Explore prominent trends that can help your clients significantly impact their financial wellness and outlook for the remainder of 2023.
As 2023 draws to close, year-end financial planning conversations with clients are likely already taking shape. Priorities will vary depending on their age, income and assets. This is a great time to reflect on previous years and align goals for the year ahead. Here are some prominent trends that can help your clients significantly impact their financial wellness and outlook for the remainder of 2023 and beyond.
Tax planning remains a cornerstone of year-end financial planning. In 2023, with potential changes to tax laws and economic fluctuations, financial advisors are focusing on strategies that minimize tax liabilities for their clients. This includes reviewing deductions, capital gains, retirement account contributions and utilizing tax-efficient investing options.
Portfolio Rebalancing and Asset Allocation
Every dollar your clients invest make an impact. Year-end financial planning should include a review of capital gains and losses for your clients and an assessment of whether it’s time to rebalance client portfolios. Market fluctuations throughout the year can impact a client’s investment portfolio. Adjusting asset allocations helps ensure the portfolio meets the client’s objectives.
Estate Planning and Wealth Transfer
Estate planning is an ever-changing field, and consumers are increasingly seeking strategies to protect their assets and ensure smooth wealth transfers to heirs. Organizing an end-of-year workshop to discuss estate planning can be a transformative opportunity. Not only will this event prove highly beneficial to prospective clients, but it will also solidify your position as a trusted thought leader within your community.
Here are a few questions you may want to ask your clients when evaluating their estate plan:
Has your family situation changed? Is there another child or grandchild to be accounted for? Did you get married? Did you get divorced?
By asking these questions, you can better understand your client’s unique needs and concerns.
Healthcare and Insurance Planning
It’s not news that healthcare ranks high among individuals’ financial worries. After all, “If I don’t have my health, I don’t have my wealth” is a saying that rings true. Financial advisors can play a vital role in helping clients with healthcare planning, including:
Our episode of the FAST Podcast with Christine Simone, CEO of Caribou, explores the interplay between healthcare and finance. Listen to learn more about how to help your clients achieve their financial goals and how to incorporate healthcare into their year-end planning.
Charitable Giving and Philanthropy
Clients are increasingly interested in giving back to their communities and supporting causes they are passionate about. Those planning to make charitable donations need time to select specific recipients and decide how they will donate. Financial advisors can assist clients in structuring philanthropic contributions, including advising on tax-efficient strategies such as donor-advised funds and facilitating the integration of philanthropy into their financial plans.
Year-end planning is essential for helping your clients achieve financial stability and growth. After another year of change and market volatility, a thorough year-end review can help them close the year strong and set themselves up for a productive new year.
Interested in hosting a year-end workshop but wondering where to get started? We can help! Reach out to an Executive Marketing Consultant by phone (844) 949-9497 or visit our website for more information.