Ok, so one of these things is not like the others. Or so it seems.
But who says the work of IRA guru Ed Slott is not a work of art? Have you ever talked to him about IRA rollovers? I recommend you not do so, unless, that is, you have one or two or three hours to kill. Slott, a New York-based CPA, will paint a detailed picture that Rembrandt would be proud of.
The passion fires out of him when he discusses the merits of the IRA rollover. And he does not mince words. If you’re an advisor and have not educated yourself on IRA rollovers and embracing the tax advantages they possess, he will tell you the error of your ways.
As Slott says in one of the many videos featuring him on his website, “You’re the only ones that can create what (consumers) need. And what they need is what you sell. And what you sell is not your products. You sell financial security.”
What Your Peers Are Reading
If you’ve seen Ed Slott in person or on the PBS specials he stars in, you’ve noticed that he does not fall under the Jim Cramer category of “louder is better.” There’s no rolled-up shirtsleeves and manic aping for the camera. Slott wears a dark suit, a blue button-down shirt, a red tie. And he keeps the suit jacket buttoned up–all the time. His style is cool, calculated.
He is methodical in his message, leaving no IRA stones unturned. In art terms, he’s more realist than surrealist. There are no dripping clocks. There is no sleight of hand taking place. He’s not pulling a rabbit out of his hat. With Ed Slott, what you see is what you get. And what you get is the art of the IRA with bold brush strokes.
As you gear up for the final push on tax season and work with your clients on their tax decisions, we thought it was a great opportunity to talk with Slott and find out the opportunities out there for advisors.
He spends much of his time on the road bringing his IRA expertise to the people, but we were lucky to find him at home working on his latest book. Slott’s the best-selling author of Stay Rich for Life! and The Retirement Savings Time Bomb and How to Defuse It, among others.
SMA: What are the opportunities for advisors and IRA rollovers?
SLOTT: The opportunities are greater than ever. There are more people in transition and they are the right people. Just look at the demographics. There are 10,000 baby boomers a day hitting retirement age. Also, the other demographic is the economy. When people lose a job there’s a transition taking place. That’s a big rollover opportunity.
SMA: What about current tax laws?
SLOTT: Good question. In addition to the large population of baby boomers, the time to strike is now, before any new tax laws take effect. Currently, taxes are historically low. So there is additional opportunity for advisors. But the money is going to be taxed because the government is broken. These low taxes are unsustainable. You have a two-year window before taxes will change. The time is now to take advantage of that.