Effective Financial Planning Calls for Collaboration

Effective Financial Planning Calls for Collaboration

We often speak about the relationship between financial advisors and their clients.

In our featured article, we hear an expert speaking about the best process for guiding your customers to financial security. This involves close communication, planning and collaboration with other specialists, in particular, taxation experts. Let’s examine the issue.

The financial advisor’s first job, perhaps, it to assure that his or her clients keep as much of their income and assets as possible. That means working in tandem with their tax advisor. Constant communication is crucial. When the client’s portfolio is adjusted, the market moves or legislative changes are introduced, it’s time for the wealth manager and tax specialist to consult.

Clients who are simultaneously served by a financial advisor and a tax specialist usually receive a better solution to their financial problems. Fuller information disclosure is the result when experts from the two disciplines are involved, whatever the matter might be: creating a retirement strategy, an education fund for children, buying real estate, constructing a will – indeed, any aspect of a client’s financial life.

As part of this professional teamwork, information sharing will form a critical part of their collaboration. This calls for the strictest standards of responsibility, security and discretion. Tailored solutions call for full disclosure from the client, who must know that vital personal and financial information is being carefully guarded and not broadcast far and wide.

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In estate planning, the financial advisor and tax accountant must closely collaborate to help the client successfully pass on their wealth. Tax issues are particularly tricky in this respect and the legal framework is constantly shifting. Collaboration can prevent costly accidents and assure that the client receives an individualized solution that meets their long-term goals.

For more information, please read:
Collaborating as advisors to help clients | GRBJ


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