12 Questions to Ask Clients in December

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12 Questions to Ask Clients in December

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Practice Management > Marketing and Communications > Client Outreach

12 Questions to Ask Clients in December

by Bryce Sanders

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12 Questions to Ask Clients in December

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1. Have you looked at year-end selling for tax losses?
This is a major one, especially if they have capital gains from previous trades you’ve done. What have your mutual funds distributed? That usually happens in December.

(Image: Shutterstock)

2. Let’s consider capital gains to lock in for this year.
We don’t know how the tax laws will change in 2022. It’s a big topic in Washington. We all need to pay for the money spent by the government during the pandemic. Does it make sense to nail down some profits now?

(Image: Shutterstock)

3. Have you taken your Required Minimum Distributions?
This is important if your client is older, but it still makes sense to ask the question if they are younger. Have their parents taken those RMDs? You don’t want to discover they haven’t on January 2. There are penalties.

(Image: Shutterstock)

4. Have you made your annual retirement plan contributions?
This is a younger client question. They have until April 15 (or when they file), but it makes sense to put the money to work as early as possible. If they are making their 2021 contributions in December, you can make the case for making the 2022 contributions in January.

(Image: Adobe Stock)

5. Have you made your 2021 tax prepayments to the IRS?
This is important for clients who consult or own their own small business. If they don’t pay on or before the due date, the IRS can apply a penalty. Also, you want the payment made in this tax year.

(Image: Adobe Stock)

6. Are you planning to give any large checks to the kids?
This fits under the gift tax exclusion rules. They can give up to $15,000 per individual to as many people as they want. It’s a way to reduce the size of their estate.

(Image: Shutterstock)

7. Are you making any big charitable contributions this month?
If so, your client might choose to donate appreciated stock instead of writing a large check. Let’s not leave this until the last minute.

(Image: Shutterstock)

8. Want to give any gifts of stock?
Now we are talking about getting one of the children started on the road of investing. They might want to set up a custodial account in their name and transfer in some stocks with long-term growth potential.

(Image: Adobe Stock)

9. Have you started getting tax documentation together?
Your client will probably have downtime between Christmas and New Year’s. That’s a good time to get statements organized, collect the medical bills and put together a typed checkbook register because their accountant can’t read their handwriting.

(Image: Shutterstock)

10. Let’s get your annual review on the calendar.
OK, it’s not a question. You want them to hit the ground running in the new year. The newspapers and magazines will run “Year in Review” articles. They will wonder how they did. You want to be the one leading that conversation, not a competitor.

(Image: Adobe Stock)

11. When does the annual bonus get paid?
You’ll find a tactful way to ask. You should start planning how to put that money to work before they share the news they’ve already spent it.

(Image: Shutterstock)

12. Have you bought your spouse’s present yet?
It’s amazing what some people put off until the last minute. They should appreciate the reminder.

There are many practical reasons to call clients in December. The last question might be the one they appreciate the most.

(Image: Shutterstock)

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Related: The 8 Questions You’ll Get at Holiday Parties This Year

Clients sometimes get it all wrong. They might throttle back in December, putting their lives on cruise control.

December is for setting up the tree, attending parties, going to holiday concerts and shopping.

Yet like Bob Cratchit in Scrooge’s counting house, their advisors are hard at work, as December is a busy time of the year.

What to Ask

This requires a balanced approach. For some clients, all the questions might be relevant.

For others, it’s selective. Try not to be like Lieutenant Columbo coming back constantly with “one more question.”

See the gallery above for 12 questions to ask clients in December.

Bryce Sanders

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