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October 24, 2023 at 02:40 PM
What You Need to Know
- LPL Financial's tax planning service uses in-house tax professionals to serve clients' tax management needs.
- The offering is designed to help advisors meet growing investor demand for holistic advice.
- Outsourced tax planning complements LPL’s high-net-worth offerings including advanced estate and philanthropy planning, the firm says.
LPL Financial on Tuesday announced a new tax planning service using the firm’s in-house tax professionals to help advisors better serve clients’ tax management needs.
Noting the rapid pace of change in tax rules and their complexity, LPL said its new service “enables advisors to have tax planning discussions with clients more confidently.”
The new service helps advisors proactively address what LPL said is a question on every client’s mind: “Am I paying more than I have to in taxes?”
The service pairs LPL’s tax professionals with advisors to consult and create proposals to improve their clients’ financial outcomes, the firm said.
The tax professionals can help advisors identify clients who would benefit from the service, create a detailed analysis of their tax situation and offer roadmaps to maximize investment outcomes and improve tax efficiency, LPL said.
LPL’s in-house tax professionals can support advisors “through an entire range of services, from addressing ad hoc technical tax issues to providing detailed, customized tax planning scenarios and one- to three-year illustrations,” the firm said.
With the new service, advisors can now “offer sophisticated tax planning by leveraging LPL’s tax professionals without hiring their own, which can be a potential growth driver by adding a valuable service that clients aren’t getting elsewhere,” the company said.
“LPL’s Tax Planning Services can serve as an extension of the advisor’s team,” said Kraleigh Woodford, LPL senior vice president, planning and advice services.
