Covisum Blog

As a financial advisor, you know that taxes in retirement are one of your clients’ top stressors. Offering planning services that optimize your client’s tax situation is an excellent way to highlight your expertise — and it makes a compelling selling point for potential clients who are concerned about navigating the tax aspects of their retirement income planning.

As more Americans prepare for retirement, the role of a financial advisor has become more crucial than ever. Multiple retirement income streams, unexpected shifts in the stock market, ever-changing tax laws, and more make the retirement income planning process confusing. Savvy financial advisors understand that an effective retirement income strategy helps clients sidestep undesirable tax situations, so they hold onto more of their hard-earned money. One of these strategies is the Roth conversion, the conversion of a traditional IRA to a Roth IRA. Roth conversions can help clients reduce their tax obligations in the short term while lowering the total amount of taxes they’ll be required to pay in the long term when they retire. Let’s dig into the benefits of Roth conversions for your clients and the advantages of high-quality financial planning software for you and your practice.

In 2022, financial advisors are taking on more tasks, from frequent client meetings and understanding market fluctuations to staying on top of potential legislation changes. They’re also largely responsible for bringing in new prospects and growing their practice. Financial advisors must continually learn and adapt without sacrificing their ability to provide outstanding service to their clients. Covisum’s Tax Clarity® offers many advantages to financial advisors when creating comprehensive retirement income plans for clients. With the ability to carry out complex calculations and factor in relevant tax laws, income thresholds, different scenarios, and more, Tax Clarity can showcase the value of your financial services.