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Working More Collaboratively With Clients’ CPAs For Better Tax Planning (And Cross-Referral) Outcomes: #FASuccess Ep 459 With Steven Jarvis

October 14, 2025 07:03 am 0 Comments CATEGORY: Financial Advisor Success Podcast

Steven Jarvis Podcast Featured Image FAS

Welcome everyone! Welcome to the 459th episode of the Financial Advisor Success Podcast!

My guest on today's podcast is Steven Jarvis. Steven is the CEO of Retirement Tax Services, a tax education and preparation firm that works with financial advisors nationwide.

What's unique about Steven, though, is how his experience as a CPA who has worked alongside many financial advisors has given him insight into how advisors can best "play nice" with CPAs to ensure the best outcomes for their mutual clients.

In this episode, we talk in-depth about how Steven finds that proactive communication (to avoid surprises when tax filing season arrives) is one of the keys for financial advisors to build trusting relationships with CPAs, why Steven thinks such communication is particularly important when clients have 1099-Rs (to help the CPA understand the background of a particular distribution, for example, whether it was a Roth conversion or a Qualified Charitable Distribution), and how Steven has seen advisors build stronger CPA relationships (and prevent tax return errors) by providing a year-end tax summary for each client (that they can send to their CPA directly) outlining the different tax forms that will be generated based on the advisor's work and the context behind them (including information on closed accounts that the client might not have considered).

We also talk about how Steven finds that making CPAs collaborative decision-makers on key tax planning strategies (alongside the financial advisor and their client) can help build the mutual professional-to-professional relationship, how Steven finds that advisors can further support CPAs by being mindful of their annual workflow (for example, by discussing a potential Roth conversion in the summer or early fall rather than during tax season or at the very end of the year, when the CPA is likely to be very busy), and how Steven notes that major tax legislation (such as the One Big Beautiful Bill Act) not only impacts financial advisors but also CPAs themselves (as they have to adjust to new IRS guidance and changes to tax forms).

And be certain to listen to the end, where Steven shares how advisors can offer value for clients by reducing the amount of friction involved in executing tax planning strategies, how Steven faces many of the same challenges as financial advisors in running his own business (including matching hiring needs with expected future workloads), and how Steven finds that proactive communication and mutual respect can ultimately lead to more accurate tax returns for clients and to opening the door for cross-referrals from CPAs.

So, whether you're interested in learning about how to "play nice" with clients' CPAs, developing mutually beneficial relationships with CPAs that lead to cross-referrals, or how financial advisors can help their clients avoid common tax pitfalls come tax time, then we hope you enjoy this episode of the Financial Advisor Success podcast, with Steven Jarvis.

6 Ways To Delegate To Get Faster ROI From Your New Associate Advisor

October 13, 2025 07:03 am 0 Comments CATEGORY: Practice Management

Many advisory firm owners face a dilemma as they reach capacity: they know they need help with planning work and would like to hire an associate advisor, but they may be uncertain about what, exactly, to delegate. Since associate advisors rarely prospect or manage their own clients today, it can feel challenging for firm owners to envision what the associate would do full time that would provide a real return on investment. Without a clear delegation strategy, though, both the lead advisor and the associate both risk running into frustrations, inefficiencies, and missed opportunities for growth.

In this article, senior financial planning nerd Sydney Squires explores how small firms can accelerate ROI on associate advisors. The key is to delegate in ways that reduce the senior advisor's time spent per client. Doing so frees the lead advisor to focus on business development, deepen relationships with complex clients, or simply avoid burnout. Kitces Research finds that solo advisors typically spend about 20 hours per first-year client, but with support staff, that time can drop by 25%. Even if an associate takes longer to complete a task, the time saved for the lead advisor still translates to a net gain – especially when reinvested in higher-value activities. A partial delegation approach – where the associate owns tasks within clear review guardrails – helps manage risk while steadily building confidence and capability.

To facilitate this ramp-up, five functional areas stand out as ripe for early delegation: client onboarding, meeting preparation and recurring plan updates, post-meeting follow-up, incoming client requests, and firm-specific “advisor odds and ends”. Onboarding tasks like data entry, identifying insurance or planning gaps, and building preliminary recommendations help associates learn the firm's process while contributing meaningfully. Meeting prep and recurring plan maintenance tasks create repeatable opportunities to train on client strategy and support the advisor's client-facing time. Follow-up work – such as reviewing AI-generated notes, assigning action items, and drafting communications – further embeds the associate into the service model. Handling incoming client requests and CRM updates allows them to build judgment around common client needs, while owning certain 'miscellaneous' advisor tasks (like reviewing estate documents or tracking planning deadlines) frees up the lead advisor to focus on more strategic work.

Successful delegation, however, requires intentional structure. A phased model – progressing from observation, to guided work, to synchronous review, and eventually to asynchronous or conditional reviews – ensures that associates progress systematically, while the lead advisor retains appropriate oversight. When paired with clear benchmarks, this model supports learning and accountability, prevents premature autonomy, and keeps work consistently moving off the senior advisor's plate – all while building a confident, competent future advisor who is better prepared for advancement.

Ultimately, early-stage associate advisors don't need to be fully self-sufficient to generate ROI – they simply need opportunities to do meaningful work in a supervised, structured way. When lead advisors approach delegation as a tool to expand capacity – not as a demand for perfect execution – firms can begin seeing returns within months, not years. With a deliberate onboarding path and well-defined responsibilities, associate advisors can become an investment in sustainable firm growth!

Weekend Reading For Financial Planners (October 11–12)

October 10, 2025 02:00 pm 0 Comments CATEGORY: Weekend Reading

Enjoy the current installment of "Weekend Reading For Financial Planners" – this week's edition kicks off with the news that a recent study by Osaic of advisors on its platform identifies four avatars of those who experienced the most growth, including "Rainmakers" who prioritize building relationships with prospective clients and centers of influence, "CEOs" who craft formal business plans and implement them through a team to increase capacity, "Financial Planners" who go deep into the planning process to add more value (and charge higher fees in the process), and "Private Wealth Specialists", who have the technical skills to serve distinct affluent client segments. Which reflects that while there is no single path to growth in the financial advice industry, recognizing advisor strengths that reflect these avatars and leaning into them could lead to a more focused growth strategy compared to attempting a more scattershot approach.

Also in industry news this week:

State regulators are increasingly examining advisors' use of held-away asset management technology, with some highlighting the potential utility of these tools and others taking a much stricter line
A CFP Board study finds that women CFP Professionals are, on the whole, very satisfied with their careers and identifies practices firms could consider to attract more women to their teams and into the industry as a whole

From there, we have several articles on mortgage planning:

How financial advisors can offer value for clients by helping them evaluate opportunities to reduce their mortgage rate on a new home, from the tradeoffs involved when paying points to 'buy' a lower rate to temporary interest rate buydown opportunities
Why observing 10-year Treasury rates (and not just the latest Federal Reserve interest rate decision) could be particularly instructive when assessing how mortgage rates might move in the coming months
An analysis suggests that delaying a home purchase at a time when the Fed is expected to cut rates might not be as rewarding (in terms of getting a significantly lower mortgage rate) as many clients might expect

We also have a number of articles on advisory firm fees:

A recent study finds that firms charging on a fee-for-service basis increased their fees over the last year, with many using both flat and assets under management-based fees in their practices
How evaluating a firm's median client fee can signal whether it could face capacity constraints in the years ahead
Why taking a value-based approach could be particularly effective (compared to a cost-centric message) when communicating a fee increase to clients

We wrap up with three final articles, all about avoiding scams:

Six-figure losses amongst older victims of impersonation scams have risen dramatically over the past several years, offering an opportunity for advisors to inform clients of the warning signs that they might be targeted
How advisors can play a role in helping clients avoid falling victim to ACATS scams, which can drain their brokerage and retirement accounts without their knowledge
Two simple rules that can help busy professionals avoid becoming victims of increasingly sophisticated scams

Enjoy the 'light' reading!

3 Strategies To Optimize Incentive Stock Options Planning And Address AMT

October 8, 2025 07:03 am 0 Comments CATEGORY: Taxes

For clients receiving Incentive Stock Options (ISOs) as part of their compensation, the potential for wealth creation can be significant – but so too is the risk of adverse tax consequences if not handled properly. While many employees focus on the upside possibilities, few understand in detail how ISOs function or the critical role that taxes play in shaping their real take-home value. Advisors are uniquely positioned to help clients navigate these complexities, especially since poor planning around ISO exercises can create a substantial tax liability without generating the liquidity to pay it, thereby jeopardizing other aspects of the financial plan.

In this guest post, Daniel Zajac, Managing Partner of the Zajac Group, explores how ISOs work, the unique tax challenges they present, and the strategies advisors can use to help clients maximize their benefits. ISOs are attractive because, under the right conditions, gains from their exercise and sale can qualify for long-term capital gains treatment. However, to receive this preferential tax treatment, employees must wait to sell the employer stock until at least one year after exercise and two years after the original grant date. Failing to meet these thresholds results in a 'disqualified' disposition, where some or all gains are taxed as ordinary income.

The bigger complication with ISOs lies in their interaction with the Alternative Minimum Tax (AMT). Exercising ISOs and holding the shares beyond the end of the tax year can trigger AMT liability on the 'bargain element' (i.e., the spread between the exercise price and the fair market value at exercise). This can leave clients facing large tax bills on paper gains from unsold stock without the liquid funds available to pay.

Several strategies can help mitigate the impact of AMT on ISO exercise. One approach is to exercise early in the calendar year, giving clients time to hold shares for the one-year requirement and still sell before the next year's tax deadline, using the proceeds to pay the AMT bill. Alternatively, clients may intentionally disqualify ISO-purchased shares by selling them before year-end, helping to avoid AMT altogether. While this subjects the gain to ordinary income tax instead of capital gains treatment, it eliminates the risk of phantom income and reduces concentration risk in the client's portfolio.

For clients intent on holding their shares long-term, advisors can help identify the "AMT crossover point" – the amount of ISOs that can be exercised without triggering AMT. This requires modeling the difference between regular tax and tentative minimum tax, which varies by income, deductions, and filing status. When AMT is paid, clients may be eligible for a future AMT credit, allowing them to recoup part of the tax over time when regular tax again exceeds AMT liability. While recovery is often gradual, advisors can sometimes accelerate it leveraging high AMT basis or timing qualified dispositions that widen the gap between regular and AMT capital gains.

Ultimately, ISOs offer a powerful planning opportunity but require careful coordination of tax efficiency, portfolio risk, and liquidity. AMT is not simply a hurdle to avoid but a tax timing issue that can be anticipated and managed. With proactive guidance, financial advisors can help clients use ISOs as a strategic tool – not just a compensation perk – to support long-term wealth-building and thoughtful, holistic financial planning goals!

Overcoming Perfectionism Burnout While Still Serving Clients Well With A Standard Of “Calm Excellence”: #FASuccess Ep 458 With Lisa Brown

October 7, 2025 07:03 am 0 Comments CATEGORY: Financial Advisor Success Podcast

Welcome everyone! Welcome to the 458th episode of the Financial Advisor Success Podcast!

My guest on today's podcast is Lisa Brown. Lisa is the president of Greenwood Gearhart, an RIA based in Fayetteville, Arkansas, that oversees approximately $1.8 billion in assets under management for 1,070 client households.

What's unique about Lisa, though, is how her firm has implemented an approach of "calm excellence" (in contrast to a practice of "urgent perfectionism") that has allowed her firm to manage its rapid growth while maintaining a high level of client service and mitigating potential burnout amongst staff members.

In this episode, we talk in-depth about how Lisa's firm made the transition from being investment-centric to being planning-centric (helping it avoid fee compression and maintain the same fee schedule it's had for its 43- year history), how Lisa's firm experienced significant growth after developing its comprehensive planning model (while also adding significant work for the firm's staff), and how Lisa found that striving for perfection in the planning process led to burnout amongst team members (who sometimes would work past midnight trying to create the best possible plans and client experience).

We also talk about how Lisa recognized that her team was likely on an unsustainable path and instead developed a framework of "calm excellence" (which her firm defines as "Striving to be our best with measured and paced progress while allowing ourselves to learn and grow from challenges and mistakes"), how Lisa's approach has her team focus primarily on what matters most to the client and what's going to move the needle for them (reducing the number of supposedly "urgent" tasks they face during the day), and how Lisa's "calm excellence" model has led to more efficient (and fewer) work hours for her staff and an element of mutual respect with clients (as both the firm and the clients focus on what's most important).

And be certain to listen to the end, where Lisa shares how her firm reduced the number of internal meetings to two (a daily huddle and a regular investment committee meeting) and only brought back other meetings on an as-needed basis (freeing up staff time for more important tasks), how Lisa's firm has boosted morale by implementing a "kudos" program that allows team members to publicly recognize peers (and award them with a $100 gift card), and how Lisa overcame her own perfectionist tendencies through coaching, reading, and journaling and ultimately embrace the calm excellence framework.

So, whether you're interested in learning about how to overcome the temptation of perfectionism, how to incorporate a framework of "calm excellence" across an entire firm, or how to effectively reduce the number of meetings on team members' calendars, then we hope you enjoy this episode of the Financial Advisor Success podcast, with Lisa Brown.

Origin’s New ‘AI Financial Advisor’ Won’t Threaten Human Advisors (And More Of The Latest In Financial #AdvisorTech – October 2025)

October 6, 2025 07:02 am 0 Comments CATEGORY: Technology & Advisor FinTech

Welcome to the October 2025 issue of the Latest News in Financial #AdvisorTech – where we look at the big news, announcements, and underlying trends and developments that are emerging in the world of technology solutions for financial advisors!

This month's edition kicks off with the news that Origin has launched a new, direct-to-consumer "AI financial advisor" that gives advice on budgeting, provides investment recommendations, and creates future planning projections and suggests strategies, all for $1 for the first year and $99 thereafter – but while Origin is unlikely to threaten human advisors (since it's primarily geared towards DIYers who wouldn't be likely to hire a human advisor to begin with) the big question is whether it will be able to solve the client acquisition cost problem that has beleaguered many low-cost planning tools in the past (including the robo advisors of the 2010s)

From there, the latest highlights also feature a number of other interesting advisor technology announcements, including:

Long-running equity compensation software StockOpter has been acquired by Grantd, a new startup that plans to refresh StockOpter's software with a more modern, AI-driven interface – which may be more about acquiring StockOpter's existing user base and data than it is about the software itself
Rebalancing platform RedBlack is being relaunched in the U.S. six years after being acquired by the asset manager Invesco (and being subsequently folded into the mainly UK-focused Intelliflo platform), bringing back what is now one of the only standalone rebalancing tools on the market – raising questions about whether RedBlack will find a specific niche focus not served by more comprehensive portfolio management platforms like Orion, or whether this is simply the prelude to another acquisition that would incorporate RedBlack into another all-in-one solution?
AI-powered prospecting tool Wealthfeed has announced a strategic partnership with Broadridge, which will take a minority stake in Wealthfeed and incorporate its AdvisorStream marketing automation tools within the Wealthfeed platform – which on one hand makes sense as a partnership that allows advisors to both identify and vet prospects and subsequently market to them as well (since not all of them are likely to say "yes" right away), but on the other hand suggests that the market for standalone prospecting tools is getting crowded enough that there is pressure to add features, partner with other solutions, and (perhaps) ultimately be acquired by more comprehensive marketing platforms

Read the analysis about these announcements in this month's column, and a discussion of more trends in advisor technology, including:

How standalone advisor-specific AI notetakers are beginning to experience price compression amid the debuts of Altruist's Hazel and Wealthbox's integrated AI notetaker, both of which are selling at around $50 compared to the $120+ originally charged by standalone tools – leading tools like Jump and Zocks to introduce lower-cost "basic" pricing tiers and pack more features into their premium offerings to justify their ongoing value in the face of cheaper alternatives
How Slant is creating a new CRM that aims to use AI to help advisors build better client relationships, from surfacing "memories" of key client information at opportune moments to sending "nudges" to the advisor to follow up on pressing tasks to including its own integrated AI notetaker – showing how, by using the things that AI is good at, an AI-native CRM can be centered around actually managing client relationships rather than simply storing data

And be certain to read to the end, where we have provided an update to our popular "Financial AdvisorTech Solutions Map" (and also added the changes to our AdvisorTech Directory) as well!

*To submit a request for inclusion or updates on the Financial Advisor FinTech Solutions Map and AdvisorTech Directory, please share information on the solution at the AdvisorTech Map submission form.