The Diamond Podcast for Financial Advisors
“The Least Boring CPA” on How Tax Planning Can Add Value to Clients and Your Business
Apr 3, 2025
49:13
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Quick takeaways
- CPAs can significantly boost the growth of financial advisory businesses through strategic year-round tax planning partnerships.
- Active engagement in tax discussions between advisors and clients is crucial to optimize tax outcomes and enhance service experience.
- Regular review and adaptation of tax strategies are essential for maximizing long-term savings and meeting changing client needs.
Deep dives
The Role of CPAs in Financial Advisory
A certified public accountant (CPA) adds significant value to the services provided by financial advisors, especially through tax planning strategies. Beyond standard accounting practices, CPAs can enhance growth for advisory businesses by partnering with advisors to create year-round tax planning models. This collaborative approach allows financial advisors to focus on delivering high-value services to clients while ensuring compliance and tax management is thoroughly handled. The partnership ultimately fosters an environment where both financial advisors and CPAs can deliver more comprehensive and impactful services to clients.
Understanding Tax Planning as a Value-Add
Tax planning is an essential component of financial advising that often goes overlooked, with many advisors failing to recognize the tax implications of their recommendations. One of the most significant mistakes advisors make is not engaging actively in tax discussions, leading to missed opportunities for their clients to save money. Proper tax planning not only enables advisors to add greater value to their clients but also enhances the overall service experience, fostering stronger relationships and loyalty. By involving clients in proactive discussions about their tax circumstances, advisors can deliver meaningful guidance that directly influences their financial outcomes.
Navigating Common Tax Planning Mistakes
Advisors and clients frequently make mistakes by assuming their CPAs are handling all aspects of tax planning, when in fact, communication between all parties is vital for effective strategies. Many advisors mistakenly dismiss tax discussions by deferring entirely to the client's CPA, missing the opportunity to guide their clients in how to optimize tax outcomes. This disconnect often leads to confusion and possible errors, as essential information can be lost in translation between the advisor and the CPA. By actively engaging clients in tax-related conversations and educating them on key tax issues, advisors can create more informed clients and better-prepared tax situations.
The Importance of Continuous Tax Strategy Review
The effectiveness of tax planning relies heavily on regular review and adaptation to changing personal and tax situations. Common strategies require consistent monitoring and adjustment over time to realize long-term savings, such as monitoring income levels to make informed decisions about retirement contributions or capital gains harvesting. Many advisors overlook the opportunity for re-evaluation, assuming previous strategies remain effective without considering changes in tax laws, client circumstances, or financial goals. Establishing a structured reevaluation process allows advisors to continually optimize tax strategies for their clients, creating sustained value and improved financial outcomes.
Building Collaborative Relationships with CPAs
Forming strong working relationships with CPAs can significantly enhance an advisor's ability to provide holistic service to clients. Advisors should approach CPAs with respect for their time and expertise, which can be done by initiating paid consultations rather than leveraging free meals for networking. By fostering a collaborative culture, advisors position themselves as partners rather than competitors, which can lead to a unified effort in serving clients effectively. This respectful communication fosters a team mentality, ultimately benefiting clients with a seamless experience that addresses their financial planning needs without redundancy or conflict.
7.
Enhancing Client Understanding Through Effective Communication and Practical Learning
2min
Overview
Steven Jarvis, the founder and CEO of Retirement Tax Services, offers advice on how a CPA can help increase the growth and enterprise value of an advisor’s business by providing tax planning strategies and more.
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NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation.
About this episode…
Certified Public Accountants (CPAs) can add incredible value to the service that financial advisors provide to their clients. Beyond basic accounting practices, they can serve as powerful partners, especially when it comes to tax planning strategies, which can lead to added growth for an advisor’s business.
In this episode, Steven Jarvis, who bills himself as “The Least Boring CPA,” explores that potential with us.
The Jarvis name may be familiar: Matthew Jarvis, Steven’s brother and business partner, who was also a guest on this show, is a popular podcast host and CFP.
In the first decade of his accounting career, Steven was on the partnership trajectory at a national firm. That’s when he realized that his work was often relegated to a single page inserted into a much larger report—and it didn’t have nearly the impact he had hoped for.
As Steven put it, “There was a disconnect between my ability to make change and my desire to do so.”
Since then, Steven has found the connection he was looking for. As the founder and CEO of Retirement Tax Services, he works with financial advisors on tax planning through a year-round tax service model that keeps the financial advisor in the driver’s seat.
What does that really mean? In this episode with Louis Diamond, Steven answers that and more, including:
- His partnerships with advisors—and how his role goes beyond the basics of accounting services.
- Strategic tax planning—and how that differs from tax preparation.
- Compliance management—and why it’s critical to develop a plan to stay within the lines.
- The impact on growth—and how a CPA can help advisors increase their enterprise value.
Essentially, Steven covers all the bases around taxes so advisors can focus on delivering what he calls “massive value” to their clients.
Steven lives up to his title as “The Least Boring CPA” and is generous with sharing his knowledge, so be sure to tune in.
Want to learn more about where, why, and how advisors like you are moving? Click to contact us or call 908-879-1002.
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Steven Jarvis, CPA
CEO and Head CPA
Steven Jarvis, CPA is the CEO and Head CPA at Retirement Tax Services, a tax firm focused on working with financial advisors to change the world one tax return at a time. In this role Jarvis spends his time working with real financial advisors and taxpayers to help find opportunities to not tip the IRS. Afterall, there are no patriotic awards for overpaying taxes.
With over 10 years of experience (and counting) as a CPA, Jarvis has the hands-on experience to create actionable content for his audience. He has been featured in industry publications including Advisor Perspectives and regularly produces content for financial advisors through the Retirement Tax Services website and the Retirement Tax Services Podcast. His experience covers written content, public speaking at leading industry conferences and 3 years as an adjunct professor in the graduate business school at Whitworth University.
“Steven regularly speaks on a variety of tax topics for financial planners but always keeps his focus on how attendees can take action (information only has value if it is implemented!). Some of Steven’s favorite topics to cover include:
- Common mistakes advisors make on tax planning and how to fix them
- The real math on Roth conversions and how to effectively communicate them with clients
- Collaborating with CPAs and building great COI relationships
- Incorporating tax planning into the a financial planning practice
- NEW – Secure Act 2.0 and what to do about it for tax planning
Steven’s years of experience and time working with hundreds of financial advisors gives him the ability and expertise to speak on a variety of topics, so if there is a tax topic you don’t see on the list you’d love to hear him speak on, just ask!”
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