By CPA Trendlines Research
Retirement doesn’t have to mean the end of a client relationship.
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It just changes the services the client needs, and it may bring family members into new financial relationships. Here are 10 services you can offer.
1. Charitable Giving Strategies: Assist with tax-efficient charitable contributions, such as qualified charitable distributions (QCDs). Monitor on an annual basis or as needed.
2. Tax Preparation: Prepare annual tax returns with a focus on minimizing taxable income during retirement.
3. Roth Conversions: Evaluate and implement Roth IRA conversion strategies for long-term tax benefits and budgetary expedience.
4. Business Succession Planning: Help small business owners transition their business. This may involve other family members, who are, of course, potential clients.
5. Housing Decisions: Provide financial guidance on downsizing, relocating or reverse mortgages. Some clients might need a whole panoply of services that may include searches for a new home, working with real estate agents, overseeing closings, analyzing assisted living options, overseeing estate sales, etc.
6. Debt Management: Advise on paying off or restructuring debt acquired before retirement.
7. Risk Management: Review insurance policies (life, health and liability) to ensure adequate coverage in retirement. Monitor as life situations evolve.
8. Legacy Planning and Followup: Help ensure wealth is transferred according to the client’s wishes and in a tax-efficient manner. Involve relevant family members, who may also need related services. Offer postmortem services.
9. Financial Education: Educate clients about retirement-related financial topics, such as Medicare and Social Security changes. Offer to monitor and to protect from scams.
10. Scenario Analysis: Run “what-if” scenarios to test the impact of various decisions on retirement readiness. Develop recommended plans.
Many of these services can be bundled for a retainer fee. Let younger family members know that your firm is available for more than just tax prep and business accounting.