One of the most common questions we get from financial advisors is:
“What Tax Planning Software Do You Recommend?”
This question is often asked in borderline desperation as advisors KNOW they need to provide proactive tax advice to clients, but they don’t know how to do it, and they hope that some software program can do the hard work for them.
We, too, wish that such a program existed (and we’ve tried dozens). Still, the reality is that no software currently available can do Retirement focused tax planning better than a pen, paper, a pocket calculator, the client’s most recent tax return, and the RTS Desktop Tax Guide.
“Seriously?!? You expect me to do a tax projection in Crayon?!?”
Just like some advisors give clients 100+ page ‘financial plans,’ while others need only a single page, tax planning is no different. Plenty of software programs will spit out lengthy tax reports, but they add no value.
“So What’s My Other Option?!?”
Some of the best advisors in the industry (as measured by the Investment News 2022 RIA research) have, through decades of experience and thousands of client meetings, learned that when it comes to tax planning, less is more.
On our April 26th Power Session, one such advisor, Micah Shilanski, will be demonstrating how he draws, on paper, a 10-year tax projection for nearly every client and prospect.