Advise your clients on 529 plans and more tax-efficient strategies with powerful insights from a recent episode of “The Bucket Plan® On-Demand” podcast.

In this episode, Seth Meisler, CFA, CFP®, CPA, and Stoyan Petev, CFA, CFP®, CLU, ChFc, discuss the tax advantages and flexibility of 529 plans to pay for college or other educational-related expenses for a loved one.

As a financial advisor, understanding these insights can enhance your holistic financial planning approach and offer significant value to your clients.

Here are the main points discussed, along with actionable advice and key takeaways from the podcast.

The Basics of 529 Plans and How Do They Work?

As Seth Meisler, lead advisor at JL Smith Holistic Wealth Management, explained:

“529 plans allow individuals to save money in a tax-deferred or tax-free manner if the money is used specifically for college for an accredited university.”

Types of 529 plans:

2. 529 Savings Plans: These plans function similarly to retirement investment accounts, with contributions invested in mutual funds or other investment products.

   The funds grow tax-free, and the government does not tax withdrawals for qualified education expenses.

3. Prepaid Tuition Plans let you pay for future tuition at current rates, protecting you from tuition cost increases.

   Senior Vice President of Advanced Markets at C2P, Stoyan Petev, explained, “Prepaid plans are state-covered plans that allow you to prepay for state public universities and colleges.”

529 Tax Benefits and Strategic Gifting

Contributions to 529 plans grow tax-deferred and withdrawals for qualified expenses are tax-free — making them an effective, often preferred strategy advisors recommend for tax-efficient college savings.

Meisler also noted, “there are tax benefits for people who are gifting in certain states,” but this can vary, so it’s crucial to understand each state’s unique offerings before factoring that in.

529 plans can also be used as a strategic gifting strategy. For example:

• Grandparents can contribute to an education fund without paying gift taxes by using the five-year election.
• This technique lets them give up to five years’ worth of contributions all at once.

As Stoyan noted, “from an estate planning perspective, that’s actually a pretty good planning technique.”

[Related Reading: Advanced Tax-Efficient Planning for High-Net-Worth Clients]

Advanced Tax Planning Strategies

Clients may want to manage their 529 plans independently. However, a knowledgeable advisor can help them understand the complexities and maximize the benefits.

Here are some examples of the advanced strategies an advisor could offer:

1. State Tax Deductions: Dave Alison, CFP®, EA, BPC, shared one valuable strategy: “Instead of having the grandparents contribute directly into the 529, we had the grandparents give a cash gift to mom and dad, who then made the contributions into the South Carolina plan.” This maneuver helped the parents secure a significant state tax deduction.
2. Blending 529 Funds with Other Savings: To get the most tax credits, it can be helpful to use both 529 funds and pay for expenses yourself. Alison noted, “We wanted to use a certain amount of after-tax money to pay for education, not use all 529 money, to ensure eligibility for the American Opportunities Credit.”
3. Roth IRAs as an Alternative: While 529 plans are powerful tools, Roth IRAs can also be useful for college savings. Seth Meisler pointed out, “The earnings would not be subject to a 10 percent penalty if used for college contributions, and if you’re over 59 and a half, there’s no tax on the earnings.”

Tax-Advantaged Education Funding with 529 Plans

The Importance of Ownership and Beneficiary Designations

The structure of a 529 plan can impact financial aid calculations and estate planning. Petev highlighted the importance of ownership: “Make sure that you have a successor owner set up on that 529 plan account. It is very important for estate planning and ensuring control continuity.”

Additionally, the FAFSA rules have changed, making it advantageous for grandparents to contribute to 529 plans without affecting the student’s financial aid eligibility.

Meisler explained, “Any amount paid by a grandparent, whether direct or from a 529, is not included in the FAFSA calculation starting in 2024.”

Enhancing Client Value with Holistic Financial Advising

As Seth Meisler concluded, “There’s a lot of flexibility with 529s, and the right guidance can make a significant difference.”

By understanding the complexities and benefits of 529 plans, you can provide exceptional value to your clients. Using these strategies in your overall financial plan can help clients save for college efficiently and reach their financial goals.

At C2P, we are committed to supporting financial advisors with the knowledge and tools needed to help clients succeed. Listen or watch the full podcast episode on 529 plans for more detailed advice and strategies.

Looking for the latest financial advising industry news and insights? Subscribe to one of our C2P podcasts!

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Meet the Specialists

Stoyan Petev, CFA, CFP®, CLU, ChFc, serves as the Senior Vice President of Advanced Markets at C2P, where he spearheads the in-house life insurance division and assists advisors with his knowledge in investment sales and sophisticated planning. His role is pivotal within C2P’s planning-first RIA, Prosperity Capital Advisors, serving both on the Investment Committee and Leadership Team. Stoyan’s journey before C2P spans nearly three decades, during which he has honed his skills across various capacities such as an advisor, distributor, research and investment analyst, due diligence officer, and consultant.

Seth Meisler, CFA, CFP®, CPA, is a lead advisor at JL Smith Holistic Wealth Management. With over 17 years of experience, he is known for his strategic approach to financial planning, tax planning, and investment management. He is also a member of Ed Slott’s Master Elite IRA Advisory Group and has been featured in prominent publications like Marketwatch.com and Forbes.

For 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.

The services you offer as a financial advisor are important, but your knowledge is your most valuable asset.

In an industry with new regulations, tax laws, investment products, and planning strategies constantly emerging, continuous learning is essential to provide the most current and effective advice to clients.

The Importance of Continuing Education in the Financial Industry

Ongoing education doesn’t just allow you to better serve your clients, it gives you a critical competitive edge. Advisors who actively expand their skills and stay ahead of the curve are more likely to thrive and stand out against the crowd. Those who become complacent and let their knowledge stagnate can quickly fall behind.

Here are five key reasons why continuous professional development should be non-negotiable for top financial advisors:

1. Staying Current on Evolving Tax Laws and Regulations

Lawmakers amend tax laws annually, and they periodically make major overhauls. As a financial advisor, you need an in-depth understanding of the latest tax regulations and how they impact strategies for retirement planning, estate planning, charitable giving, and investment income taxation.

For example, in 2026 the Great Tax Sunset will end the provisions from the Tax Cuts and Jobs Act of 2017. Understanding how these changes will impact your clients’ taxes can help you educate them and plan ahead.

2. Mastering Advanced Planning Techniques

Successful advisors have deep mastery of sophisticated strategies like:

• Tax-efficient investing
• Dynamic withdrawal strategies
• Roth conversion ladders
• Well-designed investment portfolios.

Many financial advisors do not learn advanced planning techniques for life insurance or proactive tax management through standard education. As such, it is critical to seek out additional training programs to continue to enhance your technical expertise.

3. Adapting to New Investment Products and Market Changes

In the financial services industry, companies constantly introduce new investment products and markets regularly evolve. How can you advise your clients to the fullest without knowing all their available options? It is important to be flexible and stay informed about changes. This will help you:

• Recommend the best products
• Plan strategies for your client’s specific risk tolerance and preferences

Meeting and exceeding your clients’ expectations can be as simple as keeping up with the times and technologies. Today when nearly everything can be personalized, clients also expect that from their investment portfolios. Staying up to date on the latest offerings can help advisors personalize their clients’ portfolios to accomplish a range of goals and align with their clients’ values.

4. Understanding Clients’ Changing Needs

Clients’ circumstances shift over time through major life events and new lifestyle trends are always emerging. Consider “gray divorce” – when spouses separate after 50. This trend has become a significant problem for many soon-to-be retirees as they can no longer rely on their original plans including their spouse’s finances for retirement.

Additional education helps you anticipate these changing client needs for marriage, divorce, inheritance, retirement, and more, helping salvage retirement and other financial plans that may be affected.

Recommended Podcast: Divorce Made Simple: Financial & Practical Advice

5. Elevating Credibility and Trust

Clients appreciate when you show commitment to professional development. This boosts your credibility and demonstrates that you are a knowledgeable and trusted advisor.

Getting a special certification through extra training can be especially beneficial.

Certifications like the following can help you stand out in your field and offer more specialized, high-value services to your clients:

• Retirement income planning
• Federal retirement planning
• Long-term care planning,

Having a credential from additional training can make a big difference, even if you already have experience in certain areas.

Our 3 Unique Offerings

Ways to Enhance Your Advisory Skills and Knowledge

So how can you prioritize continuous learning as a financial advisor? Here are some suggestions:

1. Online Courses, Certifications and Webinars

Advisors can access online education from professional associations and education providers.

The Financial Industry Regulatory Authority (FINRA) offers a variety of courses designed to enhance the regulatory knowledge and ethical standards of financial advisors.

2. Attend In-Person Training Programs from Respected Educators

At C2P, we offer a range of training programs for financial advisors to help enhance their skills and grow their business capabilities.

• The Bucket Plan® 1.0 and 2.0: Learn how to create and deliver tax-efficient retirement income plans customized to each client using the comprehensive planning framework known as The Bucket Plan®. These 2-day training courses cover asset allocation modeling, Roth conversion strategies, dynamic spending approaches, and investment portfolio design.
• The Tax Management Journey®: Discover how to minimize clients’ tax burdens and communicate the importance of proactive tax management with this program that covers tax-efficient investing, charitable tax planning, estate planning strategies, and distribution management.
• The Teamwork Movement Live Training: This practice management program shows advisors how to develop an elite team and build a self-sustainable and lasting wealth management firm.

3. Industry Conferences and Trade Shows

Attending trade shows and conferences is a fantastic way for financial advisors to network with peers, discover new products, and learn from leaders in the field. Events such as the Morningstar Investment Conference and the Schwab IMPACT Conference offer unique opportunities to engage with thought leaders and innovators in finance.

The multi-day Mastermind Collegium hosted by C2P and reserved for C2P advisors also provides a combination of cutting-edge technical training, practice management insights, and peer networking opportunities.

4. Read Industry Publications or Listen to Industry Podcasts

Stay current by reading publications, white papers, and books on financial advising trends. Regularly tuning into podcasts from trusted industry leaders like:

• The Bucket Plan® On-Demand,
• The Rainmaker Multiplier On-Demand,
• A Woman’s Clarity®,

It can also be a convenient way to stay informed about the latest trends, tools, and strategies in financial advising. These podcasts all feature special guests with various subject-matter expertise within the financial space who share valuable insights and their experiences.

 

Adopting a Lifelong Learning Mindset

Continuous learning, particularly through rigorous training programs like those from C2P, allows advisors to elevate their technical expertise, stay ahead of critical regulatory changes, and adapt their approach as client needs and industry dynamics shift.

Book a Call

 

For 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.

 

 

As the financial landscape continues to evolve, firms must navigate the challenges in financial services, including the constant struggle to attract and retain top talent.

With the job market becoming increasingly competitive, having a practice management system in place is crucial for developing advisors you can trust with your legacy, ensuring long-term success for your firm.

In The Teamwork Movement episode of The Rainmaker Multiplier on Demand podcast, accomplished financial advisors and thought leaders shed light on the importance of practice management in shaping the financial advisor career path and fostering long-term success within advisory firms.

Learn proven practice management techniques and training these advisors used to grow and scale their firm.

Grow As a Financial Advisor - Schedule a Call

The Importance of Practice Management for Financial Advisors

Practice management encompasses a wide range of strategies and tools designed to streamline operations, foster collaboration, and optimize performance within a financial advisory firm.

Implementing frameworks like EOS (Entrepreneurial Operating System) can significantly enhance meeting rhythms, accountability, and team cohesion.

As Rob Lacivita, Chief Operating Officer at JL Smith Holistic Wealth Management, stated in The Teamwork Movement: Redefining Practice Management Beyond Career Paths episode of the podcast:

“EOS has been a huge help. Because before EOS, it sounds basic, but we never had… that regular cadence of a leadership team meeting, regular cadence of the operation meeting, the advisors meeting…”

Having clear processes and frameworks in place allows your firms to scale and support your advisors’ development while keeping you on track to meet the firm’s goals.

Why Structured Career Paths Motivate Financial Advisors

One of the key aspects of effective practice management is the establishment of clear financial advisor career paths for advisors and support staff.

These paths allow young advisors to gain valuable experience and confidence with lead advisors and their clients as they work their way up the ladder.

By providing a well-defined roadmap for growth and advancement, firms can cultivate a culture of continuing education for financial advisors, ultimately leading to increased employee satisfaction and retention.

The 10,000-Hour Rule: A Roadmap for Advisor Growth

During the same podcast, Greg Dillon, CFA, CFP ®, CLTC®, NSSA®, the Managing Partner and Head of Wealth Management and Retirement Income Planning at OneTeam Financial, shared how he leverages the “10,000-hour rule” when communicating the value of career paths to advisors — how it takes approximately 10,000 hours of deliberate practice to become skilled in a given field.

“We share with folks you really need 10,000 hours before you’re going to be sitting in front of a client and delivering on a financial plan or doing that discovery meeting.”

By applying this principle to the financial advisory industry, firms can set realistic expectations and timelines to progress for career progression along a structured career path for financial advisors, from associate advisors to lead advisors and, eventually, partners or equity holders.

Mentorship and Training: Key Drivers of Advisor Success

While structured career paths provide a framework, the podcast also emphasized the critical role of mentorship and training in developing advisors.

As Dillion noted from his own experiences that, “there’s no replacement for mentorship. You can’t have an e-learning module on mentorship.”

Effective mentorship programs allow experienced professionals to share their knowledge with newer advisors, fostering a culture of continuous learning and evolution.

Additionally, comprehensive training initiatives ensure that advisors are equipped with the necessary skills and knowledge to navigate the complexities of financial planning, client management, and business development.

The Teamwork Movement Live in Person Training

For financial advisory firms seeking to enhance their practice management strategies and establish career paths, C2P’s revamped Teamwork Movement Training offers a valuable opportunity.

This two-day training developed by Jason L Smith, Founder and CEO of C2P and JL Smith Holistic Wealth Management, is designed for firm owners, operators, and leadership team members, and has evolved to include general aspects of practice management beyond just career paths.

As Smith outlined: “We’ll be layering on a multitude of other things…covering a lot more topics like training, onboarding, tracking and reporting for firms, KPIs, business development, some employee management tips and tricks.”

By attending the Teamwork Movement Training, participants learn actionable strategies to optimize their practice management, create a cohesive environment, and foster team development.

Accelerate Advisor Growth & Unlock Your Firm’s Potential

If you’re a financial advisory firm owner, operator, or leadership team, embracing the power of practice management and career paths can cultivate a high-performing team of advisors and an ownership-minded staff to drive your firm’s sustained success.

To access additional materials provided by C2P, schedule a call, and keep yourself updated with the latest industry trends and insights by subscribing to the C2P podcasts.

For 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.

Inaugural ranking highlights standouts who elevate their work, their reputations, and their industry with their dedication and knowledge

CLEVELAND, Ohio, April 25, 2024 – C2P, an organization designed to simplify financial planning for advisors and the clients they serve, proudly announces Dave Alison, CFP^®, EA, BPC, President and Founding Partner at C2P has been named a finalist to InvestmentNews Excellence Awardees 2024.

As a finalist for Advisor of the Year (Regional – West) category, Alison is recognized for his outstanding work at Alison Wealth Management, where he addresses the unique financial needs of Silicon Valley residents and those in nearby areas with innovative and holistic wealth management services.

“I’m deeply grateful for this recognition and to my team for sharing my passion to raise the bar for serving our clients and advancing the standard of care in our industry,” said Dave Alison, CFP^®, EA, BPC, President and Founding Partner of C2P. “Being part of a profession that lets us pursue our purpose while setting new standards of excellence is truly an honor.”

Alison is an accomplished advisor, entrepreneur and thought leader whose passion for innovation is inspiring and enabling peers nationwide to provide more holistic, fiduciary financial planning services. He is a dynamic educator, industry influencer and articulate speaker who trains thousands of financial professionals on the turnkey financial planning and practice management processes he’s helped create. He regularly authors and produces educational tools for financial professionals, including white papers, podcasts, and webinars.

Alison’s journey in the financial services industry has been marked by remarkable achievements and prestigious accolades, solidifying his status as a leading figure and thought leader in the field. He was named a 2023 InvestmentNews 40 Under 40 honoree, chosen from more than 1,000 nominations based on his accomplishments, contribution to the industry, leadership, and promise; as well as being named to InvestmentNews Top Advisors 2024 list. Alison was a 2023 winner of a ThinkAdvisor LUMINARIES award in thought leadership and education for his consistent efforts to bring valuable and empowering information to advisors and clients. Further adding to his accomplishments, he was distinguished in 2023 with the Five Star Wealth Manager Award, his fourth year receiving this accolade.

“When it comes to recognizing excellence in our industry, Dave is truly deserving of this recognition,” said Jason L Smith, CEP^®, BPC, Founder and CEO of C2P. “His commitment to supporting clients as well as advisors in growing their businesses not only elevates individual practices but strengthens the entire profession, a value we share in serving through C2P.”

Alison is recognized amongst a select group of advisors who have set themselves apart through their commitment to elevating their work and the industry overall. The key judging criteria reviewed by an independent panel of judges encompass exemplary business development strategies, comprehensive knowledge and communication of investment opportunities, innovative education initiatives, impactful mentorship and community efforts, and notable achievements.

Check the full InvestmentNews 2024 Excellence Awardees list!

Get more information about C2P and its subsidiaries!

InvestmentNews Top Advisors Methodology

To compile the list of finalists, InvestmentNews gathers nominations from wealth management professionals nationwide, supplemented by thorough research. Submissions are reviewed by an independent judging panel of industry leaders and senior representatives, who vote for winners based on relevant criteria. The impartial judging process begins in April 2024. Winners will be determined by aggregating judges’ scores, with the top-scoring finalist in each category named the winner. The awards ceremony, where the winners will be announced, is scheduled for June 20, 2024.

About C2P

C2P is an RIA, supported by investment, insurance, and training & coaching platforms; each designed to simplify holistic financial planning for advisors and the clients they serve. Driven to provide products and solutions in the best interest of every 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 advisors accomplish their goals. C2P is committed to upholding fiduciary best practices and raising industry standards by offering a higher quality of financial planning services to families worldwide. For more information, visit www.C2PEnterprises.com.

 Alison Wealth Management

Alison Wealth Management, founded by nationally recognized advisor and industry thought leader Dave Alison, CFP®, EA, BPC, specializes in integrated holistic wealth management, including taxation, equity compensation, and retirement income distribution planning. Inspired by personal experiences navigating a tech startup acquisition, Alison established the firm’s Palo Alto office to assist others facing similar challenges. Today, the firm delivers comprehensive wealth management services to diverse clientele, including high-net-worth retirees, professionals with stock options, and business owners. With financial professionals nationwide seeking education on the innovative financial planning and practice management processes Alison has helped create, Alison Wealth Management sets the standard for excellence in the industry. Visit www.AlisonWealth.com to learn more.

 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). 

 Working with a highly rated advisor does not ensure that a client or prospective client will experience a higher level of performance or results.  These ratings should not be construed as an endorsement of the advisor or by any client nor are they representative of any one client’s evaluation.  Generally, ratings, rankings and recognition are based on information prepared and submitted by the advisor.  Unless otherwise noted no fee was paid for consideration of any ranking or award.

 

A Guide for Financial Advisors

In today’s complex financial landscape with so many variables, assumptions, and unknowns, it’s easy to overwhelm your clients with how you prepare and present your recommendations.

This is where The Bucket Plan® comes into play, offering a straightforward approach to financial planning that’s easy to understand and replicate.

Expanding off one of the first episodes of The Bucket Plan® On-Demand Podcast, “Back to Bucket Plan® Basics: Episode 2, Design,” discover how to use The Bucket Plan® process to design and deliver your recommendations in a comprehensive financial plan.

The Essence of The Bucket Plan®

The Rule of 3: Simplifying Complexity

At its core, The Bucket Plan® utilizes ‘The Rule of 3,’ a principle that simplifies complex information into three primary categories.

In this case, it breaks down a client’s financial life into three manageable buckets: Now, Soon, and Later.

This segmentation helps clients easily visualize and comprehend their financial strategy, helping to ensure they are actively engaged and informed about their planning process.

Designing Your Client’s Bucket Plan

Here’s how financial advisors can leverage The Bucket Plan® to streamline their planning processes and better serve their clients.

 

 

The Now Bucket: Immediate Financial Needs

Covering Short-term Goals

The Now bucket addresses immediate liquidity needs for the next year. It’s designed to cover income gaps, emergency or comfort funds, and any planned large expenses.

Tailored specifically for clients who are retired or will retire within the next 12 months, this bucket ensures that there is sufficient liquidity to cover short-term needs without compromising long-term growth.

The Soon Bucket: Securing the Next Decade

Bridging the Inflation-adjusted Income Gap

Focusing on the next 10+ years, the Soon bucket aims to bridge the inflation-adjusted income gap. This bucket employs various strategies — drawdowns, lifetime income, portfolio income, or non-income accumulation—based on individual client needs.

The Soon bucket ensures that your clients’ desired lifestyle can be maintained through their early years of retirement, adjusting for inflation, and changing circumstances.

The Later Bucket: Long-term Goals and Growth

Focusing on Future Aspirations

The remainder of a client’s assets falls into the Later bucket, concentrating on long-term growth, lifetime income planning for more than 10+ years into the future, healthcare or confinement needs, and inheritance planning.

This bucket is essential for clients looking to achieve long-term financial goals, allowing for more aggressive investment strategies due to its extended time horizon.

Tailoring The Bucket Plan® to Individual Needs

Customization is Key

The beauty of The Bucket Plan® lies in its adaptability. Financial advisors can tailor each bucket to the specific needs, goals, and situations of their clients.

Through real-world examples and case studies, advisors can illustrate the plan’s flexibility and the critical importance of customizing the strategy to match each client’s unique financial landscape.

Schedule a Complimentary Call

The Bucket Plan® in Action

Consider the following example of a married couple, both 65 years old, who just retired with an income gap of $25k/year.

 

To address a $25,000 annual income gap, we set aside an emergency fund and income for the first year in their Now bucket and draw down $25,000 yearly from qualified assets in the Soon Bucket for 10 years to cover the gap while minimizing tax impact.

Their Later bucket holds the remaining assets for long-term growth and tax-efficient inheritance, complemented by an asset-based long-term care policy to avoid financial burden on their children.

This is just one example of how this comprehensive approach to retirement income planning effectively addresses this client’s unique needs and considerations.

Simplify Financial Planning with The Bucket Plan®

A Consultative Approach

This approach fosters a consultative environment where you can offer personalized advice without overwhelming your clients with complexities.

By simplifying financial planning with The Bucket Plan®, advisors can help their clients navigate their financial journey with confidence and clarity.

Incorporating The Bucket Plan® into Your Practice

Adopting The Bucket Plan® in your financial advisory practice can revolutionize the way you approach financial planning and the value you offer to your clients.

It offers a structured yet flexible framework that can accommodate a wide range of client scenarios. Plus, it enhances the advisor-client communication by simplifying complex concepts into a visible strategy.

Embrace Simplicity and Clarity

The Bucket Plan® is more than just a financial planning tool; it’s a way to demystify the planning process for clients, ensuring they are engaged, informed, and confident about their financial future.

For financial advisors looking to simplify their planning process, The Bucket Plan® provides a proven framework to deliver comprehensive, personalized financial advice.

If you’re ready to offer your clients a clear path to achieving their financial goals, we encourage you to explore The Bucket Plan® resources and training opportunities C2P has to offer.

To access additional materials provided by C2P, schedule a call, and keep yourself updated with the latest industry trends and insights by subscribing to the C2P podcasts.

For 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.

 

In an era where technology and consumer behavior evolve rapidly, financial advisors must continuously adapt their marketing strategies to stay ahead.

The Rainmaker Multiplier On-Demand podcast is one source to rely on. From leveraging artificial intelligence to understanding the intricacies of the customer journey, this series regularly offers a wealth of knowledge for advisors and their team members to improve their marketing efforts and their return on investment (ROI).

Discover practical, actionable strategies you can start using immediately to enhance your marketing with the following insights from accomplished financial advisors and their marketing teams.

Leveraging Artificial Intelligence for Efficiency & Content Creation

Artificial Intelligence (AI) is no longer just a buzzword but a pivotal tool that can streamline content creation and personalize client interactions, making marketing efforts more efficient and targeted.

Content Creation with ChatGPT

Creating content that adds value and engages your audience is crucial but often time-consuming and difficult for advisors to tackle on their own.

In the episode, ”Chat GPT for Financial Advisors, Part 2: Save Time and Generate Marketing Content with AI,” Lisa Chenet, CFF®, BPC®, Vice President of Operations at CLP Financial Group, described how she uses ChatGPT to bounce ideas off “someone” and craft compelling, personalized copy for various projects.

Chenet said, “I can tell it… what I’m trying to say, and it comes out with this perfectly written verbiage. Then I can tell it, ‘no, I want it simpler,’ or ‘I want it more professional’…. I can tell it exactly what I want.”

And while the results may not be perfect at first, Chenet’s found that “the more instructions you tell it, the better your outcome.”

In the same episode, guest Elizabeth Tatis of FSC Wealth Advisors equated ChatGPT to having a free digital marketing coordinator on staff.

“It helps us expand on any marketing efforts that we’re trying to do. We basically have a free employee at our firm that starts us off, gets us good ideas, and works for free,” Tatis said.

ChatGPT is a content and idea-generating machine that can help you maintain a consistent online presence helping you produce high-quality blogs, emails, and social media posts to ultimately enhance your visibility and reinforce your credibility with clients.

Key takeaway:

ChatGPT is a powerful AI-driven tool that advisors, their marketing team, or executive staff can use to quickly generate ideas or transform rough ideas into polished, professional content.

Mapping the Customer Journey

A deep understanding of the customer journey is essential for targeting prospects effectively.

In the episode titled, “How Financial Advisors Can Drive Traffic and Boost Conversions, Part 1,” Content Marketing Manager at C2P, Chelsea Konst said, “A lot of people think they know this journey front and back, but in reality, our businesses evolve so often that it’s hard to keep track of where your customer is at.”

Tracking this journey allows for a more nuanced approach to marketing, ensuring that efforts are not just broad strokes but tailored interactions that meet prospects where they are.

This helps ensure that marketing dollars are spent wisely, optimizing the chance of conversion at every stage of the funnel.

Key takeaway: Understanding where a prospect is in their decision-making process can help you maximize your marketing spend.

Targeted Marketing Efforts

Focusing your marketing efforts on specific, high-value client segments can dramatically improve your return on investment (ROI).

“By narrowing our focus to specific demographics, we’ve been able to craft messages that speak directly to the needs and aspirations of our target audience, significantly boosting engagement,” Cary Chaitoff, Vice President of Marketing at C2P, noted in the same podcast.

This approach ensures that your marketing efforts reach the people most likely to benefit from your services, increasing the likelihood of conversion.

Key takeaway:

Targeting specific groups who are most likely to become clients and customizing your messaging to them can make your marketing more effective and improve your chances of turning leads into clients.

Optimizing Social Media Campaigns through A/B Testing

When it comes to paid social media campaigns, you need to make sure the message you promote connects with your audience and prompts them to take action.

A/B testing helps ensure that your efforts are not wasted, by identifying the creative or message that resonates most with your target audience and optimizing your budget to support it.

“A/B testing on social media is a game-changer. It lets us directly compare different approaches to see what truly resonates with our audience,” explained Cary.

By testing everything from call-to-action phrases to image choices, you can fine-tune your marketing campaigns for optimal performance.

“Through A/B testing, we’ve been able to refine our messaging and visuals based on real feedback, which has made a noticeable difference in our ad performance,” Konst added in the same podcast.

Key takeaway: By testing and learning from your campaign results, you can make your marketing campaigns hit the mark more often.

Measuring Marketing Effectiveness

Understanding the effectiveness of marketing efforts is the cornerstone of any successful strategy.

As emphasized by Chaitoff in the same podcast, knowing your numbers allows you to gauge the success of your campaigns and adjust your strategies accordingly. He added that it’s important to, “… understand what revenue you’re generating from each of your clients on the average. It allows you to understand how much you can invest while still having a net positive return.”

For financial advisors, this means setting clear metrics for tracking engagement, conversion rates, and overall campaign performance. By doing so, you can ensure that your marketing investments yield the highest possible ROI.

Key takeaway:

Know your campaign metrics to ensure your marketing investments yield the highest possible ROI.

Continuing to Learn and Adapt

As the financial industry becomes increasingly competitive, only advisors who are willing to innovate and adopt these cutting-edge strategies will be the ones who stand out and thrive in the digital age.

“The marketing landscape is constantly evolving. Staying informed and being willing to adjust your strategies is crucial for long-term success,” Chaitoff concluded in the “How Financial Advisors Can Drive Traffic and Boost Conversions, Part 2” episode.

The key is to remain adaptable, leveraging these modern marketing strategies to not only reach but resonate with your target audience, building lasting relationships that translate into business success.

Incorporating these insights into your marketing playbook is a great place to start transforming your client acquisition and retention. If you’re looking for more strategies to improve your ROI and continue learning from accomplished advisors, we encourage you to listen to the Rainmaker Multiplier On-Demand podcast series.

To access additional materials provided by C2P, schedule a call, and keep yourself updated with the latest industry trends and insights by subscribing to the C2P podcasts.

For 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.

Many misconceptions surround life insurance — by clients, financial advisors, and agents alike.

Financial advisors can help communicate the versatility of life insurance to their clients and help them understand there’s more value to this protection than just a death benefit.

In a recent episode of The Bucket Plan On-Demand podcast, host Dave Alison, CFP®, EA, BPC, President and Founding Partner of C2P, and CEO of Alison Wealth Management, went so far as to describe life insurance as being one of the most “misunderstood assets by clients, mismanaged products by wealth managers, and mis-sold products by agents.”

This same podcast also featured insurance expertise from Stoyan Petev, CFA, CFP®, CLU, ChFc, Senior VP of Advanced Markets at C2P, and Walter Young, MBA RICP, Business Development Officer and financial representative at JL Smith Holistic Wealth Management. The two described how financial advisors can improve the conversations around life insurance strategies with their clients to cut through those “Three M’s” that may be preventing them from taking advantage of the numerous benefits it has to offer.

Learn how to harness the full potential of life insurance planning with 5 effective strategies and insights from this podcast.

Life Insurance Strategies for Financial Advisors

1. Understanding Life Insurance as an Asset

Foremost, Petev emphasizes the importance of viewing life insurance beyond its traditional perception. He argues that “life insurance is an asset” and should be considered as such on the client’s balance sheet, whether for personal or business use.

This perspective is pivotal in recognizing the immediate wealth effect a term insurance policy can create for loved ones or the strategic advantage of using cash-value life insurance as a bond alternative in one’s portfolio.

2. Real-Life Applications and Benefits

Many practical applications of life insurance are noted in the same podcast. 

For instance, Petev recounted utilizing his policy’s cash value to finance a car purchase amid soaring market rates, demonstrating how life insurance can even serve as a private line of credit.

Such stories underline the tangible benefits life insurance offers beyond death benefits, including serving as an emergency fund or investment buffer.

3. Simplifying Complex Concepts

Walter Young shared his “Desert Island Dilemma” parable from his book, The 5th Option: Why Your Retirement Plan Won’t Work the Way You Think It Will, to show how using scenarios or stories like this can be a powerful tool for simplifying the complex nature of life insurance and retirement planning.

Imagine you are stranded on a desert island, and you only have one finite source of water. You don’t know how long it will last you and when or if you will find another source to replenish it. What would you do in this situation?

Most people would use as little of the water for as long as possible so they avoid depleting the source for survival. This analogy helps clients grasp why planning for the unknowable — how long they’ll live and how markets will perform — is key.

4. The Love and Greed Policies

A fascinating takeaway from the podcast is the distinction between “love” and “greed” policies.

This concept, introduced by financial advisor, Dave Buckwald, and shared by Stoyan Petev categorizes policies based on their intent: either maximizing death benefits for loved ones (“love”) or optimizing living benefits for oneself (“greed”). This framing helps clients understand the dual nature of life insurance and its role in holistic financial planning.

5. Addressing Misconceptions and Optimizing Policies

The episode didn’t shy away from addressing common pitfalls in life insurance planning, such as the allure of complex indices in Indexed Universal Life (IUL) policies.

Petev’s technical knowledge clarified how conservative illustrations and proactive policy management can help ensure that advisors can navigate the evolving insurance landscape effectively.

Helping Clients Understand the Critical Role of Life Insurance

Life insurance, when utilized thoughtfully, can offer clients a unique blend of security, flexibility, and potential growth. By positioning life insurance as an asset class, simplifying complex concepts, and understanding the strategic use of different policy types, advisors can better serve their clients’ diverse needs.

This article only scratches the surface of financial advising insights related to life insurance. If you’re a financial advisor seeking to refine your approach to life insurance and holistic financial planning, we encourage you to listen to the full podcast episode for a deeper understanding and practical strategies to implement in your practice.

To access additional materials provided by C2P, keep yourself updated with the latest industry trends and insights by subscribing to the C2P podcasts.

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For 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.

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Inaugural ranking highlights dynamic advisors across the country who excel at serving clients with transparency, education, and personalization

CLEVELAND, Feb. 1, 2024 /PRNewswire/ — C2P, an organization designed to simplify financial planning for advisors and the clients they serve, proudly announces Dave Alison, CFP^®, EA, BPC, President and Founding Partner at C2P, and Bryan Bibbo, AIF, NSSA, BPC, Partner and Holistic Financial Advisor at JL Smith Holistic Wealth Management, have been named to InvestmentNews Top Advisors 2024 List.

To compile the list, InvestmentNews solicited nominations from advisors, industry professionals, and clients. Advisors were then narrowed down based on their weighted ranking in overall assets under management (AUM), AUM growth, and client growth over a one-year period. Winners were recognized for their commitment to transparency, communication, education, and personalization.

“Throughout my entire career, I’ve strived to serve my clients with integrity and thoughtful guidance,” said Dave Alison. “I take pride in the work my team and I have accomplished over the past year and am incredibly honored to be recognized as a Top Advisor by InvestmentNews as a result.”

Alison and Bibbo rank amongst a select group of financial advisors who have set themselves apart in the industry in a variety of ways that both fuel business growth and client satisfaction.  The key metrics used to determine the top performers were overall AUM, as well as percentage changes in AUM and number of clients between 2022 and 2023.

“Earning a spot on the inaugural Top Advisors list is an honor and due in large part to the full-spectrum of support and resources C2P provides its advisor network,” said Bryan Bibbo. “We are grateful to have the backing of an organization so dedicated to creating ­­­­­­­top-tier education and trainings that have helped us grow as quickly as we have.”

C2P has built over a decade’s worth of financial advisor training programs, tools, resources, coaching, planning, products, processes, and certified financial planner services that help independent advisors succeed. Most notably, C2P has pioneered three unique offerings that help advisors accelerate their growth and enhance their wealth management businesses. These include The Bucket Plan^®, a best-interest holistic wealth management process that coincides the award-winning book of the same name; The Tax Trilogy^®, a model that integrates tax planning, tax management, and tax preparation with a client’s financial plan; and The Advisor Career Path and Compensation program, which creates a staffing structure and support to develop future rainmakers in a firm.

“We are proud of Dave and Bryan for achieving these well-deserved recognitions,” said Jason L Smith, CEP^®, BPC, Founder and CEO of C2P. “Two of our advisors making this list not only represents their endless commitment to the highest standard of client service, but also reflects the overarching impact C2P was designed for when it comes to our support of advisors in growing their businesses.”

Check the full InvestmentNews Top Advisors 2024 list.

Get more information about C2P and its subsidiaries.

InvestmentNews Top Advisors Methodology

To compile the inaugural Top Advisors list, InvestmentNews first solicited nominations from advisors, industry professionals, and clients. Only advisors nominated were eligible for the list. All information on the nominees had to be verified by their compliance team before it could be accepted. The final list was determined based on each advisor’s weighted ranking in overall AUM, AUM growth, and client growth (both between September 2022 and September 2023). The InvestmentNews team then tabulated a ranking for each advisor in each category and combined those scores to determine the advisor’s final ranking on the 2024 Top Advisors list.

About C2P

C2P is a holding company comprised of specialized platforms, each designed to simplify holistic financial planning for advisors and the clients they serve. Driven to provide products and solutions in the best interest of every 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 advisors accomplish their goals. C2P is committed to upholding fiduciary best practices and raising industry standards by offering a higher quality of financial planning services to families 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). 

Third-party rankings and recognition from rating services or publications are no guarantee of future investment success. Working with a highly rated advisor does not ensure that a client or prospective client will experience a higher level of performance or results. These ratings should not be construed as an endorsement of the advisor or by any client nor are they representative of any one client’s evaluation. Generally, ratings, rankings and recognition are based on information prepared and submitted by the advisor. Unless otherwise noted no fee was paid for consideration of any ranking or award.

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The favorable tax changes from the 2017 Tax Cuts and Jobs Act (TCJA) will ‘sunset’ or expire by the end of next year.

Financial advisors and tax professionals should prepare clients for the effects of this act ending to prevent surprises in January 2026.

Understanding the Tax Expiration of 2026

The great tax sunset of 2026 refers to the scheduled expiration of certain provisions from the Tax Cuts and Jobs Act (TCJA) of 2017.

This landmark tax legislation introduced substantial changes to the tax code, including adjustments to tax brackets, deductions, and credits.

Several of these modifications were provisional and are presently slated to return to their pre-TCJA condition unless fresh laws are passed to prolong or alter them.

Which Tax Provisions are set to ‘Sunset?’

Among the most impactful of these sunsetting provisions is the estate and gift tax, which temporarily granted an elevated exemption of nearly $13 million per individual.

However, in 2026, this exemption is expected to plummet to approximately $6 million, causing potential concern for clients with substantial estates.

To navigate this impending change, it is crucial for advisors to help all their clients prepare their estate plans accordingly, especially for those with taxable estates above $13 million and families above $24 million.

But that’s not all. There are several key provisions in addition to the estate and gift tax that are set to revert, affecting individual taxpayers and businesses alike, including:

1. Individual Tax Rates: The TCJA lowered individual income tax rates across the board. Without congressional action, these rates will return to their previous levels, potentially resulting in higher tax bills for many clients.

2. Standard Deduction: The standard deduction, which was nearly doubled under the TCJA, will also decrease if no new legislation is passed, impacting the itemization decisions of clients.

3. Child Tax Credit: The TCJA increased the Child Tax Credit and expanded its availability. Unless renewed, this credit will revert to its previous levels, affecting families with dependent children.

4. Estate Tax Exemption: The TCJA substantially increased the exemption limit for the estate tax. Without action, it will return to pre-TCJA levels,  potentially subjecting more estates to taxation.

5. Business Tax Provisions: Various business tax provisions, including bonus depreciation and certain deductions, are set to change, impacting businesses’ financial planning.

100% bonus depreciation is already starting to phase out gradually, with the transition to be complete by January 1, 2027.

How Financial Advisors Can Prepare for the 2026 Tax Changes

Nationally recognized thought leader, speaker, and industry trainer, Dave Alison, CFP®, EA, BPC, recently commented on the implications of this change, during the Rainmaker Multiplier On-Demand Podcast, titled, “Clients for Life: The Impact of Tax Planning Management.”

In the episode, he urges fellow advisors that:

“Clients may not be at a transfer tax issue right now, but if the exemptions get cut in half they certainly could be in the future.”

Some considerations in financial planning strategies have changed because of TCJA and will continue to be affected if the act expires.

Understanding what’s to come from these changes is important for advisors and their clients alike. As Alison says:

“When the Tax Cuts and Jobs Act happened, pretty much every good attorney went from talking about estate tax to income tax, because the estate tax wasn’t really relevant for a big audience.

Now what we’re starting to see is there’s a lot more conversation stirring up about the estate tax again.

And the conversation is, of course always laser-focused on trying to solve for your income tax, but we also want to focus on your lifetime tax burden.”

Advisors with a tax management approach have a unique opportunity to help clients navigate this change and help them effectively reduce the taxes they will owe throughout their lifetime.

Proactive Strategies to Implement Before 2026

Now more than ever, financial advisors can help reduce or minimize a client’s current taxes and or their future lifetime taxes ahead of these key changes.

Here are some actionable strategies for advisors to consider in preparing for the great tax sunset:

1. Monitor Legislative Developments: Stay informed about any legislative changes related to tax policy.

Be prepared to adapt your recommendations based on new laws that may extend or modify the TCJA provisions, especially with a 2024 U.S. election on the horizon.

2. Explore Tax Planning Opportunities: Identify tax planning and management opportunities that may arise from the shift in 2026. This could involve adjusting income and investment strategies or reevaluating retirement planning.

3. Provide Proactive Client Education: Teach your clients about the potential impact of the great tax sunset on their financial goals and tax liabilities.

4. Perform a Scenario Analysis: Run analyses to help clients understand the range of potential outcomes based on different tax scenarios. These can aid in decision-making and financial preparedness.

By staying vigilant, offering tailored guidance, and exceptional tax expertise, financial advisors can provide unique opportunities for their clients and help them thrive in the evolving tax environment.

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Helping Clients Navigate the Tax Sunset Effectively

As a financial advisor, your role in helping clients prepare for the great tax sunset of 2026 is pivotal. 2026 may seem far away now but these changes will start making waves by the end of next year.

You can also help your clients plan ahead by adjusting the following:

1. Tax Projection: If you don’t provide tax management services to your clients, work with tax professionals to project your clients’ future tax liabilities under various scenarios.

This can help them anticipate potential changes and plan accordingly.

2. Tax-Efficient Diversification: Explore strategies for tax-efficient investing and asset allocation to minimize the impact of rising tax rates.

3. Retirement Account Optimization: Review retirement account contributions and conversions, considering both traditional and Roth accounts, to optimize tax outcomes in retirement.

4. Estate Planning: Discuss the effect on estate tax laws with clients and explore planning tactics to protect their wealth and minimize tax consequences, like growing a client’s assets in a beneficiary’s name instead of their own.

5. Financial Goals: If necessary, help clients adjust their financial goals and method of saving to account for potential changes in disposable income due to higher taxes.

Prepare Yourself and Your Clients for The Great Tax Sunset

The great tax sunset of 2026 presents both challenges and opportunities for financial advisors and their clients.

If you don’t offer tax management services or have a tax professional in your practice, now might be the time to start adding additional value to your clients with proactive tax planning.

C2P can help enhance your tax expertise and provide more comprehensive planning solutions to your clients that maximize their income by minimizing taxes.

For more resources C2P offers, book a call, and subscribe to the C2P podcasts to stay up to date on all the latest news and insights from industry leaders.

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.

Recognized for bringing impactful solutions to financial advisors, firm’s president & founding partner continues transforming the industry through thought leadership and education. 

CLEVELAND, Ohio, Dec. 14, 2023 – C2P, an organization designed to simplify financial planning for advisors and the clients they serve, is pleased to announce that the company’s President and Founding Partner, Dave Alison, CFP^®, EA, BPC, has been named a 2023 ThinkAdvisor LUMINARIES award winner for the Thought Leadership and Education category. Now in its third year, the LUMINARIES awards program highlights those top-performing industry participants—both firms and individuals—that produce meaningful results through efforts that matter most to financial advisors.

Alison’s most recent innovations include creating and hosting a broad range of live, on-demand, and virtual training resources for advisors, such as The Tax Management Journey^®, a two-day training designed to expand an advisor’s business by helping them add tax management services to their business offerings. He is consistently innovating and producing actionable and compelling content for advisors and consumers alike, covering everything from proven and repeatable turnkey processes for best-interest tax management and financial planning to market updates, marketing strategies, and operations systems.

“I am incredibly honored by this recognition because, as an advisor first and foremost, I truly understand the challenges advisors face as they aim to grow and scale their businesses. That is why I am dedicated to creating the tools and resources advisors need to turn these challenges into opportunities,” said Alison. “This award further validates that our efforts to provide actionable, easy-to-follow, proven processes are resonating with professionals throughout the industry. But this recognition isn’t a finish line; it’s a checkpoint. It’s a reminder that we’re here to keep pushing boundaries and ensure financial advisors aren’t just keeping up but staying ahead.”

This most recent accomplishment for Alison comes on the heels of him recently being 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.

Earlier this year, C2P and its Chief Marketing Officer, Matt Seitz, were also named ThinkAdvisor 2023 LUMINARIES finalists in their respective categories.

Seitz was named a finalist for the Executive Leadership category for individuals after recently creating 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 overall impact on one’s practice. His innovative actions continuously help C2P and its advisors remain competitive as he regularly seeks opportunities to enhance their reach through marketing and education.

C2P was named a finalist for the Thought Leadership & Education category for firms after it recently launched its Advisor Career Path and 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. It is designed for advisors who are the sole rainmaker of their practice and are looking to build a self-sustaining business.

C2P’s Founder and CEO, Jason Smith, CEP^®, BPC, and best-selling author, will soon release his highly anticipated second book, The Rainmaker Multiplier: How to Create a Self-Sustaining, Scalable Financial Planning Business. Coming in the spring of 2024, this book will expand upon these award-winning strategies to provide advisors with a comprehensive guide for how to build a self-sustaining practice. To learn more and sign up for updates about the book release, visit www.RMMBook.com.

The LUMINARIES Class of 2023 Finalists were reviewed by ThinkAdvisor’s distinguished and diverse panel of 17 judges from across the advice industry. Read the full methodology!

About C2P: C2P is a holding company comprised of specialized platforms, each designed to simplify holistic financial planning for advisors and the clients they serve. Driven to provide products and solutions in the best interest of every 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 advisors accomplish their goals. C2P is committed to upholding fiduciary best practices and raising industry standards by offering a higher quality of financial planning services to families 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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