What’s the one service most financial clients want but aren’t getting? Tax planning.
One recent survey found that 92% of investors expect their advisors to provide tax planning advice, but only 25% of those clients are actually getting the service.
Clearly, there’s a huge demand for advisors who understand taxes and can provide personalized, relevant advice and tax planning services. But adding another service can seem daunting, especially with the complex and constantly evolving world of taxes.
A discussion between Holistiplan and PreciseFP streamlines tax planning, making it easy for advisors to analyze their clients’ tax returns and provide customized recommendations — without having to memorize the tax code.
In any aspect of tax planning, it’s crucial to remember that tax management happens year-round, not just in March and April. Successful advisors start early to build connections with their clients and check in quarterly so that taxes are top of mind instead of a last-minute shuffle. When advisors help their clients think about taxes throughout the year, they can look for opportunities to increase their investments and reach their financial goals as they gather materials and file their taxes for the previous year. Starting early also helps clients and advisors plan for potential savings and avoid last-minute stress.
Unlock the power of early engagement and ensure your clients’ taxes are in top shape with the dynamic collaboration between PreciseFP and Holistiplan.
PreciseFP Makes Collecting Tax Information Easy
Many advisors use PreciseFP’s leading data collection services for tracking prospects and onboarding clients, but it’s also a valuable tool for gathering tax information.
All an advisor needs to start with tax planning is a client’s 1040 form from the previous year, which summarizes the client’s income and deductions. Using PreciseFP’s library of customizable forms, advisors can select a 1040 collection form, personalize it with their branding and information, and then send it to clients individually or all their clients at once to collect tax information quickly and easily.
As soon as a client shares their tax form, the advisor gets a notification and can rest assured that the tax information is accurate and clean because clients uploaded it themselves. Instead of scouring for personal information and sorting through tax returns, PreciseFP, the award-winning client engagement and data-gathering platform from Docupace, simplifies the data-gathering process to give advisors the exact information they need and start the tax planning process.
Holistiplan Streamlines Tax Services
Once a client has shared their 1040 form with their advisor and PreciseFP, the advisor can upload to Holistiplan to generate fast, accurate tax analysis reports. Within just 45 seconds, advisors have a tax report customized for each client that breaks down important numbers, including the client’s itemized deductions, income, accounts, and more. With detailed line items, advisors can quickly understand where their client fits in the tax bracket and find opportunities for tax savings.
But Holistiplan goes even further with its scenario analysis tool to help advisors work through various outcomes and see the tax impact for clients. Suppose an advisor wants to work through a Roth conversion. In that case, scenario analysis automatically sorts through possibilities to help advisors and clients visualize their money, see projections, and know how clients can make the most of their money without throwing their taxes out of whack. That fast and personalized service goes a long way with clients to provide excellent results and work through the stress of tax planning.
The seamless process between PreciseFP and Holistiplan provides advisors with the tools to optimize client interactions. From effortlessly obtaining essential tax information to generating comprehensive reports and even exploring the efficient sharing of these reports back to PreciseFP — we’ve got you covered. Elevate your client engagement strategy and stay ahead in the competitive landscape.
Ready to get started? Watch a demo of the integration here, and get a free trial of PreciseFP to get started.
