In this episode of the Perfect RIA Podcast:

[insert media file]

Matt and Micah revisit tax planning and expand upon the topic.

Important Show Note/Disclaimer: When Micah discussed doing paperwork for ROTH conversions/rollovers, he was referring to establishing standing instructions for the client with the custodian so that if a rollover is needed, the ‘link’ and permission has already been established. Micah was NOT suggesting that you have clients sign paperwork that is held until needed. This would be a huge compliance issue that we strongly discourage.

One of the most important aspects of tax planning is generating a measurable representation of the value you are bringing your client.

To do this, you first need a working expertise of taxes. And secondly, you need to be able to enumerate to clients the amount of money you are saving them through tax benefits.

As Matt and Micah state in the episode, clients are often exponentially happier to save money on taxes, even if the amount is less than their net gain through a traditional route. The perception is different and translated differently in client satisfaction.

And of course, taxes are an area that many RIAs fail to invest the required energy: either from a lack of knowledge or the false assumption that taxes are out of the registered investment advisor’s purview.

So, from a macroscopic perspective, the two most important takeaways of this episode are: know your taxes, and learn to communicate them effectively and confidently to clients.

Knowledge is Power

Near the end of the episode, Matt and Micah give a considerable amount of resources for learning about taxes. And with that said, learning the nuances of the subject should be a continual pursuit.

Matt states that you can’t expect to go in and learn everything there is to know about taxes right away. It takes time and practice. But as he also warns that taxes are not something to take lightly.

You cannot ‘fake it till you make it’ with taxes. And also, you cannot expect to impart confidence to your clients when you don’t understand what you preach.

With knowledge comes confidence, which ultimately will translate to the practice of saving your clients money through the strategic planning and timing of taxes around asset sales, charitable considerations with QCDs, Roth Conversions for income distribution in tax brackets, and the list goes on.

So, before you get deeply involved with clients and tax planning, you need to know the subject completely! And once you do, you can truly start to plan and strategically structure benchmarks for achieving massive value through tax benefits.

Once you have gained the necessary expertise, you still need to ensure your clients understand what you are saying.

Communication With Clients

So, you have a great deal of knowledge on taxes. Maybe you went to a seminar, you brushed up on things you already knew, or you went into the discipline fully immersed.

Regardless, it doesn’t matter if you are the world’s leading expert on the field, you need to learn a way to distill and communicate the information effectively to clients.

For example, take the tax return that Matt and Micah have discussed as vital for tax planning purposes.

You could ask for a client’s return with a vague explanation of how important it is, or you could take the extra effort, walk the extra mile, and give them a succinct, measurable explanation for why you need their tax return.

As Matt and Micah state, the client should be chomping at the bit to supply their tax return because they understand just how much money they can save on tax breaks with your help!

So, after you have the knowledge and communication skills necessary, making a 30+ year tax plan should be on the horizon for all of your clients. Including consideration of asset sales, charitable contributions, and Roth conversions. There are so many avenues to explore for saving a client money through taxes. Don’t pass up the opportunity!

Check Out Episode For Yourself!

Really amazing stuff in this episode that delves far deeper than this blog post has. Matthew and Micah share real examples and experiences in their own practice that is best heard in the context of the episode! Awesome episode, and as always, a great resource for you and your practice.

She just wants to sleep. 100-105 Practice Test The plane lasted two hours later, waiting for the luggage time dragged too long. The airport 70-532 Dumps PDF shuttle bus also missed the moment, the bus as early as an hour ago already drove away. 70-533 Answers So, 70-533 Answers they have 70-533 Answers to wait for a taxi 70-532 Dumps PDF now. She stood in the waiting line, slim body due to the weight of 100-105 Practice Test the laptop 70-533 Answers tilted to one side. John talked about interest rates and new ideas for adjusting business partners, but she only thought of one CISSP ISSAP VCE thing it is Friday night at ten thirty, I want CISSP ISSAP VCE to wear pajamas, 70-533 Answers the United States and CISSP ISSAP VCE the United States to sleep. A yellow taxi endless stream passing her eyes. These cars are similar in color and shape, reminding her of insects. She remembered her when he was a child in 300-115 Practice Exam PDF the mountains. When she and her brother spotted a broken badger or kicked a red ant nest, 100-105 Practice Test she saw a large group of limbs 70-532 Dumps PDF and CISSP ISSAP VCE 70-533 Answers hands and feet wet wriggling on the ground. This chilling feeling made her shiver. A taxi speeding over, with a sharp brake sound abrupt halt. Tami Joan Kefas 300-115 Practice Exam PDF dragged forward. Driver press the trunk lock, but people did not move in the car. John was upset that they 70-533 Answers had to get their luggage on board. He is used to having others help him with these things. Tami 100-105 Practice Test Joan does not matter. Until now, she occasionally will be surprised, I actually have a secretary, help her typing and file management. She threw the suitcase onto the car, closed the trunk lid, and got into the car. John followed suit. He shut the door heavily, wiping his fat cheeks and his bare forehead as hard as he had 100-105 Practice Test done with his luggage. First to East 72nd Street. John murmured to the driver through the bulkhead. Then go to 70-532 Dumps PDF Upper West 100-105 Practice Test Side, Tami Joan added. Block the plexiglass partition between the front and rear seats covered with scratches, she could hardly see the driver. Taxi arrows rushed off the road and quickly ran up the highway to Manhattan. Look, John said. 100-105 Practice Test Thats why people are everywhere 70-532 Dumps PDF today. He pointed to a billboard that read Welcome to the United Nations Peace Conference. Further report. 100-105 Practice Test Criminal case found CISSP ISSAP VCE near railroad between 38th and 11th Street. CISSP ISSAP VCE Homicide. Completed. Criminal police, forensics, ambulance and emergency medical Finished. Received, 5885. Caught the suspect yet Finished. No suspects found. 5885, finished. Shakes looked at the finger, that root was cut off the bones exposed bones finger. She 100-105 Practice Test looked at the 70-533 Answers glittering diamond ring, those eyes, and that twisted mouth Europe, that horrible mouth. Thriller spread throughout her body. Emilia Shakes swimming in the water snake river during the summer camp, and absolutely 300-115 Practice Exam PDF did not hesitate to jumped from 70-532 Dumps PDF the 100-foot bridge, but as long 70-532 Dumps PDF as she thought of a hush think of Was tied into a ball, could not move, immediately fell into the feeling of panic like an electric shock. Because 70-533 Answers of this, Shakes walked so fast and was so crazy 70-532 Dumps PDF when driving. As long as you move, they can not catch you She heard a voice and quickly looked up. A rumbling sound came 300-115 Practice Exam PDF from far and louder and louder. 70-532 Dumps PDF Few pieces of 70-532 Dumps PDF shredded paper are 100-105 Practice Test raised by the wind and fly along the 70-533 Answers rails. Dust circling around her, like an angry ghost. Then there 70-533 Answers was 70-532 Dumps PDF a deep 300-115 Practice Exam PDF whine Emiliano Shakespear, a 70-532 Dumps PDF five-foot-nine 100-105 Practice Test patrolman, found himself facing the locomotive 100-105 Practice Test of a 31-ton American-American company. The red, white, 300-115 Practice Exam PDF blue-faced steel behemoth is approaching her at ten miles 300-115 Practice Exam PDF an hour. 70-532 Dumps PDF Stop Stop She shouted. The train driver CISSP ISSAP VCE ignored her. Shakes ran to the railway, standing in the middle of the 70-532 Dumps PDF rails, swinging his legs waving his arm, signaling the driver to stop moving forward. With a long and harsh brakes, the locomotive CISSP ISSAP VCE stopped. Driver head out 100-105 Practice Test of the window. You can not open here, she said to him. He asked her what it meant. She thought, he looked so young, actually driving such a large locomotive. Here is a crime scene, please turn off the engine. Miss, I did not see any crime. But Shakes did not have time to listen to him long-winded. She was CISSP ISSAP VCE looking up at a gap in the barbed wire fence to the 70-532 Dumps PDF west of 70-533 Answers the viaduct. Not far from above is Eleven Street. One way 70-533 Answers of trying to bring a victim here is to find that there is a way to stop the car at Eleven Street and drag the victim across the narrow path to the edge of the cliff. If you park your car on the 37th Street in the horizontal direction, he may be seen by people 70-532 Dumps PDF in the windows of 20 apartments. The train, sir, just stop it CISSP ISSAP VCE here. I can not park the train here. Turn off the engine. In this case we can 300-115 Practice Exam PDF not turn off the train engine and it must be running. You call the dispatch or someone 300-115 Practice Exam PDF else to 300-115 Practice Exam PDF stop CISSP ISSAP VCE the train to Nankai. 300-115 Practice Exam PDF We can not do that. Get it right, sir, Ive noticed the number of your car The car CISSP ISSAP VCE Youd better do it right away Shakes roared. What do you want, Miss, give me 100-105 Practice Test a ticket But Emilio Shakus climbed back up the steep hill again. Her poor 100-105 Practice Test knuckles crunched, her lips covered in lime, 300-115 Practice Exam PDF dirt, and her own sweat. She drilled through 70-533 Answers the gap she had found on the tracks and turned around to study CISSP ISSAP VCE the Javets Convention Center 300-115 Practice Exam PDF across 11th Avenue and across the street. The convention center CISSP ISSAP VCE is full of people today - there are participants and journalists. CISSP ISSAP VCE A huge banner reads Welcome United Nations Representative. Earlier in the morning, however, there was still no one on the street, CISSP ISSAP VCE and the murderer could easily find a parking space in 300-115 Practice Exam PDF the street, before the people unwittingly moved the victim to the tracks. Shakespeare strode to Eleventh Street and observed the six-lane main road, which 70-533 Answers is now 100-105 Practice Test 70-533 Answers full of traffic. Let it go She burst into 300-115 Practice Exam PDF the car sea, calmly cut off traffic on the north lane. Several drivers tried hard to 300-115 Practice Exam PDF force her to issue two tickets in a row. In the end, they dragged a few rubbish bins to the center of the road as roadblocks to ensure that these good citizens abided by the rules.