FREQUENTLY ASKED QUESTIONS
Do you prepare tax returns?
No, we do not prepare tax returns, but we have sharp pencils and are very familiar with our country’s tax laws. As part of our process, we intently focus on tax efficient planning strategies and coordinate the plan with our clients’ professional tax advisors to ensure that the tax strategies are integrated properly and that all team members are aligned with the rest of the plan.
We also work with some of the best CPAs in the country and can source them out for clients if needed.
Do you draft wills, trusts and other legal documents?
No, but we can read. In many cases, we act as a second set of eyes in the review of our clients’ personal legal documents. The ability to speak, understand and translate legalese often helps in making sure our clients and all members of the team are always on the same page. Local counsel is often critical to the final steps in implementing the clients’ plan which is why we have established a healthy network of legal specialists around the country.
Do you provide client references?
Client confidentiality represents a tenet that we hold inviolate. We do not and will not share personally identifiable information with other clients. However, a few clients are more than happy to share, and upon request we will be happy to provide a client reference. We also can provide professional references depending on the need and/or situation.
Do you work with other advisors?
Candidly, the moniker “The Advisor to the Advisor” answers it all. Our primary role is complementary to other advisors and their practice. Naturally, there are some items we can perform for our clients on our own, however, by definition, wealth management involves overlapping professionals and services that need to be coordinated. Providing solutions to complex challenges can often be simplified when all of a clients’ advisors (TailorMade included) are all working together sharing one common goal.
The better questions to ask is . . . when is the last time your corporate attorney, personal attorney, CPA, investment advisor, or insurance agent met as a team to discuss your personal or professional financial objectives?
Are you open to new clients?
For us, it all starts with the Right Client . . . Unfortunately, as a direct result of what we do and the time commitment it takes, we cannot work with everyone. Our process always starts with a conversation to make sure that both parties are a good fit for each other’s services. From there the journey begins . . .
What are the next steps?
It all starts with the three questions . . . whether you are an advisor or client, knowing who you are, what you care about and what you want to accomplish has to be the first step.
From there, marking the beginning of any client relationship, we typically identify and discuss the following via a dedicated process that addresses every aspect of your wealth:
- Performing a deep dive in understanding the three questions as they relate to your assets.
- A personal legal document review: Whether it is a will, trust or operating agreement for your business, knowing what the document says and will do is an important step in the process.
- Discovering and evaluating your individual objectives, unique circumstances, family dynamics and any external factors.
- Identifying your existing professional relationships to make sure they are included as the plan develops.
- Creating and designing a custom roadmap that balances the “who you are” with the “what you have.”
- Integration of all team members making sure each is diligently filling their role.
- Implementing the appropriate solutions at the appropriate time. “It is a marathon, not a sprint.”
- Periodic reviews to make sure all is on track or to determine what changes may be needed as things change.
We are in it for the long term. To be blunt, we don’t mind dating to see if things work . . . but we are the marrying kind. Wealth management is complex, it takes time to fully address and plan for all the challenges. “Set it and forget it” or trying to solve a problem with a singular product rarely ever works.
If you have any specific questions not addressed, please feel free to reach out and let us know at info@askTailorMade.com