SSN’s Tax Savvy Forum Executive Summary
This past September, we completed our second Tax Savvy Forum of the year in Nashville where SSN Advisors learned more about how tax planning fits more broadly into the larger retirement planning process. We had four excellent sessions, discussing how to spotlight tax planning opportunities throughout the entire lifecycle of retirement, as well as emerging retirement planning ideas. Our goal was to help advisors advanced planning strategies for mass-affluent investors, as the landscape to win new clients becomes increasingly more competitive in the coming years.
The first presenter was Delaware Life’s Anders Smith, who showed the group where they could find new opportunities to help clients and win prospects:
- How to sift through tax returns to find additional money and inefficiencies;
- Understanding how active mutual fund managers can create capital gains exposure to unsuspecting clients in taxable accounts;
- The best way to provide tax-efficient retirement portfolio distributions.
Next up was Carlo Cordasco of Nationwide. He gave us a broad overview of the planning opportunities and sequencing strategies that may help generate more tax-efficient retirement income.
During lunch, we discussed how advisors help clients avoid mistakes and misconceptions that can cost them money:
- How the average person might get things wrong by using rules of thumb instead of a custom strategy;
- Types of costly misconceptions;
- A framework for marketing based on typical client misunderstandings
The final presentation, “Cash Flow Retirement Planning and Tax Diversification,” discussed not only how cash flows change over time but how to diversify across account types based on those changes:
- Why clients in their 50’s often get a short but significant opportunity to build tax diversified portfolios;\
- How the retirement tax bomb can hurt clients when distributing traditional IRA, Social Security and capital gains for middle income clients;
- Ways to contribute and convert assets away from tax deferred accounts in order to avoid higher future taxes.
Feedback from the event was positive. Attendees unanimously said they would attend another Tax Savvy Forum.
We plan on continuing the momentum by offering additional Tax Savvy Forums in the future, with the next one planned for Tuesday, February 11 in Tampa, Florida.
If you would like to learn more about SSN’s Tax Savvy initiative or have a conversation about tax planning tools available to SSN advisors, reach out to Corey Keltner (firstname.lastname@example.org / 800-264-5499 x 229).
For more information, please visit www.ssntaxsavvy.com.