuring out how you wanna implement kind of tax education in your practice. Connect with a CPA, connect with someone in your community that that’s what they do. Connect with a tax attorney. Start talking to them. Take them out to lunch, learn things from them. Find out the events they’re going to find out, the resources they go to, learn about changes in the tax code. Figure out ways in which you guys can build a relationship to add value to your clients. You don’t have to do it to yourself to add value. So that’s another great way to do it. If you wanna add value and not do it yourself, find a third party you can trust to bring in and introduce to your clients.


Commercial (14:32):


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Steven (15:00):


Leila, I really appreciate that. In your description, you did not include anywhere in there and ask them for referrals. We harp on that constantly, that you should be seeking out other professional relationships to focus on how you’re gonna deliver value to your clients. This isn’t always just gimme, gimme, gimme. In fact, it shouldn’t ever be right. If you’re finding ways to deliver value to your clients, the referrals will likely come. But yeah, that’s such a great two really important things out there that there’s other professionals that maybe are already in your network or you can add to your network that can help with that education piece. And then you kind of slipped in there at the end. But it’s actually kind of amazing to me at times how much credit financial advisors will get for just making the introduction.




I spend all of my time working with financial advisors and their clients and repeatedly will have the experience where I’m on a call with a taxpayer who we’ve just done a whole bunch of tax work for and their advisor. So all three of us are on the call and partway through, the client is thanking the advisor for making the introduction, not thanking me and my team for the tax work we did. But it’s just one of those things that I think we’re all so hesitant to introduce people to, make referrals in our own lives that we recognize what a level of trust it takes for someone to say, Hey, Leila, here’s someone I think you should work with and that I think is gonna take care of you. We really appreciate that. And so just being the one who facilitated that relationship is a ton of value that advisors can deliver for their clients.


Leila (16:26):


I mean, absolutely. If you think about like, if you wanna go out to dinner with your partner, your spouse, your significant other, how much time? I mean, I don’t know, I’m talking to a dude, so, it may be different, but I mean, how much time do you consider, like, you know, are you looking at reviews of the restaurant where to go looking at the menu in advance? You spend a lot of time just figuring out where you wanna go eat. You know, you are taking that time and returning it to your client by doing that vetting process yourself. You are taking the time to go and meet out, meet these professionals, learn about them, get to know them, get to like them, get to trust them, and then making that introduction to your clients. They’re gonna love that you just spent several hours of your time vetting them out that they don’t have to spend.




And when you’re already the trusted professional in their life, there’s gonna be very little hesitation to trust anyone you say that you trust. Right. And so, yeah, I’m not surprised to hear that these clients were incredibly grateful. And you know, those referrals are gonna come from your clients when they go in and praise you to all their friends at the next barbecue they’re at. Right? So, I think for a lot of advisors, sometimes they come from this lack mentality. If I introduce this professional to my client, they’re gonna steal them away. There are so many clients out there looking for an incredible advisor that’s gonna take care of them and add value and communicate and do things like introduce them to other professionals they need. There’s plenty, plenty of people out there. You can’t come from this place of lack. So, yeah, I mean, absolutely. That’s a great way to add value and impress your clients, grow your business. That’s a great way to do it.


Steven (18:07):


So for advisors listening to this, there’s the one side of it that’s, hey, this is a way to really level up and do more for my clients every now and then I try to bring this back and hit on as well that it’s not just that this would be a nice to have in your practice. And I’m not an advisor, so I realize that the CFP board isn’t calling from my opinion, but from my perspective as a tax professional, it’s irresponsible for advisors not to be doing something around taxes because, and Leila, you’re welcome. You see a lot of things. So you’re welcome to be the first to contradict me on this, but I have yet to find an advisor who can give me an example of financial planning they do that does not have a tax impact. And so what happens by default is there’s a lot of advisors out there who are saying, here’s the financial plan. Here’s all the actions we’re gonna do together, and great, let’s all work together. And then they get towards the end of the year and they say, and best of luck with your CPA. And they just kind of send their clients off and kind of cross their fingers and hope for the best. And I can understand where the advisors coming from to some extent they can’t control that outcome, but there is so much more that could be done to be a part of influencing that outcome, being positive.


Leila (19:15):


I won’t say it’s irresponsible not to do it, but I think in order to really live up to that fiduciary standard of doing what’s in your client’s best interest, you really have to look beyond simply the services you’re providing. So let’s take something that’s maybe a little bit less controversial like insurance.


Steven (19:35):




Leila (19:36):


Right? So you’re talking to a client, you’re helping them financial planning, you realize they don’t have life insurance, or maybe you realize they don’t have car insurance. You know, having that conversation with them and introducing them to your guy or gal who does car insurance or you know, life insurance, it doesn’t take much, right? You just take your Rolodex. I still, I’m old school, I still have a damn Rolodex. Or you can take your electronic version of it and make that referral. But I think it’s important to certainly consider considerate, open that conversation up with your clients. Some clients are just not gonna be comfortable saying, yeah, let me connect you with my CPA and that’s fine. Some people just don’t have that level of comfort. But I think by opening up that conversation, normalizing it as part of your discussions with, as a financial advisor with your client, you really create opportunities to help them. You create opportunities to engage with their CPA or their tax attorney and potentially find solutions that you may not have otherwise, if you didn’t have those discussions and you try, and if you know it doesn’t go anywhere, that’s fine. At least you tried. But I think if you’re really gonna look at I’m a fiduciary, I’m doing what’s in the best interest of the client, I think it’s important at least to introduce those parts of the discussion with your clients.


Steven (21:00):


That makes a lot of sense. Leila, for advisors who are on kind of more on the side of, I gotta stay away from this because of compliance issues as far as taxes go, I’ve had some advisors go as far as saying, I don’t want to even request my client’s tax return because then there’s this implication that I’ve reviewed it and it’s perfect, and then if anything goes wrong, I’m gonna get sued and go to jail and my financial planning life is over. Do you see any concerns with just starting at getting client tax returns?


Leila (21:28):


Absolutely not. Actually, I recommend it to our clients as part of the kind of know your client requirements, get a copy of their tax return. I mean, you need to understand their liquidity. You need to understand their assets. What a better resource for you to look at than their tax returns. And simply reviewing it doesn’t imply that you’ve approved it. You agree with the person who prepared it, none of that. Yeah. So absolutely financial records including tax returns. Perfect. Get ’em!


Steven (21:59):


Perfect. Yeah. Well, I’m glad you’re on board with that. It’s something I say all the time. So it would’ve been a real problem of you has said, Nope, nobody get tax returns anymore. I will say as you’re for advisors listening, I mean, so that’s the legal side of it. Of course, check with your own attorney or compliance department. I’m sure you’ll get the same answer, but we also want to talk about the client expectation part of it. So as you’re getting that tax return, this isn’t just about protecting ourselves. You wanna make sure you’re setting clear expectations that clients know what it is you are and aren’t going to do with their tax return that they know what to expect as far as what they’re gonna get back from you or how you’re gonna incorporate it into your planning process. Again, that’s the same with any area of financial planning. If we’re talking about investments or insurances or taxes or whatever it might be, setting those clear expectations and delivering a quality client experience is even more important than just simply checking the box on, okay, I’m not gonna get sued.


Leila (22:49):


Yeah. First and foremost, let me say this cause I’ve seen this a million times. Please do not send tax returns unsecurely through email. Let me start there. Can we please get it encrypted? Can we get like a Dropbox link that requires like a code to be entered to verify your identity? Please don’t do this stuff through email, like first and foremost but second, I’m a big fan of CYA. So when you’re having a conversation with a client about what you’re doing with the tax return, what you’re hoping to accomplish using that, how you’re gonna incorporate it into the advice you’re giving them who you’re introducing them, have it in writing. So if you’re having a telephone call, follow up with a CYA email. Hey, wonderful client, this is what we discussed today. This is what you’re gonna get to me, this is what we’re gonna do with this document, and these are my deliverables to you.




That way if you’re ever, God forbid, in a position where you are having to defend yourself, the defense attorneys like me are gonna come in and be like, great, what do you have in writing? And that’s where we’re gonna really turn to that written record to show No, he followed up. You know, she gave you this information, this was very clear. You never responded with No, that’s not my understanding. So big fan of CYA communications. But yeah, I mean, I had an incident today where I called a client. They said, no, your receptionist called to reschedule and your receptionist’s name was blah, blah. I was like, no way. I don’t even have anyone working for me by the name. I called the number and it was a marketing company with a similar name. If you said it fast, it sounded like our firm name completely different. And it just kind of hit me for a moment, like just how little some people pay attention. So you wanna be clear, especially when it comes to taxes, discussing taxes, even if it’s from an educational standpoint, people will take it and run with it and you’re not always sure what they heard. It can sometimes be very different from what you actually told them. So having that written follow up is super important.


Steven (25:01):


Yeah. Couple of great recommendations in there. I definitely appreciate the reminder of, please don’t email tax returns. I was recording an episode of my consumer facing podcast with Benjamin Brandt today, the Retirement Tax Podcast. And that was one of the things we talked about. It was a future episode. And so it’s, hey, when you’re finished, when you got your tax return filed, you should definitely provide it to a financial advisor if you work with one. But that exact reminder, because that’s, such an easy way to get yourself in a whole lot of trouble. But hopefully that’s an easy box for everyone to check of. We’re giving our clients ways to securely provide us documents. The second piece of that, of making sure things are written into the communication, that it’s not just verbal to me as you’re describing, that just screams having a dedicated process, that you’re not approaching every client on a one-off basis and thinking, ah, what am I gonna do for this one?




Whether it’s how you get tax returns and making sure they’re coming in securely, how you follow up on those tax returns, how you run your meetings. This is why processes become so important. So, you know, here are the seven things I need to do every time I touch a tax return or whatever it might look like. Or here’s the 37 point checklist I used to review tax returns to make sure I’m consistently doing these things for clients. Whatever it might be. Having a process is gonna improve the quality as well as the consistency.


Leila (26:17):


Oh yeah, absolutely. I mean, you wanna make sure there’s a basic quality standard as well in the work you’re doing with your clients and having those processes are gonna be incredibly important in that especially if you have other advisors on your team. So if you’re not just a solo practitioner, you’re part of a larger organization everyone, again, kind of like the clients, they’re gonna hear what you say and everyone’s gonna gonna interpret it a little differently. So to the extent you can nip that in the butt and kind of standardize what the firm is looking at, how they’re utilizing the tax returns what kinds of conversations they should be having with clients, again, you’re not only protecting yourself from a potential liability situation but you’re making sure that advice is consistent. There’s nothing more annoying to me than when you’ve got six different clients. Well, so-and-so told me this. It really breaks down the trust that clients have in your firm. So the more you can create those workflows and standardizations the better.


Steven (27:19):


Yeah, absolutely. Leila, before we shift to action items and wrap up the episode, I do want to quickly thank you for being a keynote speaker at our tax conference this fall. This we realized that while we’ve kind of blown through this episode as if in 20 minutes we’re gonna solve everyone’s question on compliance and solve everyone’s issues, we realize it can be a bigger topic. So at the RTS Tax Planning Summit this September, the 27th through 29th in Las Vegas Leila will be one of our keynote speakers talking in depth about that distinction between tax planning and tax advice and giving really tactical recommendations on how advisors can do this in practice. This won’t be theory, this will be how do you get this done? How do you get this done in a way that’s gonna deliver value to your clients? So Leila’s, super excited that we’re gonna get to spend time together in Las Vegas later this year. It’s gonna be a great event. And for people listening, you can go out to and get registered.


Leila (28:17):


No, I’m super excited. I’m super duper excited. I think it’s an important topic and I think if you’re an advisor who’s considering it on the fence, this is a great event to come to, to really get the education and feedback you need to take that leap of faith and, start having these conversations with your client. And it’s just in time, right? So after the conference, you’ll be just in time to start having those conversations about next year.


Steven (28:39):


Absolutely. So yeah, tax planning versus tax advice will certainly be one of the great topics we cover. It’s a day and a half of incredible topics all around tax planning. So, Leila, as we wrap up the episode today, as you think about our conversation, what are action items you’d recommend that advisors can take now other than sign up for the conference to make sure that they are putting what we’ve talked about today into practice?


Leila (29:01):


So first and foremost, connect with the CPA, connect with the tax attorneys. Open that line of communication, talk with them. Start getting some resources together, whether it is through a government agency like the IRS, they have a lot of consumer facing resources that you can download and incorporate into your conversations. Those would be the first two places I would start with. If you have more time and energy, then you wanna explore getting more educated yourself and potentially tackling a specific designation like the divorce planning one that I mentioned earlier. Start that research, start looking at the different educational platforms you can pursue to kind of broaden your own education so you can start having those very specific discussions. And then as always, you know, talk to compliance. I know everyone hates compliance, business disruption, business de prevention department. I get it.




I get it. That’s why we call ourselves compliance nerds cause that’s not what we’re about. But talk to your compliance team. At the end of the day, if you’re working for a larger firm, they’re gonna have to clear some of this. But talk to them and come prepared. Don’t just talk to compliance and be like, well, I haven’t done my research yet. I don’t know yet. Come prepared. You know, compliance can be swayed. There’s nothing that prevents you from having these discussions with clients. So just come prepared. And then if that’s not enough for you, definitely connect with a securities attorney who can, who can give you some guidance as well. But baby steps, don’t try to eat the whole elephant at once. So start with a CPA tax return, take them out to lunch, learn more.


Steven (30:43):


Absolutely. Those are great recommendations. And I’m gonna go back to something we talked about in this conversation of go get tax returns from all of your clients. There’s no yes, there’s no more excuses. Just get it done. This is gonna be a game changer for you and your clients. And if you are looking for resources around compliance, you need help in that area. is Leila’s website. You can reach out to her. She does great work with financial advisors. Leila, thank you so much for being here today. Really looking forward to seeing you in September.


Leila (31:12):


Yeah, no, thanks for having us. I’m looking forward to Viva Las Vegas!


Steven (31:16):


And for everyone listening. Until next time, good luck out there. And remember to tip your server, not the IRS!




We’re not overpaying. No, we’re not overpaying. We’re not overpaying anymore. The tax code’s complicated, boring, and overrated. You don’t want that, you want a pro. One thing that you should know: this is a radio show. It’s not tax advice, don’t take it that way.


The information on this site is for education only and should not be considered tax advice. Retirement Tax Services is not affiliated with Shilanski & Associates, Jarvis Financial Services or any other financial services firms.

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