Let’s go streaking (but not like that)

True story: one of my brothers (I’m sure you’ll never guess which one) and I looked into what the criminal charges would be for streaking at a Seattle Mariners game. It was almost 20 years ago, and the conclusion was that you can actually get hit pretty hard with the criminal penalties, so we decided it wasn’t worth the risk. Now, of course, there would be the added consideration of the fact that everything is recorded and plastered on the internet for everyone to see…

BUT that is not the streaking I am talking about.

I’m talking about intentionally doing the same activities over time that lead to incredible results. The seemingly small habits that many will do sporadically, but few will really dedicate to making part of their life in a way that produces results that only come from consistency. And yes, I’m talking about tax planning. The best tax planning for MOST taxpayers is the kind that happens over their lifetime; not some questionably legal home run all in one year. For the results to happen over time, the habits have to be there every year.

That means you are putting together an impressive streak of:

• Number of years that you are getting and reviewing tax returns.
• Number of client meetings where taxes are on the agenda in some form or fashion.
• Number of times you are applying the dishwasher rule to tax planning so clients understand the impact your planning has.
• Number of reps you are getting in to practice and improve the way you communicate, educate, and execute on tax planning.
• Number of times your clients are calling you with tax questions because they know you want to be part of.
• Number of team members (including you) who are following the same tax planning advice you give to clients.
• Number of Roth conversion evaluations you do every year because it’s still one of the most consistently available tools for creating long-term tax savings and tax flexibility.

My favorite thing about streaks is that once you make the initial push to get them started behaviorally, it’s really hard to let them go. The first few rounds are tough, but after you’re seriously into it, you’d do anything to keep it going. This applies to your team as well, and celebrating streaks together creates team accountability and further enhances the value provided to clients.

If I had to pick one streak for every advisor to really commit to, it would be getting and reviewing tax returns every single year. This “simple” (not easy) step consistently creates real value for clients and ensures that the great planning you are doing is being captured correctly each year (remember that EVERY money decision has a tax impact). We have a few months to go before the 2024 filing season, so now is the time to start building or refining your process for getting and reviewing tax returns. It’s a great time to start setting expectations with clients as well.

Just like diet and exercise, the best plan is the one you’ll stick to…but even I can make a suggestion. 🙂

I’ve reviewed thousands of tax returns and learned from some of the best advisors in the biz on how they approach this and I turned all of that into a masterclass on reviewing tax returns. We like to keep things simple, so the 37 Point Masterclass on Reviewing Tax Returns builds on our 37 Point Checklist and provides you hours of video that go line by line, helping you understand and articulate how to review tax returns in a way that delivers massive value to your clients.

If you really want to level up your client experience, you can join dozens of advisors we’ve heard from who put their entire team through the masterclass so everyone is leaning in together.

Get signed up today and start the new year, ready to get your tax return review streak started.

Happy Tax Planning!

P.S. A side bonus to taking the 37 Point Masterclass is that it is, in fact, CE-eligible! So, on top of providing more value to clients, you’ll get CE credits that are engaging and helpful.