Tax & AccountingOctober 25, 2022
A checklist for financial advisors: how to expand your portfolio to include tax services
Financial service providers that can align how they operate to changing consumer trends may find more – and more loyal – clients waiting in the wings. For instance, financial service providers are adding new services to their roster, exploring new ways they can better advise clients, especially those in ultra-high-net-worth (UHNW), high-net-worth (HNW), family office, and trust categories.
Incorporating in-house tax can make for a natural extension since it allows companies to engage on a critical component of their client’s financial wellness more proactively – and, in the process, provide more holistic, strategic support.
If your financial services firm has never offered in-house tax before – but you see more and more competitors using it to provide their clients with a more strategic, holistic service – there's a clear way to catch up.If your team is taking initial steps or still in the consideration stage toward adding in-house tax to their portfolio, here's a checklist to help keep you on solid footing:
- Identify emerging trends
- Gauge demand for tax services among your customer base
- Hire staff
- Pick your business model
- Know your collaboration model
- Plan for volume
- Think specialties
- Spec out your technology
- Align internal stakeholders
- Hone your prospect list
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