How to Best Identify Opportunities for Managing Taxes

Note: This article was provided courtesy of

By Thomas J. Quinn

Sixty-five percent of respondents to the annual US Trust Insights on Wealth and Worth Survey say that minimizing taxes is an investment priority for managing their wealth, compared to just 35 percent who focus on pursuing higher returns regardless of tax implications. Taxes can be your clients’ biggest expense—as much as 50 percent in taxes a year, when federal, state and local taxes are combined.

In fact, the average American spends more days working to pay off federal, state and local taxes than they do to cover the costs of housing, food and clothing combined.

Taxes are not only a costly out of pocket expense for your clients, but also a drain on the performance of their portfolios. This is especially true for your high net worth clients, and when working with your clients to meet long-term financial goals such as retirement saving and legacy planning. But there are solutions.