Financial advisors who are part of the LPL Business Solutions network will be able to access tax help for their clients through a new “matchmaking” service that pairs advisors with tax professionals, LPL announced yesterday.
The Tax Planning Service will match advisors with tax professionals to help them answer clients’ questions. The service was created to meet a growing demand from advisors for assistance in strategic tax planning. The service will let advisors get “sophisticated tax planning” by turning to LPL’s professionals rather than hiring their own. LPL said this can help drive advisors’ growth by letting them add a service clients aren’t getting elsewhere, the firm said in a press release.
“We believe that there is an opportunity for financial advisors to differentiate themselves by offering in-depth tax strategies that can proactively preserve and enhance client portfolios,” Kraleigh Woodford, LPL senior vice president of planning and advice services, said in a statement. “With [LPL’s] Tax Planning Service, advisors can now confidently deliver customized tax analysis and planning services to clients directly, instead of referring tax-related issues to accountants or other tax specialists.”
The tax professionals will be able to help advisors address ongoing changes in government tax policy as well as technical issues. They will also help advisors create custom tax planning with one-to-three-year illustrations for their clients.
“We believe advisors who can increase their value proposition and offer a one-stop-shop solution can ultimately strengthen client outcomes and enhance overall satisfaction,” Woodford added. “Tax Planning Services can also be combined with other business solutions to strategically build a compelling business case that can attract new clients for advisors and improve their existing client relationships.”