Something I’ve learned along the way – asset management absent financial planning isn’t wealth management. And something I’ve learned even more recently – the addition of tax planning is what makes wealth management truly comprehensive and a necessity for every household. If you’re making mistakes with the way you’ve got your assets and investments arrayed across accounts, then it doesn’t really matter what your returns are.
There’s a realm somewhere between investment work that financial advisors do and the sort of tax work that CPAs do. But this realm is important and should not be ignored. Having our CFO Bill Sweet participate in tax planning discussions with Ritholtz Wealth clients soon after they come aboard has been an amazing improvement in both the experience and, we believe, the eventual outcomes we’re working to achieve.
Bill’s work has been invaluable and his insights have helped every advisor and client relationship he’s been called in on.
You can get to know Bill a bit in this video we did addressing the investment management deduction that Congress is taking away this year.
If you want to talk about how taxes might impact your portfolio, get at him here.