We Bought It for You

As a firm, we pay close attention to what the financial services industry offers in terms of products and services. It’s not necessarily an exercise in keeping up with the competition. We primarily do this to keep an eye on the trends that are developing. As we continue to meet with our clients, we try to get a feel for how those industry trends match what people want from their financial planning relationship. It has been our experience, beyond investment management and retirement planning, that the integration of tax mitigation strategies, estate planning, and insurance planning, are all required components when looking for ways to enhance your experience and reach your goals.

In our review of available financial technology offerings, we came across a new process last year and have been pleased with our initial assessment. We have a new interactive tool that helps scale and customize planning for our clients. We found this technology to be a great complement to our current retirement planning software. The benefit to our clients is that this technology offers a seamless process to create a client profile along with the ability to upload documents to help with advance planning. By uploading a tax return, the software is quickly able to generate federal and state specific planning considerations. Clients often ask about their taxable income amounts relative to the next bracket if they are weighing options that may incur additional tax. Others may use a dip in the market, or lower retired tax brackets, to consider doing Roth IRA conversions. We can quickly identify the relevant figures and help with the decision-making process.

Yes, this software uses Artificial Intelligence to go through documents. When considering this technology, I had initially worried about the robots from the Will Smith movie taking over financial planning. After all, I have spent the last two decades in financial services trying to continually deliver comprehensive wealth planning so I would prefer to not make myself irrelevant. What I found was that the tax and estate landscape can change so quickly that it would be great to be able to adjust on the fly. This tool has that capability and will complement all of our offerings, so we bought it for you.

Investing involves risk. No investment strategy can guarantee positive results. Loss, including loss of principal, may occur. Material discussed is meant to provide general information and it is not to be construed as specific investment, tax or legal advice. Keep in mind that current and historical facts may not be indicative of future results. Diversification is an investment strategy that can help manage risk within a portfolio, but it does not guarantee profits or protect against loss in declining markets.

This content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. (C) Twenty Over Ten