Offer Tax Planning
Any way you slice it, all personal financial issues are intertwined with tax issues. --Philip M. Watson, CFP
"Any way you slice it, all personal financial issues are intertwined with tax issues," says Philip M. Watson, a CFP in Franklin, TN. Watson didn’t always offer tax planning, but after three years as an independent advisor, he was able to manage his time efficiently and could add another area of expertise to his practice. He looked at business models offered by professional groups for fee-only advisors and selected the Alliance of Cambridge Advisors because of their focus on tax planning as the wheel around which all financial decisions revolve. Now Watson thinks in terms of a “financial trifecta” of fees and expenses, savings rates and tax savings. He has a target of adding a full percentage point to clients’ lifetime rate of return from “crumbs”, money spared from going to the IRS by bad financial decisions. He talks taxes with clients at every meeting and positions their assets according to taxable events those asset classes are likely to generate.
-Philip M. Watson, CFP, in Should You Offer Tax Services?
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