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Emotion in financial advising

Beyond Numbers: The Power of Emotion in Financial Advising

In the world of financial planning services, numbers and strategies often take the spotlight. However, advisors sometimes overlook an essential element to a thriving practice – emotional connection with clients.

Whether it’s to win new business or make a lasting impression on an existing client, when you establish an emotional connection with your clients, you can transform your firm and develop a reputation for being someone they can trust.

Clients Value Trust as Much as Expertise

When it comes to financial decisions, most are deeply personal and tied to life goals, dreams, and real-life concerns. Current and prospective clients not only seek your expertise when coming to you for advisement, but also a sense of security and understanding. Establishing emotional connections helps you empathize with their unique circumstances, fostering trust and long-term relationships. And if there’s one thing successful financial advisors know, it’s attracting and retaining clients is all about relationships and the value you bring to them.

Tips to help financial advisors emotionally connect with clients:

Clients want to feel truly taken care of and cared for. Here are a few key strategies you can start using today to begin developing an emotional connection with your clients:

  • Active Listening: Pay attention not just to the numbers, but to your clients’ personal stories, goals, and fears. This helps you offer relevant solutions and shows that you genuinely care.
  • Personalized Approach: Treat each client as an individual. Remembering details about their lives and referencing them in conversations demonstrates your commitment to their well-being.
  • Open and Transparent Communication: Share your experiences, both successes and challenges. This humanizes you and encourages clients to be vulnerable and honest.
  • Consistent Follow-Ups: Regularly check in with clients beyond financial updates. Inquiring about personal milestones and challenges shows that you’re invested in their overall success.

One easy way to put all the following strategies into action is to implement The Bucket Plan ® Process.

This financial planning process offers financial advisors a powerful tool to emotionally connect with their clients by focusing on their clients’ life goals, needs, and aspirations. By categorizing assets into specific “buckets” for different time horizons now, soon, and later, advisors create a tangible representation of their clients’ financial journey.

Now, Soon, and Later buckets of The Bucket Plan®
The Now, Soon, and Later buckets of The Bucket Plan® retirement planning process.

As advisors help clients allocate their resources into these buckets based on their unique circumstances, they demonstrate a keen understanding of what their clients’ money means to them on a deeper level in the present and the long run. This process allows advisors to have meaningful conversations about their clients’ values, fears, and aspirations, creating a sense of trust and a good rapport.

Additionally, the Bucket Plan® process emphasizes ongoing communication and adjustments, reinforcing the client-advisor relationship. Financial advisors continuously refine the allocation of resources in each bucket, demonstrating their commitment to aligning financial strategies with clients’ evolving life stages and goals. This proactive and personalized approach can not only ensure financial success but also help clients feel understood and supported on their financial journey.

Practical Ways to Add ‘Heart’ To Your Existing Process:

Financial advisors everywhere can find opportunities to make an emotional connection with their clients in plenty of their existing processes. For example, while it’s considered standard practice in estate planning to capture and store important information, like clients’ financial statements, arrangements, household legal documents, and more, C2P-trained advisors have used the Family Estate Organizer to bring incredible value to the client and their beneficiaries.

A recent episode of The Bucket Plan® On-Demand Podcast describes how The Family Estate Organizer — a key deliverable in the Bucket Plan® process — has helped advisors nationwide to not just organize their clients’ assets and wishes but significantly strengthen their client relationships.

Personalize Your Client Experience

One advisor featured in the same podcast decided to take this packaged deliverable a step further to make an even more meaningful connection with his clients. Dean Thurman, Founding Partner of InvestWise Financial and White Glove, put his own spin on the Family Estate Organizer including all the financial essentials of the traditional C2P tool, but added additional content. His office describes this version as the Family Estate Organizer, “with a heart.”

His leather-bound binder features the client’s name laser-etched into the front and the sentimental elements included are sections for personal information and a special envelope with instructions for who will open it in the event of a loved one’s passing. It also includes a place for a favorite photo, words of wisdom, and life history complete with memories, traditions, and recipes.

Thurman’s firm provides these binders to every new client and claims it helps his business stand out and serves as a natural referral tool. “They brag to their friends about their beautiful family organizer,” Thurman said, which can eventually lead to more referrals.

Even further, Thurman used it recently to facilitate an important introduction with his existing clients and a new advisor who would be taking over their business. He says that going over the binder together left the client and the new advisor “in tears” and helped establish a sense of trust in a single appointment that would usually take four or five meetings to establish.

Final Thoughts

In the financial services industry, connecting on an emotional level can be the differentiator that propels your business forward. Building trust, understanding your clients’ aspirations, and providing tailored solutions is proven to serve your client and business alike. By prioritizing these connections, you’re not just managing finances – you’re helping individuals achieve their life goals and secure their financial futures.

Financial Professional Use Only

The information provided in this presentation is not intended as investment advice or legal advice. The information provided is for informational and training purposes only. The information in this presentation was accurate as of the time the material was created. Tax laws and rulings can frequently change. Please discuss the client’s current situation with an accountant or tax advisor.

C2Ps’ Innovations and Leadership Named 3x Finalist for ThinkAdvisor LUMINARIES Class of 2023  

Recognized for bringing impactful solutions to financial advisors, C2P and its leaders continue to transform the industry through thought leadership and education

 Cleveland – July 25, 2023 – C2P Enterprises (C2P), a collective of brands designed to simplify financial planning for advisors and the clients they serve, is pleased to announce that the company’s latest training course, created by Jason L Smith, Founder and CEO, is a finalist for ThinkAdvisor’s LUMINARIES Class of 2023, in addition to Dave Alison, CFP®, EA, BPC, President and Founding Partner and Matt Seitz, Chief Marketing Officer and Partner, who have also been named finalists for individual categories. Now in its third year, the LUMINARIES awards program highlights how top-performing industry participants — both firms and individuals — produce meaningful results through efforts that matter most to financial advisors.

C2P, which has been named a finalist for the “Thought Leadership & Education” category for firms, recently launched its Advisor Career Path & Compensation program as a critical turnkey resource for succession planning and cultivating the next generation of advisors. The live two-day virtual training course is aimed at helping advisors recruit, reward, and retain top talent and is designed for advisors who are the sole rainmaker of their practice and are looking to build a self-sustaining business.

“I am incredibly proud of our entire C2P team for these well-deserved recognitions,” said Smith. “With more than one-third of all financial advisors expected to retire in the next decade, we recognized an incredible gap in our industry that needed to be solved. With the Advisor Career Path & Compensation program, we have successfully developed a transformative program that enables advisors to enlist top talent, grow their businesses and build an effective succession plan for their practices,” continued Smith. “I also want to recognize the fantastic leaders we have in Dave and Matt. They each play key roles in shaping our innovative culture as we work to bring impactful solutions to the financial industry and simplify financial planning so families can achieve true prosperity.”

Alison, a finalist for the “Thought Leadership & Education” category for individuals, created and hosts a broad range of live, on-demand, and virtual training resources for advisors, including the popular The Tax Management Journey®, a two-day training designed to expand an advisor’s business by adding tax planning and management services to their business offerings. He is constantly innovating and producing compelling and actionable content for advisors and consumers alike. This content covers everything from proven and repeatable turnkey processes for best interest tax management and financial planning to market updates, marketing strategies and operations systems.

Seitz, a finalist for the “Executive Leadership” category for individuals, recently created a seminar and ebook to educate advisors on the new SEC Marketing Rule, covering important details like selecting and soliciting client feedback, required disclosures, avoiding fines, best practices, as well as the pros and cons and the overall impact on one’s practice. Additionally, he started a Marketing Roundtable for industry professionals to collaborate and share ideas on impactful marketing and sales tactics; and was C2P’s #1 mentor in 2022 for the enterprise’s affiliated advisors interested in marketing and sales guidance. His innovative nature continuously helps C2P and its advisors remain competitive as he regularly seeks opportunities to enhance their reach through marketing and education.

The 2023 LUMINARIES finalists list will now go before an esteemed judging panel who are tasked with selecting standout LUMINARIES within each sub-category. These individuals and companies will be highlighted and receive their awards as the 2023 LUMINARIES winners at a gala ceremony in November. For the full methodology, visit: www.event.thinkadvisor.com/luminaries-awards/methodology

About C2P Enterprises

C2P Enterprises is a holding company comprised of brands designed to simplify financial planning for advisors and the clients they serve. United by the vision to provide planning and financial products in the best interest of the client, each company offers education, training, resources and tools to meet a client’s unique financial situation, along with access to an array of investment and insurance vehicles to help accomplish their goals. Each organization is committed to fiduciary best interest practices and training industry standards for a higher qualify of holistic financial planning services to families nationwide and worldwide. For more information, visit www.C2PEnterprises.com.

Investment advisory services are provided by C2P Capital Advisory Group, LLC d/b/a Prosperity Capital Advisors, LLC (“PCA”) an investment adviser federally registered with the Securities and Exchange Commission (SEC).

###

FOR IMMEDIATE RELEASE  

CONTACT  
AdvisorPR®  
(702) 685-7450  

Women Behavioral Finance

How to Empower Women Clients Using Behavioral Finance

Women face particular challenges when it comes to navigating the world of financial planning and investing with confidence, whether caused by behaviors more common to them or the way the wealth management industry has historically perceived them. However, with women poised to be on the receiving end of a massive generational wealth transfer in the years to come, advisors need to make sure they are connecting with and supporting their women clients in ways they have not done before. That’s where behavioral finance can help.

Understanding Behavioral Finance

Behavioral finance is a branch of economics that studies how psychology influences financial decision making. It recognizes that our emotions, biases, and cognitive factors motivate people to make choices when it comes to managing their money. This intersection of psychology and financial services also explores concepts such as loss aversion, overconfidence, and herd mentality, all of which can impact a client’s financial outlook.

In an episode of A Woman’s Clarity podcast, Daniel Crosby, Ph. D., Chief Behavioral Officer at Orion Advisor Solutions, told Kirsten Schlumbohm, Vice President of Annuity Sales at C2P, that there are many ways women have been misunderstood by the financial services industry, despite them often outperforming men in investing, and that those should change. “The way our industry has tried to approach women about investing and money, I think a lot of times it’s patronizing, it’s kind of pink-washed … and so we should be speaking to women and meeting them where they’re at, which is in high places.”

Women’s Financial Behaviors

Women face a unique set of challenges in the financial realm. Historical and societal factors have contributed to disparities in confidence and participation. Additionally, research over the years suggests that women may exhibit different behavioral biases compared to men. These biases can include being more risk-averse and seeking more education and information before making decisions.

According to Fidelity’s 2021 Women & Investing Study*:

  • 64% of women want to be more active in their finances, which includes making key investment decisions
  • 65% of women said they would invest more or have a higher likelihood of investing if they had clearly defined steps of how to
  • 70% of women reported they would need to know more about choosing individual stocks.

How Financial Advisors Can Help:

1. Education and Empowerment:

Financial advisors play a crucial role in educating their female clients about financial concepts, investment options, and the importance of long-term planning. By providing comprehensive and tailored financial education, advisors empower women to make informed decisions and take an active role in managing their finances.

2. Identifying Behavioral Biases:

Financial advisors who are skilled at recognizing behavioral biases of their clients can be better fiduciaries. By understanding their women clients’ decisions on a more personal level, advisors can help them feel more confident in their financial plan and investment strategies.

3. Goal Setting and Planning:

By helping women establish goals and using a holistic financial planning process, advisors can create a roadmap for their success. Working with women clients to explain and develop personalized financial plans that consider risk tolerance, time horizons, and income streams, aligning investments with these goals.

4. Behavioral Coaching & Support:

When women clients feel like they have a trusted financial representative, this is reassuring during times of market volatility, helping them stay focused on their long-term wealth objectives. Financial advisors should provide ongoing support for their women clients, guiding them through market fluctuations and create a customized investment portfolio they can feel confident about.

5. Communication and Collaboration:

Effective communication is key to the advisor-client relationship. Financial advisors should take extra time to understand their female clients’ unique circumstances, values, and concerns. Kirsten Schlumbohm added that it’s important for financial advisors to come into meetings with their women clients with open ears and create a safe, inclusive environment. “Women want to be heard, they want to be educated, they want you — the advisor — to come to the table they’ve set, not one that’s been set for them,” Schlumbohm said.

When financial advisors employ aspects of behavioral finance to understand, connect with, and serve their women clients, those clients feel more confident in their overall wealth plan and engaged in the process. By educating, guiding, and listening, financial advisors can better help women build a more secure financial future and feel empowered in doing so.

*Source: https://www.fidelity.com/bin-public/060_www_fidelity_com/documents/about-fidelity/FidelityInvestmentsWomen&InvestingStudy2021.pdf

Financial Professional Use Only

The information provided in this presentation is not intended as investment advice or legal advice. The information provided is for informational and training purposes only. The information in this presentation was accurate as of the time the material was created. Tax laws and rulings can frequently change. Please discuss the client’s current situation with an accountant or tax advisor.

Simplify Asset Allocation

How Financial Advisors Can Simplify Asset Allocation for Clients

Asset allocation is important for you to explain clearly as an advisor, so your clients fully understand their overall investment strategy. However, taking the somewhat broad topic of asset allocation and attempting to explain it to those not as well versed in wealth management can be a challenge at times.

That’s where simplifying these concepts is key. When you do, you’ll engage your clients and make the main tenets of asset allocation easily digestible for them. This will in turn strengthen your relationship and make it easier to help them achieve their long and short-term goals.

Employ Visuals and Graphics

The financial realm can be confusing to the average person, so it’s important to break it down in a way your clients understand. Since many people are visual learners, one of the best ways to keep your clients in the loop is to use graphics when talking about asset allocation. This makes the way you explain their wealth and their financial planning options easier to follow, so they feel more empowered.

In an episode of The Bucket Plan® On-Demand podcast, Ivy Pierson, CEP, MBA, founder of Pierson Wealth Management, and Joe Salerno, of Salerno Financial Group both describe how using visuals improved the asset allocation dialogue they have with their clients.

Use Analogies

This strategy often pairs well with visual aids because it helps you drive your point home and allows clients to see their finances from a fresh perspective.

When your clients can grasp what their wealth represents and how they need to allocate their assets to ensure a comfortable future, it inspires them to be proactive when it matters — now. Some examples include organizing your clients’ assets into “buckets” representing different time frames or likening your clients’ assets to a coursed-out meal.

Explain EVERYTHING 

It’s easy to forget as a financial professional that your clients aren’t as familiar with the territory as you, which includes some important language. While some concepts surrounding asset allocation are jargon-laden, they can very easily be pared down.

Some key phrases you should clarify plainly when going into detail about asset structuring are:

  • Diversification/ a diversified portfolio: talk about the effects of spreading wealth across several asset classes, such as having a mix of stocks, bonds, and cash.
  • Risk tolerance: explain how the level of risk they are willing and capable of enduring impacts their investment return and overall plan.
  • Time horizon: make sure your client understands how the amount of time they hold their assets factors into them reaching their goals.

Customize Your Explanations

Every client’s financial situation is different, so to best simplify asset allocation, you should work details from their lifestyle into your conversation. This strategy is especially helpful when assessing their short and long-term financial goals. Personalize your approach by asking if there are any trips they plan on taking, if there are any major life events such as children getting married, or if they have any experience with alternative investments, such as real estate.

Helping your clients greater understand their assets and options for investing and securing retirement income will strengthen your relationship with them now and in the future. To learn about proven processes that can help simplify asset allocation for your clients even more, book a call today.

Financial Professional Use Only

The information provided in this presentation is not intended as investment advice or legal advice. The information provided is for informational and training purposes only. The information in this presentation was accurate as of the time the material was created. Tax laws and rulings can frequently change. Please discuss the client’s current situation with an accountant or tax advisor.

June 2023 Mastermind Collegium

C2P’s June 2023 Mastermind Collegium Was a Success — Here’s What You May Have Missed

The June 2023 Mastermind Collegium, or MMC, has come and gone, marked by a talented group of speakers and guests that descended upon Cleveland, Ohio. The venue was the gorgeous Hilton Cleveland Downtown that showcased views of C2P’s home city to all the financial advisors and their teams who attended. Here is just some of the excitement from the three-day adventure.

A Woman’s Clarity Mixer Sponsored by Allianz

They came, they sipped, they celebrated. Advisors and their teams toasted to A Woman’s Clarity, C2P’s newest podcast created by Kirsten Schlumbohm, Vice President of Insurance & Sales, that focuses on the unique financial needs of women clients and how to better serve them.

Kellan Brown, Lisa Chenet, A Woman’s Clarity MMC June 2023
Kellan Brown, SVP Growth & Strategic Partnerships at Finance of America Reverse, and Lisa Chenet, CFF®, BPC™, Director of Operations at CLP Financial Group, are among guests at A Woman’s Clarity Sip & Celebrate at MMC June 2023 in Cleveland, OH.

There were signature cocktails on hand as Schlumbohm and special guest Natasha Schulze, Sr. External Wholesaler at Allianz Life, spoke about how financial services professionals can and should support female clients.

A Woman’s Clarity Sip & Celebrate Event at C2P’s 2023 Mastermind Collegium
The podcast A Woman’s Clarity was highlighted June 5, 2023 in a cocktail mixer as part of C2P’s Mastermind Collegium at the Hilton Cleveland Downtown.

Welcome to Cleveland!

The first evening, the foyer was packed with the financial industry’s top talent networking and catching up since C2P’s last big event. There were delicious snacks and drinks, live music, and Jim Morris, former youth coach and MLB pitcher behind Disney’s “The Rookie,” signed autographs and chatted up attendees.

C2P’s June 2023 Mastermind Collegium Welcome Reception in Cleveland, OH
Guests mingle at the first night’s reception on June 5 as part of C2P’s June 2023 Mastermind Collegium in Cleveland.

Morris then kicked off the following day’s events with a presentation where he delivered some poignant lessons on finding your mentors, harnessing your purpose, and following your dreams.

Jim “The Rookie” Morris speaking at C2P’s Mastermind Collegium in Cleveland, OH
Jim “The Rookie” Morris talks dreams and how to achieve them at C2P’s Mastermind Collegium in Cleveland on June 6.

Updates & Innovations from C2P’s Heroes

Three main leaders at C2P teamed up clad in superhero costumes to outline what advisors can expect on the horizon from the organization responsible for the Mastermind Collegium. Jason L Smith, CEP®, BPC, Founder and CEO; Dave Alison, CFP®, EA, BPC, President and Founding Partner; and Matt Seitz, Chief Marketing Officer and Partner, each spoke to what’s new and next at C2P, including that Alison was recently named to the 40 Under 40 list by InvestmentNews.

C2P superheroes Jason L Smith, Dave Alison, and Matt Seitz
C2P superheroes Jason L Smith, Dave Alison, and Matt Seitz update the crowd on June 6 about the latest from the organization.

Let Go & Lead with Gina Pellegrini

Owner of Strategic Coach as well as Pellegrini Consulting, Gina Pellegrini shared her expert process and logic behind fine-tuning one’s management style to foster a better work environment. Her methods outlined the importance of empowering employees, boosting accountability, and ensuring positive communication and cooperation within a financial advisor’s firm.

Team & Client Service Track Sessions

These breakouts were invaluable to helping team members learn from each other to stay organized and on track to further their success.

Jennifer Mackert leads a Team & Client Service Track session at MMC June 2023 in Cleveland
Jennifer Mackert leads a Team & Client Service Track session at the June 2023 MMC in Cleveland.

Led by Jennifer Mackert, Chief Operating Officer and Partner at C2P, Gina Pellegrini, Matt Seitz, and others, these activities and lessons included:

  • The importance of having a process for qualifying leads and converting them to prospects
  • Project planning tools to increase efficiency, organization, and streamline one’s offices
  • Guidance on successful calling practices to secure more business
  • Communication best practices, including weekly reports and a meeting structure format
  • Marketing strategy Q & A that covered everything from social media to artificial intelligence (AI)
Gina Pellegrini leads a Team & Client Service Track session at MMC June 2023 in Cleveland
Gina Pellegrini leads a Team & Client Service Track session at the June 2023 MMC June in Cleveland.

Mastermind Groups

Guests were able to create a mastermind group with others in similar roles that can help them meet their goals. Advisors and paraplanners teamed up with others in one session, and client service representatives and other team members gathered in another session — all exchanged ideas and created a plan to follow and check-in with each other. These mastermind groups offer a unique opportunity for top financial industry talent to support each other’s development.

Tax Management, The Bucket Plan®, and Beyond: Special Topics

Guests took advantage of grab-and-go drinks on their way to hear from a powerhouse of speakers, each covering a unique point of view. These included:

  • 3 Step Annual Review — Tim Clairmont CFP®, MSFS™, President and CEO of Clear Financial Partners.
  • Lead with Tax Management to Turn High-Net-Worth Prospects into Clients — Glen Pier, CFF, President of Infinity Wealth Management.
  • The Bucket Plan® 2.0 Innovations — Joe Bilello CFF, CHFC®, CEP®, of Avanti Wealth & Tax Management.
  • Top Advisor Showcase of Joe Salerno — how he has maintained success at Salerno Financial Group and the core values that inform his work.

A Night Out in “The Land”

After a long day, attendees were able to unwind and rub elbows on the water at  Lindey’s Lake House in Cleveland’s Flats East Bank entertainment district. Advisors and the C2P crew alike took part in dressing up to support the local charity Superheroes to Kids in Ohio. While a DJ played in the background, guests ate and sipped along the Cuyahoga River until dark.

Costume-clad guests of C2P’s Mastermind Collegium 2023 gathered for a group superhero photo at Lindey’s Lake House Flats
Costume-clad guests of C2P’s Mastermind Collegium gathered on the evening of June 6 for a group superhero photo outside Lindey’s Lake House Flats.

Values-Based Financial Planning with Bill Bachrach, CSP, CPAE

The final day of the MMC, lead advisors and paraplanners participated in a specialized training with Bill Bachrach, author and creator of AdvisorRoadmap. Bachrach spotlighted the role of character, competence, values, and trust when it comes to being a better financial advisor. He also detailed a step-by-step process when walking clients through the Bucket Plan® that includes when and how to get paid for one’s services.

Bill Bachrach Financial Planning training
Bill Bachrach talks trust on June 6 while leading the Values-Based Financial Planning training at C2P’s June 2023 MMC in Cleveland.
Guests complete an exercise in the Values-Based Financial Planning training with Bill Bachrach at C2P’s June 2023 MMC in Cleveland
Guests complete an exercise in the Values-Based Financial Planning training with Bill Bachrach at C2P’s MMC in Cleveland on June 7.

SuperAdvisor Panel

Top industry performers assembled onstage as Jason L Smith highlighted their successes from the past year. John Del Greco, President/Owner of Del Greco Group Tax & Wealth Management topped the list, followed by Dave Alison, leader of Alison Wealth Management; Bryan Bibbo, AIF®, of JL Smith Wealth & Tax Management; and Jeannette Bajalia, President and Founder of Woman’s Worth®. Each advisor shared their insights and individual strategies on how they sustained growth.

From left, Dave Alison, Bryan Bibbo, Jeannette Bajalia, John Del Greco, and SuperAdvisor panel moderator Jason L Smith
From left, Dave Alison, Bryan Bibbo, Jeannette Bajalia, John Del Greco, and SuperAdvisor panel moderator Jason L Smith on the SuperAdvisor panel at the C2P’s MMC in Cleveland.

Marketing Closes the Mastermind Collegium

To finish out the MMC, Matt Seitz took guests through a marketing roundup, first with a presentation that homed in on why it’s critical as an advisor to integrate sales into the marketing process. Seitz explained how doing so ensures quality leads never fall through the cracks so an advisor can fully capitalize on all marketing channels.

Matt Seitz leads a talk at the June 2023 MMC in Cleveland, OH
Matt Seitz leads a talk about integrating marketing and sales at the June 2023 MMC in Cleveland, OH.

Then, Seitz sat down with a panel of C2P’s “marketing superheroes,” or advisors harnessing the power of marketing and seeing concrete results. Whether it’s a host of solid leads, new business in their practices, higher rankings on Google’s search results, and more, these advisors were recognized because they’re embracing and implementing marketing best practices. The panel consisted of:

  • Gary Pelfrey, Director of Business Development for JL Smith
  • Glen Pier, CFF, Infinity Wealth Management
  • Greg Hammer, CEO/President, Hammer Financial Group
Glen Pier, Matt Seitz, Greg Hammer, Gary Pelfrey
From left, Matt Seitz, Greg Hammer, Gary Pelfrey, and Glen Pier take part in the “Marketing Superheroes” panel discussion at C2P’s Mastermind Collegium 2023 in Cleveland.

Another Groundbreaking MMC Down — Until Next Year

The 2023 Mastermind Collegium in Cleveland was the highest attended C2P MMC to date, and the first to include advisors’ trusted staff. C2P consistently evolves to better serve financial advisors by building our offerings, infrastructure, and capacity. With our help, advisors can thrive and focus on what matters — being there for their clients. Plus, we make sure it’s not all work and no play with fun events like the MMC.

Don’t miss out on the dynamic support, training, turnkey processes, and more we can provide you as an advisor.

If you’re curious about our future MMCs, contact us today or schedule a 20-minute complimentary consultation with one of our talented team members to learn more about working with C2P!

 

Dave Alison InvestmentNews 40 Under 40

C2P’s President and Founding Partner, Dave Alison, Named to 2023 InvestmentNews 40 Under 40 List

CLEVELAND, Ohio — We are proud to share that our own Dave Alison, President and Co-founder of C2P, was named one of the financial industry’s top up-and-comers under the age of 40 by InvestmentNews. Based on his remarkable accomplishments, contributions, leadership, and promise in financial services — the four criteria to making the list — Dave was selected to be part of this prestigious group of experts. This recognition continues to prove his commitment to clients and industry innovation as a whole, and C2P is thrilled to have him at the helm helping drive the success of our advisors.

Read the press release below to hear Dave’s thoughts on being among the few young professionals chosen by InvestmentNews!

 


FOR IMMEDIATE RELEASE 

CONTACT 

AdvisorPR® 

(702) 685-7450 

 

 

C2P Enterprises’ President and Founding Partner, Dave Alison, Named to 2023 InvestmentNews 40 Under 40 List

Recognized For His Accomplishments as a Mentor, Thought Leader and Educator, Alison’s Mission is to Simplify Financial Planning for Families

Cleveland – June 7, 2023 – C2P, a company dedicated to simplifying financial planning for advisors and the clients they serve, is pleased to announce that Dave Alison, CFP®, EA, BPC, President and Founding Partner of C2P, has been named to InvestmentNews’ 2023 40 Under 40 list. The annual awards program celebrates 40 remarkable young professionals in the financial advice industry for their leadership and accomplishments, placing them among an elite class of role models and rising stars. To view Alison’s 40 Under 40 profile, visit: https://40under40inadvice.com/winners/dave-alison/.

“Receiving this accolade alongside so many esteemed industry colleagues is both a tremendous honor and a humbling experience,” said Alison. “I have dedicated my career to developing innovative solutions that empower financial professionals to better serve their clients, and our work within the industry is far from over. C2P is committed to driving positive change in the industry, and I’m grateful for this opportunity as we work to educate, train, grow, and support holistic financial advisors so that families can achieve prosperity.”

 Alison is a highly accomplished mentor, thought leader and advisor with a passion for taking complex issues and developing simplified solutions to make holistic financial planning more accessible. As a dynamic educator and articulate speaker, he trains thousands of financial professionals each year on the turnkey financial planning and practice management processes he’s helped create, test and package. His most recent innovations include The Tax Management Journey®, a client process and advisor training program combining his expertise as both an Enrolled Agent and CERTIRED FINANCIAL PLANNERTM to close the gap between tax planning and financial advice. When he’s not training or teaching advisors, Alison is still “in the trenches,” working as an advisor at Alison Wealth Management, his own holistic wealth management firm that he founded in 2018. Alison Wealth works with about two dozen families and manages $100 million in assets, but those families have another $100 million+ in other assets, particularly company stock.

“This recognition is a testament to Dave’s exceptional leadership and contributions to the financial services industry,” said Jason L Smith, founder and CEO of C2P. “The innovations he has brought to our company have had a profound impact that have not only helped more Americans access quality, holistic plans but have also helped thousands of financial advisors become more successful business owners. We are honored to have Dave on our team, and we are confident that his expertise and vision will continue to shape the future of financial planning,”

For more information about C2P, visit www.c2penterprises.com.

 

About InvestmentNews 40 Under 40
The InvestmentNews 40 Under 40 program recognizes and celebrates up-and-comers in the financial advice industry. Each year, the outlet’s editorial team reviews more than 1,000 nominations to create a list of 40 outstanding financial advisers, or industry professionals supporting advisers, who are 39 or younger. Honorees are judged on their accomplishments, contribution to the industry, leadership and promise.

 About C2P: C2P is an organization designed to simplify financial planning for advisors and the clients they serve.  United by the vision to provide planning and financial products in the best interest of the client, C2P offers education, training, resources and tools to meet a client’s unique financial situation, along with access to an array of investment and insurance vehicles to help accomplish their goals. C2P is committed to fiduciary best interest practices and training industry standards for a higher qualify of holistic financial planning services to families nationwide and worldwide. For more information, visit www.c2penterprises.com.

Investment advisory services are provided by C2P Capital Advisory Group, LLC d/b/a Prosperity Capital Advisors, LLC (“PCA”) an investment adviser federally registered with the Securities and Exchange Commission (SEC). 

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InvestmentNews Cover
Dave Alison on the cover of InvestmentNews
Questions that Convert: Close More Leads with Phil Jones

Questions that Convert: Close More Sales with Phil Jones

Phil M Jones has spoken in nearly 60 countries and worked with over 800 organizations. His podcast, Words with Friends, is in its fourth season, and he’s the bestselling author of Exactly What to Say and Exactly How to Sell, with over 1 million books sold. Phil has crafted a fool-proof list of questions that convert by getting to the root of a prospect’s needs and gently prodding to reveal as much relevant information as possible so you can close more sales.

Listen as C2P’s Founder & CEO, Jason L Smith, sits down with Phil for an exclusive Rainmaker Multiplier On-Demand Podcast to share vital insights and specific questions advisors can use to close more sales.

Everyone’s looking for a witty one-liner, magic words, or an infallible script, but Phil is on a lifelong mission to help people close more sales with the words they choose when talking to clients. He focuses his work on three categories revolving around growth—acquiring new clients, attracting clients to return more often, and convincing clients to spend more money.

Being a holistic financial planner isn’t about closing more sales in a traditional sense. Instead, it’s about uncovering obstacles, empathizing with their needs, and making customized recommendations to relieve their pain points.

Close More Sales with Questions that Convert

Closing more sales often relies on knowing what to say and how to make it count. It’s being intentional with your word choices as well as the tone and timing of your delivery. Preface simple questions with, “Help me understand…,” instead of, “Tell me about…,” and suddenly, you’re not the one doing the selling; they’re talking themselves into hiring you. There’s no easier way to close more sales than that!

  • Help me understand why you believe that it might be a good fit for us to work together.

Questions like, “What is your experience…,” allow you to garner a lot of information quickly—asking, “…and what else?” allows the client to work out their greatest fears in real time, further proving their need for a financial planner.

  • What experience do you have working with a financial professional?
    • What was that experience like?
    • What 3 things have you liked best about working with them?
    • If you could change one thing, what would it be?
    • What would the consequences be if you fail to get that under control?
      • …and what else?

Emotions, especially when you’re talking about love and legacy planning, are key to triggering conversions and closing more sales. It’s important that you make the prospect aware of the financial and emotional cost of not working with you. They should understand that this price can be far greater than your planning and service fees.

The results of not having an inheritance plan structured the right way could be catastrophic for their loved ones. Failing to manage taxes year-to-year can result in a major increase in lifetime taxes.

Everyone sees themselves as open-minded, so give them the opportunity to opt-in. The following line of questioning is more likely to get to a yes than asking in a more direct way.

  • How open-minded would you be…
    • to get together and talk this through properly?
    • to jump on a 20-minute call to see if this is a good fit?
    • to having a meaningful Discovery Call so we can get some real numbers and insights?
    • to me being your financial planner?

Maybe is the enemy of decision. At this point in the sales process, you want to start nudging them toward a decision, one way or the other. Asking if there is any reason you are not a good fit allows you to discover if there are any lingering doubts. Following up with, “Would it help if…,” enables you to address those doubts.

  • Could you see any reason why I wouldn’t be a good fit at this stage?
  • Would it help if…
    • we got together again to go deeper on this and see what a plan would look like?
    • I put this in a plan, so we have something well documented?
    • you had the benefit of being able to connect with us periodically so we can measure progress?
    • you had one fixed monthly payment?
    • somebody else took care of this for you?
    • you knew that you had my support long term as well as being able to figure this stuff out on your own?

At this stage in the journey, they either don’t think they need a financial planner or are unsure if you’re the right one for the job. This is where you will say something like:

“You guys need to amongst yourselves to make sure that you’re on the same page and feel confident about our services, and I doubt you want me in the room for that. If you’d like to sleep on it, we can schedule our next meeting, or I can pop out and give you a few minutes while I return some calls.”

This way, even if they don’t decide today, you have a date set for a decision to be made. To learn more about how C2P can help you close more sales, click here to schedule a free 20-minute consultation.

Financial Professional Use Only

The information provided in this presentation is not intended as investment advice or legal advice. The information provided is for informational and training purposes only. The information in this presentation was accurate as of the time the material was created. Tax laws and rulings can frequently change. Please discuss the client’s current situation with an accountant or tax advisor.

C2P Enterprises Launches ‘A Woman’s Clarity’ Program, Invites Advisors to Special International Women’s Day Event

C2P Enterprises Launches ‘A Woman’s Clarity’ Program, Invites Advisors to Special International Women’s Day Event

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C2P Enterprises Launches ‘A Woman’s Clarity’ Program, Invites Advisors to Special International Women’s Day Event

New program helps financial professionals engage female advisors, clients, and prospects through ongoing thought leadership and networking and a newly launched podcast series.

Cleveland – March 2, 2023 – C2P Enterprises, a holding company comprised of four distinct brands, each designed to simplify financial planning for advisors and their clients, announces the launch of their latest innovative program for financial advisors, A Woman’s Clarity. Dedicated to helping financial professionals increase their footprint and successfully engage with more female advisors, clients, and prospects, program participants will gain knowledge through ongoing thought leadership and networking, including a newly launched podcast series, live events, blogs, and more. To subscribe to the A Woman’s Clarity podcast, click here.

To coincide with the program launch, the first special event for A Woman’s Clarity will be held on International Women’s Day, Wednesday, March 8, at 11:00 a.m. EST. The 45-minute session will feature an open discussion format with free-flowing dialogue among panelists and Q&A from the audience. Guests include Carol Ochoa, President of Your Secure Retirement, Deb Cundiff from Hammer Financial Group, and Julie Manning, RICP®, from Keystone Financial Planning. Registration is free and open to anyone in the finance industry.

“With this supportive, empowering, and educational exchange of ideas, we are working to close the loop and help ease the transition into retirement so that more women have the financial confidence and clarity they deserve in every stage of life,” said Kirsten Schlumbohm Vice President of Insurance Sales at C2P and program host of A Woman’s Clarity. “Although this is a female-focused endeavor, A Woman’s Clarity is not exclusive to women. You can expect topics that are specific to the unique needs and pain points women face, but we encourage as much support and input from our positive male allies as possible.”

A Woman’s Clarity aims to help both women and men in the financial services industry reach their full potential by interacting with like-minded, strong, and motivated holistic advisors. Contributors to the program include female leaders from C2P’s network of partners and advisor base who have a shared passion for bringing expertise, tips, and advice to other leaders, professionals, and practitioners in the finance industry. The program’s ultimate mission is to empower women to take charge of their own economic future and educate other financial professionals about the unique challenges facing female clientele. In the podcast’s inaugural episode, Mary Sterk, CFP®, Sterk Financial Services, and Karin Alvarado, CFS, CPFA, New Aspect Financial Services, join Schlumbohm to discuss their professional journeys, including mentorship and building a business in a male-dominated industry.

ABOUT KIRSTEN SCHLUMBOHM

Kirsten Schlumbohm is the Vice President of Insurance Sales at C2P Enterprises. She has over 15 years of industry experience, in which she has served as an insurance and annuity wholesaler, sales trainer and leader, and financial advisor. In addition to her life and health insurance licenses, she holds her Series 66 and a degree from Iowa State University. Kirsten is committed to empowering people and helping them reach the retirement finish line. She believes in optimizing processes to build strategies out of silos and encourage tighter collaboration.

ABOUT C2P ENTERPRISES
C2P Enterprises, a holding company comprised of four distinct brands, each in their respective capacity, is designed to simplify financial planning for advisors and the clients they serve. United by the vision to provide planning and financial products and solutions in the best interest of the client, each company offers education, training, resources and tools to meet a client’s unique financial situation, along with access to an array of investment and insurance vehicles to help accomplish their goals. Each organization is committed to fiduciary best interest practices and raising industry standards for a higher quality of holistic financial planning services to families nation and worldwide.

Investment advisory services are provided by C2P Capital Advisory Group, LLC d/b/a Prosperity Capital Advisors, LLC (“PCA”) an investment adviser federally registered with the Securities and Exchange Commission (SEC). 

A Bucketing Approach to Strategic Asset Allocation

A Bucketing Approach to Strategic Asset Allocation

What is Strategic Asset Allocation?

The bucketing approach to strategic asset allocation began with a Harry Markowitz paper in the Journal of Finance in 1952. It outlined how investors could allocate assets for the highest return with a given level of risk. This would later earn Markowitz a Nobel Memorial Prize in Economic Sciences and redefine how financial advisors optimized investments for their clients.

We’ve come a long way since Markowitz’s early work. Strategic asset allocation has proven to be more valuable than ever. There are plenty of sophisticated measures to craft strategic asset allocation plans, you can illustrate how the client should dispense uncorrelated assets into three segments: liquid funds, conservative investments, and growth assets. Or as we like to call them—the Now, Soon, and Later Buckets.

For many advisors, that’s where the simplification ends. They communicate strategic asset allocation using complicated pie charts of holdings, graphs, ledgers, and complex statistical analysis. All that data may be important behind the scenes, but it confuses the client.

The Bucket Plan philosophy simplifies strategic asset allocation in a way most anyone can understand. The end goal is for the client to fully understand the process and feel confident as they move forward with your recommendations.

Strategic Asset Allocation with The Bucket Plan®

The bucketing approach to retirement investing started to work its way into the financial lexicon in the 1980s. Financial planner, Harold Evensky, developed this strategy to combat the challenge of low-interest rates. The resulting investments didn’t provide enough income for retirees, forcing them to delay retirement, reduce their standard of living, or take too many risks with their capital.

The bucketing concept gained momentum during the 1990s and picked up steam with the dawn of the information age. By the time the recession hit in 2008, the Later Bucket had become a haven for investments to ride out the ups and downs of the market without affecting the immediate income that was being withdrawn from the Now Bucket and reloaded from the Soon Bucket.

Having long-term goals for the Later Bucket helps protect retirees from making rash decisions during market fluctuations and taking deductions on their investments by cashing in during a downturn. Over time, we have adapted The Bucket Plan® to facilitate retirement income planning and provide a viable strategic asset allocation plan for clients in any demographic.

One of the most important things that The Bucket Plan can provide is peace of mind for your clients. Financial planning is a complex process, but The Bucket Plan Philosophy provides a simple, effective way for you to explain, and more importantly, for your clients to understand, the plan you developed for them.

The key to strategic asset allocation is positioning and protecting a mutually agreed-upon portion of your client’s assets to buy a time horizon that allows them to invest the remainder for long-term growth. This structure will provide a reliable income source throughout their retirement.

Now Bucket

A fully funded Now Bucket will give your client a sense of security. This prevents them from having to cash in investments when they need money, which leaves them vulnerable to losses when the market is down, unforeseen taxes, and unexpected penalties. Although there will be little return on these funds, it’s a small price to pay for your client’s peace of mind.

The Now Bucket is safe and liquid money the client can access whenever needed. The amount varies by individual. All parties involved should agree on the amount that makes them feel comfortable. There should be enough for everyday needs and emergencies, but not so much that they miss out on growth opportunities.

Soon Bucket

The Soon Bucket is for conservative investments or income for the first phase of retirement. It is set up for growth to offset inflation but invested conservatively to negate the effects of a major market correction. It also serves as an inflationary hedge, giving your client an extra cushion as the cost of goods and services rises. For clients with a longer time horizon before retirement, it might serve as their opportunity bucket. If a good investment opportunity arises, but the stock market is down, they will still have the funds available.

There are three primary ways of structuring income from the Soon Bucket:

1.      The Bridge Approach

You fund reliable income for a specific period using the minimal assets required to construct the bridge. An example might be a 10-year bond or CD ladder, a period-certain annuity, an indexed annuity with penalty-free withdrawal provisions, or a conservative investment portfolio in which you will be consuming both principal and interest.

2.      Lifetime Income

You fund an annuity to provide lifetime guaranteed income. This can be done through a SPIA, DIA, FIA, or variable annuity. If the annuity payment is going to begin within ten years, we would consider that a Soon Bucket asset. If deferral will be 10+ years, we would generally place that asset in the Later Bucket.

3.      Portfolio Yield

Some high net-worth clients are fortunate enough never to tap into principal for supplemental retirement income and can live off the dividends, interest, or yield produced by their investment portfolio.

Later Bucket

The money in the Later Bucket provides long-term growth and legacy planning. The longer they can wait before accessing these funds, the better the chances for favorable returns.

Legacy planning is not just about leaving money to the children; it protects the surviving spouse. When one spouse dies, the household income usually goes down, while many expenses stay the same, and taxes often increase.

To learn more about The Bucket Plan® and how to implement a strategic asset allocation plan into your holistic financial planning process, schedule a free call with our Concierge Support Team.

Financial Professional Use Only

The information provided in this presentation is not intended as investment advice or legal advice. The information provided is for informational and training purposes only. The information in this presentation was accurate as of the time the material was created. Tax laws and rulings can frequently change. Please discuss the client’s current situation with an accountant or tax advisor.

Cash Flow Analysis: Budget from the Bottom Up

Cash Flow Analysis: Budget from the Bottom Up

The Cash Flow Analysis is a bottom-up budgeting methodology that cuts through the clutter associated with the traditional budgeting process and gets to the critical numbers you need to get started. Nobody enjoys sitting down to put together an entire budget; they are often inaccurate and time-consuming, providing little value to the consumer. Nevertheless, you must be familiar with your client’s cash flow as you assemble their retirement plan. The Cash Flow Analysis will allow you to obtain vital information without an extensive budgeting exercise.

“This tool was built through years of going through budgeting exercises. I had a lot of pushback from clients. I mean that. They just hated it. They dragged their feet, canceled appointments, rescheduled… I remember the one woman saying, ‘That was the worst thing I’ve ever had to do.’ She literally said those words to me. Everyone hates a budget.”

-Dave Alison, CFP®, EA, BPC

The process is simple, start with what the client is living off now. How much are they spending? How much is in their bank account? And the key here is net, net after tax, after all the deductions, everything. As it evolves, you can add a section for new retirement sources to offset the client’s current income. Then either decrease expenses or document increased costs to discern a net number, they’ll need to draw off liquid investible assets.

The Cash Flow Analysis is invaluable whether you’re helping them through the accumulation years, determining what type of disposable savings they have, or preparing them for distribution to decide how much money they’ll need to draw from their liquid investible assets.

There are two levels of Cash Flow Analysis: The Income Gap Assessment for pre-retirees and retirees and the Budgeter for younger clients who may need more data analysis around their income and expenses.Income Gap Assessment

Cash Flow Analysis: The Income Gap Assessment

What if there was a quick and easy way of assessing whether your clients have an income gap or excess funds? With the cash flow analysis, you can discuss the overall financial plan with your clients and determine ways to guarantee their income in retirement.

C2P Enterprises created the Income Gap Assessment to help you cut down on your time spent with each client. This single resource will allow you to skip the long, drawn-out budgeting process in your meetings and get right to the important stuff, saving you an immeasurable amount of time.

The Income Gap Assessment aims to discern the gap between the net income the client is currently living on and the fixed income sources they will have after they retire. It is based on a consumption methodology of budgeting and will provide an accurate amount that they will need to draw off of their liquid investible assets once they retire. This is especially valuable for clients less than a decade from retirement. There are four simple sections to complete to determine their income gap.

Net Income After Taxes

The first section is where you log the client’s net income after taxes. This is the current amount deposited into checking from salary, wages, and other sources of income pre-retirement. You want to determine the difference between their annual bring-home salary and their yearly living expenses. It is important to base this number on the net income deposited into the client’s checking account, not their gross pay. Net pay already factors out tax withholding, retirement contributions, and any employee benefits, such as health insurance, that would be paid through withholdings. You are looking for the net amount that the client has available to spend on an annual basis.

After you calculate the annual net income, ask the client to choose which of the following scenarios most closely applies to them:

  1. Breaking even, consuming all their net income
  2. Saving some money, consuming less than their net income
  3. Losing money, going into debt

If the answer is #1 or #2, the Income Gap Assessment can determine what the client should expect in retirement.

Simply ask the client, “If you could replace the same net income you are spending now when you retire, would that meet your retirement goals?”

This will serve as a basis for the total income they will need in retirement.

If they chose #3 and are losing money every month, you may need to pivot to a detailed budget to determine if they are the right fit for your firm.

Fixed Income in Retirement

The second section focuses on the client’s income after retirement. Between Social Security and pensions, what will their fixed income look like when they aren’t earning a paycheck?

For Social Security optimization, clients may delay one or both of their benefits. This will leave a larger income gap for a short period of time. When this occurs, consider conducting multiple Income Gap Assessments for different periods to get an accurate picture of their cash flow analysis throughout retirement.

Another option is to do one Income Gap Assessment as if all fixed income sources are activated, then ascertain how much you should set aside to cover the delayed income.

Adjustments

You should list anything that might impact retirement income here.

If the client expects to pay off their mortgage, that would decrease their expenses. Ask the client about potential increases from things like income taxes, health insurance premiums, travel expenses, medical needs, etc.

The client may have to allow for additional income taxes in retirement, which can be identified by creating a tax proforma of their withdrawal strategy.

With these three figures, you can derive the income gap that you need to take from liquid investable assets in retirement.

Once you complete the Income Gap Assessment, you will be able to determine the client’s retirement income gap or surplus using the following formula:

Net Income Received in Retirement – Fixed Income + or – Adjustments = Total Income Gap

Income Gap or Surplus

Once you have this final number, you’ll know if the client has an annual surplus or deficit for their retirement. If there is an income surplus, they can expect excess cash when they retire. Knowing this will allow you to help them get even more strategic with their plans, perhaps with additional life insurance, asset-based long-term care, or tax-efficient managed accounts.

The Income Gap Assessment is a viable tool to determine what kind of situation your client may find themselves in once they retire. This will serve as a basis for their total income needed in retirement and create an educational opportunity for you to show them the various ways you can guarantee their income once they retire.

If you expect the client to have an income gap, you should ask them the following question.

“How much of this income gap do you want guaranteed in your financial plan?”

The Cash Flow Analysis Budgeter

The Budgeter is designed for younger clients who are more than a decade away from retiring and still in the accumulation phase of the money cycle, or retirees that need more detailed budgeting information in their cash flow analysis.

The result will give the client an idea of their monthly cash flow analysis. Should they expect a surplus or deficit during their working years? This will help you determine approximately how much they have available to invest. For a retiree, it shows the same monthly surplus or deficit the client will have based on their income needs and fixed income sources.

The Budgeter also has four sections.

1.     Income

This portion of the cash flow analysis lists everything that the client is bringing home net after tax. This includes salaries, bonuses, commissions, Social Security, and pensions. You then add in the pay frequency to annualize the income number.

2.     Tax Adjustments

You should list any necessary tax adjustments here. You can base these on the client’s tax returns from previous years or current projections. List refunds as a positive value on the sheet, and enter taxes owed as negative.

3.     Expenses

The Budgeter looks at the client’s monthly expenses. While not a full budgeting exercise, this portion of the cash flow analysis tracks some expenses, like mortgage or rent, property tax, childcare, or auto payments. This will help you get a more accurate portrayal of how the client is spending their money and help them alter their financial behaviors if needed.

4.     Totaling

Once you total all these categories, you’ll have a better understanding of the client’s monthly and yearly cash flow analysis. If the client has a surplus, there’s an opportunity to create a systematic savings plan for retirement, which could lead to more sales opportunities. If the client has a deficit and spends more than they make, you may need to put a budget in place to get them on track to meet their goals.

You accomplish several things by sitting down with clients and going through these exercises:

  • They have peace of mind knowing they don’t have to change their lifestyle in retirement.
  • You can quickly get to the number the client will need to draw from their liquid investable assets to meet their retirement needs.
  • You uncover opportunities for additional client education and sales.

While there will always be cases where you need to do a complete budget breakdown of the cash flow analysis, utilizing these tools is a simple way to arrive at a net consumable, spendable income, followed by an accurate net amount that they will need to draw from their assets in retirement. Knowing these numbers will assist you in designing a suitable plan for your client, who will sleep better at night knowing that you are working to help them achieve their retirement goals.

Schedule a complimentary call with our Concierge Support Team to learn more about simplifying your clients’ budgeting and holistic financial planning processes.

Financial Professional Use Only

The information provided in this presentation is not intended as investment advice or legal advice. The information provided is for informational and training purposes only. The information in this presentation was accurate as of the time of the material was created. Tax laws and rulings can frequently change. Please discuss the client’s current situation with an accountant or tax advisor.

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