5 Success Factors for Succeeding in Tax Planning Courses

Tax Planning
Tax planning courses and tax planning schools are not topics that appeal to most advisors. Brokers and clients are intimidated by taxes. The reality is basic training in tax planning can take your practice to a new level. Think of those brokers you know who have a tax preparation practice that feeds them investment clients.

Those that have specialized training in taxation are viewed as being smart and definitely differently than advisors, brokers and planners in general. The beauty of a good tax planning course is that it is something you only have to go through once, information is actually straightforward and not complex. You can draw on such knowledge every time you meet with a client-plus learn ways to reduce your own tax liability.

The great thing about tax planning is you can increase one's after-tax income without increasing risk or sacrificing something else. Normally, advisor recommendations are a trade-off: greater return potential but greater risk or more current income but less growth. A tax planning course presents ideas that result in a win-win situation: the client has more income and now views you as a financial genius.

Tax planning courses are the gift that keeps on giving. Once a client's portfolio has been repositioned, tax savings are ongoing-the same amount of tax dollars are saved in subsequent years.

Adding tax planning to your practice is an inexpensive way to retain clients (people rarely change tax preparers) and prospect for new ones. Your promotional campaign (advertising, social gatherings, etc.) can be simple: "I specialize in reducing people's taxable income so they keep more of what they earn. This is a free service we provide our clients. If you would like a free consultation, I can almost guarantee that I can increase your income without increasing your risk level. These meetings typically take less than half an hour."

A good tax planning course or tax planning school emphasizes the simplicity of tax reduction: shifting taxable income into capital gains rates, tax deferred or tax-free vehicles. Asset repositioning can trigger new ideas and strategies; it may also generate fees or commissions. Most importantly, this simple restructuring creates a very positive bond between you and the investor. You then have a new advocate that can easily explain to friends, neighbors and co-workers that you were able to save them hundreds or thousands of dollars a year in taxes. Everyone wants to lower their taxable income; this is something that resonates with all who hear about your services.