Oct 31, 2022
It is common for people to focus on planning their financial future. They plan for retirement and save for major purchases. Unfortunately, taxes play a significant role in their savings and investment. Despite this, there is a disconnect between tax professionals and financial advisors. What can financial services firms do to bridge the gap between tax professionals and financial advisors to best serve their mutual clients?
In this episode, Steve talks with Steven Jarvis, CEO and Head CPA of Retirement Tax Services. In his role, Steven works with financial advisors to deliver massive value on tax planning through a year-round tax service model that keeps the advisor in control but leverages the team's expertise. His goal is to help bridge the gap between tax professionals, financial advisors, and their mutual clients to reduce most people's largest retirement expense - taxes.
Steven talks with Steve about how he built a company devoted to helping advisors who are committed to tax planning and preparation, what makes a successful partnership between a CPA and an advisor, and the importance of using technology and software to maximize efficiency, but how it cannot replace the experience and wisdom of an advisor.
Key Takeaways
Quotes
[04:28] - "The industry has been built on compliance and filing returns every year. It's a high-volume, low-margin game, especially for solo CPAs or small CPA teams. They don't own businesses. They own jobs. They can only grow if they put in more hours and if they turn out more returns." ~ Steven Jarvis
[13:38] - "Most people want to know they're taken care of, but they don't feel like they need to sit down with a CPA. Taxpayers are a passenger on the bus. They're not the driver."~ Steven Jarvis
[21:02] - "Advisors see the value of tax planning but aren't sure how to do so. They feel limitations either because they're not a CPA or their client already has a CPA, and they're not sure where those boundaries are of not stepping on other people's toes or crossing kind of professional lines." ~ Steven Jarvis
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Disclosure
For informational and educational purposes only and should not be construed as specific investment, accounting, legal, or tax advice. Certain information is based upon third-party data which may become outdated or otherwise superseded without notice. Third-party information is deemed to be reliable, but its accuracy and completeness cannot be guaranteed. Some analysis presented is based on current economic information and may become outdated or irrelevant without notice. Individuals should speak with their qualified financial professional based on his or her unique circumstances. Neither the Securities and Exchange Commission (SEC) nor any other federal or state agency have approved, determined the accuracy, or confirmed the adequacy of this podcast. © 2022 Buckingham Wealth Partners, LLC. Buckingham Strategic Wealth, LLC and Buckingham Strategic Partners, LLC (collectively, Buckingham Wealth Partners)