For most Americans, April marks the beginning of warmer weather as the chilly winter months fade into the past. The month also brings a sigh of relief for millions of Americans who complete the often painful process of filing their income tax returns by the April 15 deadline.
Sometimes, even the best spreadsheets miss the mark. That’s because investors, while typically seeking the best possible investment return, may have values or beliefs that can supersede financial recommendations that only consider hard numbers.
Many investors mistakenly believe that their income levels limit their options to qualified employer retirement plans when it comes to tax-advantaged investing. Yet, a novel strategy called a backdoor individual retirement account can help highly compensated clients save an estimated $250,000 in taxes over their lifetimes.
Firms that use interns should use the recruits to help senior planners prepare for client meetings and should take steps to ensure that the new hires engage in tangible job duties, including meetings with clients. So reports CNBC.
A new study by Vanguard concludes that advisors can add 3% to investors’ returns by following established financial strategies. The document is technical in nature and, at 28 pages in length, rather long. Yet, it can serve as a foundation for helping financial planners justify their fees and illustrate the potential value of professional advice.