8 Ways Tax Planning Is Changing Fast

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Tax planning for wealthy clients often involves advanced strategies with numerous legal and accounting implications. As a result, bringing tax-aware advisory services to bear is a big challenge that demands specialized resources and capabilities.

During a recent ThinkAdvisor wealth management masterclass in partnership with the Investments and Wealth Institute, a panel of experts shared that tax-aware wealth management is in increasing demand, and those advisors who can’t stand up to the competition will soon find their practices losing ground.

Speakers on the panel included Jeremy Milleson, director of investment strategy at Parametric Portfolio Associates; Dawn Jinsky, a partner and leader of estate and business transition planning at Plante Moran; and Anna Soliman, trust counsel at Fiduciary Trust International.

The complexity of tax issues tied to topics such as retirement income planning and legacy giving is hard to overstate, they said, but advisors do have an increasingly sophisticated set of technology tools and support services to make the work much more manageable.

Ultimately, the panel concluded, tax-aware management will be a hot topic in 2024, and it’s important for advisors to ensure they are keeping up with clients’ expectations — especially in the high- and ultra-high-net-worth segment.

See the accompanying slideshow for eight key wealth management concepts and considerations for advisors. Not every point will be relevant for every client, but by keeping the bigger perspective in mind, advisors can ensure that they are delivering excess value and improved outcomes.

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