Before I entered the financial-services industry, I worked for over 10 years as an accountant and controller. This has naturally led me to add a strong tax-analysis component to everything I do on behalf of my clients.
Our focus as a firm is on middle-class American clients, and I have found that to be a largely untapped market for advisors—greatly underserved—and also a group that needs our services just as much as high-net-worth clients. For this group, every dollar counts in terms of building a total financial strategy and providing for their family’s retirement needs.
For each client, we go through a complete financial analysis, building toward a strategy that will meet goals for both the short term and the long term. Most of the clients I work with may have a combination of taxable assets, tax-deferred assets, and tax-exempt assets. As people move closer to retirement, this naturally includes factoring in such elements as the sale of a house, rolling over a 401(k) plan, claiming strategies for Social Security, and how to pass along their estate to heirs.
The point is that all of these assets, potential incomes streams, and their current tax status must be considered in developing a tax-advantaged financial strategy. As a CPA, I feel extremely well-qualified to do the bulk of this analysis, calling upon the services of estate-planning attorneys, as necessary.
Most people have done a fairly adequate job in the accumulation phase of benefiting from tax advantages. Most people, on the other hand, have very little idea of how to best manage their finances and investments for taxes on the distribution side. So we will design those strategies for clients as a regular part of our planning process.
We can put together a very attractive planning and investment package that will meet clients’ risk tolerances, provide income strength through retirement—assuming adequate assets are there—and create a legacy scenario, all with an eye to minimizing tax exposure.
Disclosure: Gary Strawn is a registered representative and an investment advisor representative with Transamerica Financial Advisors, Inc. Securities and investment advisory services offered through Transamerica Financial Advisors, Inc. (TFA), Transamerica Financial Group Division—member FINRA, SIPC, and registered investment advisor. Non-securities products and services are not offered through TFA. Tax and/or legal advice not offered by Transamerica Financial Advisor, Inc., Transamerica Financial Group Division, or their affiliated companies. Please consult with your personal tax professional or legal advisor for further guidance on tax or legal matters. TFG004852-09/14.
Photography by Nathan Whitney
