Retirement Tax Services Podcast
Breaking Planning Silos with Emily Millsap
Sep 23, 2024
Emily Millsap, a professional from Avantax Wealth Management, discusses the critical integration of tax strategies in financial planning. She highlights the importance of collaboration between financial planners and tax professionals to enhance client outcomes. Emily shares effective communication techniques and tailored approaches that align financial goals with personal values. She also emphasizes the necessity of ongoing education and teamwork for improving client service and navigating complex tax issues with confidence.
25:58
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Quick takeaways
- Integrating tax planning into financial advisory services fosters more informed client decisions and enhances overall financial outcomes.
- Establishing systematic processes within advisory teams ensures consistent application of best practices, promoting personalized client experiences and efficiency.
Deep dives
The Importance of Holistic Tax Planning
Tax planning is essential for clients as it integrates various aspects of their financial lives, moving beyond the traditional siloed approach of discussing taxes, investment, and insurance separately. Many clients overlook the significance of discussing tax implications with their financial advisory team, often leading to missed opportunities for effective financial planning. A cooperative relationship between financial advisors and tax professionals enhances the understanding of the overall financial picture, allowing clients to make well-informed decisions. For instance, discussing holistic strategies such as Roth conversions can reveal potential advantages, such as minimizing future required minimum distributions.
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