Issue link: https://resources.envestnet.com/i/1527484
6 Help clients keep more: Managing the impact of taxes in a personalized way Lean into tax conversations to grow your business When was the last time you talked with your clients about taxes and how did you do it? For many advisors, it's a conversation that takes place a few times a year, generally around the end of the year when they think about tax-loss harvesting and during tax season as they help clients with tax reporting documentation. We believe it's essential to get comfortable talking about a client's tax situation throughout the year and to holistically manage assets in a tax-smart way. Here are four concrete steps to help you get started: Align on the importance of after-tax returns. Spend time discussing various pre-tax and after-tax return scenarios with your clients and the strategies you have available to preserve after-tax performance. As you build and monitor portfolios with a focus on tax efficiency, make this a core component of your value proposition. Tax efficiency can equate to a better client experience as you help clients keep more of their money working and growing for the future. Help clients understand how taxes can impact their unique circumstances. Take a closer look at the variables that may affect how much tax a client pays each year. For example, the sale of a business, inconsistent sources of income, asset location and changes to lifestyle goals may impact a client's tax situation. As part of this discovery process, find new ways to understand changing life circumstances and determine how you help connect every facet of your client's financial life. Conduct a client portfolio review session with a focus on taxes. Plan a portfolio review session that includes your client's tax and estate planning professionals. Discuss all aspects of your client's financial picture, the impact of taxes and your sophisticated approach to tax management. When prospecting, position your tax management focus as a competitive edge. A personalized approach to tax management has become a more critical part of the investment conversation today. Help prospects understand the technology available to help you manage taxes faster, in a more sophisticated way, and for more clients than your competitors. For those prospects who manage their investments on their own, help them understand how you focus on tax planning strategies all year round, another benefit that comes with an advisory relationship. MKTGM1123U/S-3208539-6/12