How one advisor leveled-up his practice with simple scoring systems

6/30/20 5:13 PM / by Matt Nollman posted in Advisors, Tax, Financial Planning, Householding, Tax-Efficient Investing, Asset Location

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"Now I understand what you've been saying all these years."

This is music to anyone's ears. But it's pure gold in the financial advice world.

Advisors have been trying to simplify complicated topics like risk and tax for decades. Today, we have a real success story.

Enter: Rick Mida, Partner and Wealth Advisor at Canopy Wealth Management.

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Can your clients benefit from an asset location strategy?

6/10/20 2:25 PM / by Steve Zuschin posted in Advisors, Householding

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As a result of the recent market volatility, clients are turning to their advisors for more support than ever before. While it is key to provide client services above and beyond the norm, advisors need to reassure their clients by effectively communicating and illustrating their value. 

The key to illustrating your value as an advisor is through asset location and long-term tax efficiency.

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The Building Blocks of Tax-Smart Asset Location

6/3/20 2:56 PM / by Jack Sharry posted in Advisors, Tax, Financial Planning, Householding, Tax-Efficient Investing, Asset Location

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Investors are painfully aware their retirement plan needs a do-over.  With so much uncertainty, it's like the investment gods shook every investor's portfolio like a canister of Legos and dumped them on the floor.  Top advisors are helping investors rebuild portfolios, get on the right track, and realize their retirement dreams.

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The Benefits of a Tax-smart Asset Location Strategy

5/21/20 10:23 AM / by Jack Sharry posted in Advisors, Householding

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The world has changed but investor goals have not.

Smart advisors report they are reinforcing their value by showing investors how to put portfolios back on track and improve outcomes through tax-smart household portfolio management.

And the first place to start for long term success is asset location – a timely topic after recent markets have turned portfolios upside down.

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What is Asset Location?

5/14/20 10:50 AM / by Jack Sharry posted in Advisors, Tax, Financial Planning, Householding, Tax-Efficient Investing, Asset Location

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There has been a lot of conversation across the industry over the past year about the importance of asset location. In the wake of volatile markets and uncertain times, you will be hearing a lot more.

We'll discuss what asset location is and why it matters to investors and your bottom line.

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What about the Wholesaler?

5/5/20 2:16 PM / by Jeff Quigley posted in Advisors, Householding

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At the Future of Advice conference in December of 2019, Steve Gresham coined the phrase “Adoption is the new Innovation.” Steve was referring to how the adoption of technology is lacking across the advisor population. Steve’s message was urging advisors and industry leaders to leverage fintech to battle the many factors significantly slowing organic growth. When embraced, technology can help advisors be more efficient, demonstrate value, identify “next best actions” and improve the client experience. So why is it that more Mutual Fund and Insurance/Annuity carriers aren’t pursuing this opportunity to partner with fintech companies to facilitate increased adoption? 

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Market Volatility Delivers Opportunity to Identify Long-Term Tax Efficiencies

4/3/20 10:33 AM / by Steve Zuschin posted in Advisors, Digital Advice, Financial Planning

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During periods of market volatility, advisors typically recognize that rebalancing and tax-loss harvesting strategies are important for their clients. The ultimate goal is to maintain their clients’ target allocation and realize tax savings at the end of the year.

Both of the previously mentioned strategies provide value to clients in difficult situations. But before advisors begin this process, they should focus on identifying opportunities to set clients up for success in the long term.

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Times of Market Volatility Require Advisors to Shift Their Mindsets

4/2/20 1:17 PM / by Steve Zuschin posted in Advisors, Digital Advice, Financial Planning

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In recent weeks, advisors have faced something they haven’t seen in a decade: a volatile market that ultimately resulted in a significant correction and the end of the long-term bull market. This current volatility is based on uncertainties around the impact of the COVID-19 global pandemic, as well as an oil price war. To pile on, we are all transitioning to remote working environments and adjusting to meetings that aren’t in person. These circumstances would amplify any advisors’ insecurities and fears that their business will suffer.

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The market is volatile: What else can advisors talk about?

3/26/20 4:11 PM / by Steve Zuschin posted in Advisors, Digital Advice, Financial Planning

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Facing unprecedented situations in the markets raises stress levels for both advisors and clients. Fortunately, it’s still possible for advisors to have positive, productive conversations with their clients when the news is negative or uncertain.

Essential to this process for advisors is first examining how they do business. Face-to-face meetings shouldn’t be a requirement for a regular review meeting. Flexibility in how advisors deliver information to their clients is important.

For those who weren’t yet offering their clients ways to connect virtually, the spread of COVID-19 has forced our hands to explore options through channels like Zoom, Join.me or Go-To-Meeting. We can go kicking and screaming, or we can embrace this change and look for the opportunity. Now is a great time to add these options so that clients can still get the information they need in a comfortable setting.

We’ve spoken with many advisors over the past few weeks. It’s an uncertain time for everyone. But throughout these conversations, it’s become apparent that advisors need something positive to talk about with clients. After the longest bull market in history burst into oblivion, we can no longer count on positive performance to delight our customers. We have to dig deeper.

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BooST 🚀 Your Practice with Themes from Chalice 2020

3/11/20 9:34 AM / by Matt Nollman posted in Advisors, Event, Tax-Efficient Investing

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There’s power in community. When a group of like-minded people come together for a common purpose, the potential is limitless.

Chalice (the community) brings advisors together. CEO Keith Gregg kicked things off with some engaging and entertaining examples that highlighted the power of community. With the rise and mass-adoption of the internet, people find themselves looking to reconnect with the world around them. Advisors working solo or in a small shop can feel the solitude after a short amount of time. This community can help.

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