Minimize taxes? Sure, everyone wants to. But in a new “quick poll” of financial advisors from SEI Advisor Network finds that 90% of advisors said “clients rarely or occasionally ask about ways to minimize taxes on their investments.” Most advisors, 79%, said “proactively managing for taxes is a consideration when making investment decisions for clients,” according to the SEI announcement on Monday.
This leaves a surprising percentage of clients in the dark about what advisors are doing for them regarding taxes, and potentially room for more to be done after a conversation about taxes. It is, it seems, up to the advisor to bring this up with clients.
“It’s clear that clients aren’t frequently asking their advisors about tax management as it impacts their investments,” said Kevin Crowe, solutions unit leader at SEI Advisor Network. “On the other hand, the majority of advisors have said they can preserve significant amounts of tax savings for their clients.