There is no better person to provide tax planning services than a wealth manager. They are in a unique position to understand an individual’s complete financial picture from income and lifestyle habits to assets and retirement investments. As the wealth management industry evolves, tax planning is becoming a standard service. Here are three ways firms can support their advisor teams in providing top-notch tax planning services.
Continual Training
Tax laws are an ever-moving target. It’s important that financial advisors stay up to date on any changes in the tax code as well as differences between states. Firms can provide special tax seminars and professional development opportunities throughout the year. This way advisors can spend their time helping clients instead of hunting down changes to the tax code.
Collateral
Having standardized templates and information packets can go a long way when it comes to efficiency. Tax planning strategies can be baked into a client’s overall financial planning deck. Information packets can be helpful in educating clients so they fully understand the tax planning process and concepts. Plus, it saves time for advisors and streamlines the firm’s efforts.
Hire a Tax Expert
Depending on the size of the firm, it may be beneficial to hire a tax expert to expand the wealth management team. Tax experts can strategize with wealth managers on a client’s portfolio as well as offer peer review. Having a tax expert on staff can also provide an extra sense of credibility and value to a firm’s tax planning services.
Wealth management teams are “teams” after all. There is no need to leave them on their own when it comes to adding tax planning services to their plate. A little support can make a big difference for advisors and clients which helps everyone’s bottom line.