19MAY 2022Our firm views it as unthinkable that someone's financial planning wouldn't be rooted in an assessment and understanding of the impact of taxes every step of the wayhas the potential to deliver significant value to clients, not only in a holistic approach to financial planning, but also to factor in tax impacts on clients' short- and long-term financial decisions.Mackay elaborates on Avantax's competitive advantage with examples:· While reviewing a couple's holdings for inheritance planning, an Avantax Financial Professional found that the husband's accounts reflected a step-up in cost basis, but not the wife's as it should have been, because they're in a community property state, leading to a potential tax savings of over $700,000. · In another instance, when asked to conduct a review of the qualified retirement savings plan of a client's business (with $3.1 million in assets and 65 participants), an Avantax Financial Professional found that the plan was inefficiently designed with low participant engagement. As a result, the plan was brought into an advisory relationship garnering a 105% increase in plan contributions and $50 million in added wealth management opportunities creating significant tax savings opportunities for the client along the way.Using the tools provided by Avantax, Financial Professionals may be able to uncover unique solutions and opportunities to help clients more confidently plan for their financial future.Flexible Affiliation ModelsAvantax provides unique and complementary models through which tax and Financial Professionals can affiliate with Avantax. Tax and Financial Professionals benefit from being part of the Avantax Community of like-minded tax/financial pros who collaborate and grow together. They can also enjoy direct access to the company's senior leadership, who regularly attend local chapter meetings and work with them to help solve complex client issues. By factoring in the impact of taxes on clients' financial decisions, Avantax Financial Professionals differentiate themselves with the insights, direction, and support they provide to clients.This level of service unlocks financial planning strategies that were historically reserved for high-net-worth individuals."I love the fact that we're changing an industry for the betterment of individuals and families across the country. Our focus is squarely on changing the way people plan and invest because the potential for us to change peoples' lives is extraordinary," Mackay informs. Disclosure: Avantax Wealth Management® is the holding company for the group of companies providing financial services under the Avantax® name. Securities offered through Avantax Investment Services, Member FINRA, SIPC. Investment advisory services offered through Avantax Advisory Services and Avantax Planning Partners. Insurance services offered through licensed agents of Avantax Insurance Agency, Avantax Insurance Services, and Avantax Planning Partners. 3200 Olympus Blvd., Suite 100, Dallas, TX 75019, 972-870-6000. The Avantax family of companies exclusively provide financial products and services through its financial representatives. Although Avantax Wealth Management® does not provide or supervise tax or accounting services, Avantax Financial Professionals may offer these services through their independent outside business. https://www.avantax.com/fsmagazinedart
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