Retirement Tax Services Podcast

Steven is once again joined this week by Brian Smith from FIA to talk about something that will effect nearly every financial advisor at some point in their career: annuities that are no longer meeting client needs. 1 in 5 retirees have an annuity product of some kind, so it's a matter of "when", not "if," advisors will come across products that need to be evaluated to determine if they still fit in a client's plan appropriately. Brian provides a real-life example of how FIA recently helped an advisor navigate this challenge and ultimate help the client win.  https://zurl.co/Uhf0Y

This week, Steven is joined by a fellow CPA, Brad Wooten, to discuss what the major tax law changes mean for tax preparers for the next filing season. This is a valuable discussion for financial advisors to gain insight into what this next tax filing season will be like for their clients' tax pros and how the advisor can help create better client outcomes through proactive communication. Brad and Steven share a perspective on the logistics of going from Congress passing a bill to tax returns actually getting filed, and what it means for the pressure and timing clients will experience this year. Steven and Brad also walk through why the big beautiful bill might not feel all that big on a client's tax return because a lot of the hype was around planned rate increases not taking effect. https://zurl.co/u11dy

David Haughton, Senior Corporate Counsel at Wealth.com, specializes in the intricate dance between estate and tax planning. He discusses the profound implications of the Big Beautiful Bill and warns against the perils of default planning. Haughton emphasizes the necessity of customized strategies for individuals and underlines the critical role technology plays in modern estate planning. He also highlights the urgency brought by recent legislative changes, urging advisors to equip clients with the right tools for proactive estate management.

TJ Bruce, a financial advisor with Swan Wealth, accidentally ventured into tax preparation after acquiring a book of business. He shares his journey learning tax preparation and the unexpected value it brings to clients, leading him to pursue his EA designation. The conversation dives into the complexities of integrating tax services into financial planning, the emotional aspects clients face, and the benefits of specialization in serving retirees. TJ emphasizes the importance of firsthand experience and collaboration to enhance tax strategy and client relationships.

Parker Ence, CEO and co-founder of JumpAI, shares insights on harnessing AI for financial advisors to transform tax planning. He discusses the origin of Jump and its rapid growth in the industry. Parker reveals how this AI tool enhances client meetings, providing 'pictures' of actions taken and insights gained. The conversation emphasizes the importance of data in client interactions and navigating ever-evolving tax concerns, showcasing strategies for building trust and improving outcomes through proactive dialogue.

Knight Coleman, a financial advisor with expertise in tax preparation and financial planning, joins the discussion to share the immense value of integrating these services. He emphasizes the benefits of proactive strategies like Roth conversions and effective collaboration with CPAs to enhance client outcomes. Knight also highlights how virtual assistants can boost productivity and the importance of diligent record-keeping. His insights paint a picture of how a holistic approach can create a seamless experience for clients.

Tushar Kumar, a financial advisor at Twin Peaks Wealth Advisors, shares insights on harnessing virtual assistants to supercharge productivity. He discusses how delegation has allowed him to focus on client relationships while aiming for annual growth of 20-30%. Tushar and Steven reveal their positive experiences with BELAY in finding and training VAs, helping to minimize decision fatigue. They delve into the innovative roles VAs can play, emphasizing how effective delegation not only boosts efficiency but also unlocks new growth opportunities for financial advisors.

In this episode, Steven is joined by fellow Spokane native and tax pro turned financial advisor, Mary McDirmid. Mary has extensive experience both doing tax preparation and in her current role as a financial advisor. Mary shares what she learned and how she is a better financial planner because of the time she spent preparing taxes early in her career. Steven and Mary both discuss some of the things that can only be learned from getting your hands "dirty" and doing the hard work of preparing tax returns and how that knowledge can help all financial advisors. Mary's area of focus now is on helping families who are supporting loved ones with rare diseases and disabilities navigate the financial and emotional challenges that can bring (this is also a service she provides to other financial advisors). https://zurl.co/5HmUJ

This week, Steven Jarvis, CPA, and Matthew Jarvis, CFP®, delve into the world of mergers and acquisitions (M&A), examining the role of audits, the intricacies of EBITDA, and the potential red flags that can emerge during the due diligence process. Steven emphasizes the importance of financial advisors maintaining clean books and being transparent about their financials, as this can significantly impact the valuation of their practice during a sale. The conversation also touches on the buyer’s perspective, the consequences of misleading information, and best practices for running a business effectively. https://zurl.co/CBQ5y

This week, Steven is joined by Steven Lee, an educator and expert witness with an extensive background in the financial services world. They discuss why advisors need to focus on quality client outcomes instead of just clever marketing and why someone might call an expert witness when those lines get blurred. Steven and Steven share some of their favorite analogies for explaining tax concepts and the importance of prioritizing effective communication with clients, especially on tax topics. https://zurl.co/MVWsS