Navigating the Intersection of Tax and Wealth: Challenges and Advantages
Financial advisors and CPA firms are increasingly finding themselves working together, with many veteran financial advisors now providing tax planning services alongside traditional wealth management. Liting Chuang, Director of Tax Planning at Bordeaux Wealth Advisors, is at the forefront of this trend, offering insights into the key challenges and advantages of working at the intersection of tax and wealth.
Chuang, a certified financial planner and certified public accountant, shared her journey from starting out in public accounting to transitioning into wealth management. With nearly 20 years of experience in tax planning, Chuang emphasizes the importance of proactive tax planning to help clients preserve and grow their wealth.
In a recent discussion with Tobias Salinger, Chief Correspondent at Financial Planning, Chuang highlighted the increasing collaboration between wealth management and tax services. She pointed out that while merging the two services can provide a one-stop financial solution for clients, there are challenges in maintaining expertise in both areas due to the constantly changing tax laws and investment strategies.
At Bordeaux Wealth Advisors, Chuang and her team focus on implementing tax strategies and helping clients find tax-efficient investment strategies. They work collaboratively with CPAs to ensure accurate tax returns and assist with quarterly tax projections. Chuang emphasized the value of having a team of experts in both investments and tax to provide clients with the best strategies tailored to their needs.
Despite the barriers of time constraints and staffing shortages, Chuang believes that technology tools like tax planning software can help financial advisors enhance their tax planning services. However, she stresses that the most valuable tool a firm can have is its people, who can interpret complex tax strategies and implement them effectively for clients.
As the intersection of wealth management and tax services continues to evolve, professionals like Liting Chuang are leading the way in providing comprehensive financial solutions for clients. Stay tuned for more insights on this topic in Financial Planning’s upcoming feature on Wealth and Tax Day.