RTS #010 – The only way I’ve found to create more time

We all have the same 24 hours in the day. No matter how early you get up, how much coffee you drink, or how much meditation you do, you still only get 24 hours.

So how do some Advisors find time to deliver massive value on tax planning while so many struggle to even scratch the surface? Delegation.

As I collaborate directly with dozens of advisors across the country and interact with hundreds more, the most consistent theme for the advisors doing the most around tax planning is that they involve their team. To do this effectively, you have to invest the time to design a system or process that your team can follow, but that effort is absolutely worth it. A great example of this is reviewing client and prospect tax returns.

To even do one tax return review, you’ll likely need to complete the following steps:

  • Communicate the value of a tax return review.
  • Request a copy of the tax return (which means having a system for the return to be securely shared).
  • Follow up when the return isn’t provided after the first request.
  • Confirm that the return has been received and set expectations for what comes next.
  • Review the tax return.
  • Summarize your findings, observations, and any concerns you came across.
  • Potentially research areas you aren’t familiar with to find an answer or additional insight.
  • Communicate what you found back to the client, along with any necessary action items.
  • Potentially request additional information from the client if there were issues that needed to be investigated.
  • Set follow-up tasks in your CRM.
  • Add agenda items for the next client meeting.
  • Tag important findings for inclusion in the annual 1099 letter.

Not multiply that by 50 or 100 tax returns, and the time commitment is not small. Which means you need to find a way to delegate nearly everything on this list to someone on your team if you want this to be consistent, effective, and efficient.

The great news is that you don’t need a large team to get started. In fact, most of these steps could be delegated to a virtual assistant, freeing up amounts of time for the Advisor to focus on their highest and best use. Even if you don’t immediately feel comfortable delegating tax-related tasks to a virtual assistant, there are countless other tasks a virtual assistant can take off of your plate to make sure you have the time to dedicate to tax planning.

What can you do about it?

Pick 3 things to delegate this week. With the right systems, there is always more that can be given to a team member. This is such an important part of effectively delivering tax planning that we will have multiple sessions at the RTS Tax Planning Summit that include recommendations on how and what to delegate.

If you don’t know who to delegate to, hire a virtual assistant. We have partnered with BELAY as a sponsor of the 2023 RTS Tax Planning Summit to bring you resources and expertise on finding and utilizing a virtual assistant. Yes, they are paying to be a sponsor, but we partnered with them only after we knew multiple Financial Advisors who are personally using BELAY virtual assistants and having a phenomenal experience (there will be at least two Advisors on stage who got their BELAY virtual assistants before our sponsorship began and can speak to the incredible resource they provide).

Happy Tax Planning!

About The Newsletter

The tax code is 80,000+ pages and Google has 875,000,000 results when you search “Tax Planning”, so each week we are going to help you wade through all of that noise and get to the Relevant Tax Stuff.