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Dodging IRA Disasters and Fostering Team Synergy · The Perfect RIA

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  Amber Kuhn: Hello, TPR nation. This is Amber Kuhn. Thank you
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  for joining me on today's Follow up Friday, where I'll be
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  recapping this week's episode highlights and action items. On
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  Monday, Matt was joined once again, by his brother, Steven
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  Jarvis CPA, the Head of Retirement Tax Services. They
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  wanted to talk about mistakes that are made with IRA accounts,
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  ones that are easy for advisors to fall into the traps. Of
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  Stephen said, You need to make sure that you are doing the
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  basic things correctly, and don't take for granted. Things
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  will happen automatically. Matt and Steven walked through
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  examples of these common mistakes, the first being
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  rollovers. They said that if it's trustee to trustee, this is
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  usually pretty straightforward, but in the example they shared,
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  where it's easy to mess up is if the custodian pushes out a
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  check, you've got to be really careful in the scenario and tell
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  your client to immediately notify you. Steven said, you
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  want your documentation to be rock solid, because even in the
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  situations where it's unlikely an error will occur, it's still
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  possible. That said, this is one of the few places hope risk
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  predicting the future, and it sticks in the client's mind that
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  he told them something may happen, versus being in a state
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  of frustration when it does happen. The 60 day rule is
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  another mistake that happens. Steven said you need to be
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  really clear on when the 60 day window expires, and that there's
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  some conditions that you really have to make sure you're paying
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  attention to, or you can end up creating some irreversible
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  situations for your clients. Ben Steven said, anytime you're
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  doing money movement, it's not done until you verify that it's
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  correct on the tax return. So as an advisor and someone who cares
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  about tax planning, you have to make sure you're getting that
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  tax return every year, even when it comes to software and
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  technology, technology isn't to the point where it will replace
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  an advisor. And there are certain life events where you
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  have to have checklists around to double check certain things,
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  such as retirement rollovers, moving money between accounts
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  and switching tax preparers. Matt and Stephen also talked
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  about when clients have some extreme ideas, and help help
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  them have a space to share those ideas, but also help them see
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  that it's not a good plan. Stephen will remind clients,
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  taxes are never, or almost never, the primary reason you do
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  something that there are more passengers on a bus. He said,
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  You want to go back to the basics and mention that the
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  flashy stuff can be fun to talk about, but it makes sure that
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  the basics are covered first. He said a lot of times clients will
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  stop and realize that, and then it doesn't need to go any
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  further. Matt also said that he'll tell clients that they'll
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  never do anything for taxes that they wouldn't otherwise do. But
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  he said that if a client is really set on something bizarre,
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  he'll utilize his suit wise, to help and for guidance. Steven
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  will also repeat things back to a client and highlight the
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  things that don't pass the Smith test. It'll take it a step
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  further and ask the client to get documentation from the
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  person who pitched things to them. This approach works for
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  anything as well, not just taxes, but investments too.
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  Additionally, with IRAs in the States, Matt said, a warning
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  flag is anything really involves you as one of the people in the
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  transaction. Another area that gets tricky is when people want
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  to buy gold inside their IRA, because you as the individual
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  can have physical possession of the investment of the IRA. Matt
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  and Steven wrapped up by sharing that whatever area of tax
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  planning you're talking about, you have to have an intentional
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  plan. That's how you get ahead. If you let taxes happen by
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  default, that's where you're likely to get killed on taxes.
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  So make sure that you write down the next 10 years and understand
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  what big life events are coming up for your clients, and make
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  sure you have an intentional plan. Let's get into action
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  items. The Retirement Tax Services Tax Summit is coming up
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  this September, if you're interested in learning more and
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  to save your spot, visit retirementtaxservices.com/summit
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  you need to have clear and concise ways of articulating
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  complex strategies and rehearse it so that it comes to you as
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  easily as saying your own name. Lastly, if you're interested in
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  retirement tax services, master classes on form 8606 and back to
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  rock contributions, visit retirementtech services.com. On
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  Thursday, Jamie had an episode for leaders as well as their
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  teens, as she talked about communication and following up,
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  she started by talking about how for anyone but the first thing
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  you need to do is go hire someone, even if it's part time
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  to do those tasks that are taking up a lot of your time
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  that aren't worth the revenue you want to make. But Jamie's
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  first tip in hiring someone for this is not to look to your
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  family, because they don't see this as a real job, and you
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  can't fire them because you have to face the rest of your family.
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  So ultimately, hiring families be detrimental not just to you,
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  but to the person that you've hired as well. Jacob said the
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  reason you need someone to handle those smaller tasks that
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  aren't worth the revenue you want are because if not, then
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  you're not thinking about how to get ahead and get to where you
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  want. She's that the most successful people know how to
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  delegate their time because they're evaluating what they
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  need to do and when. And you need to use a filter of when
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  you're at your highest and best use. You need to use this every
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  day when you're looking at your task. So let's say you hire
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  someone, but they aren't doing things how you want them to get
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  done or the speed you want. Jamie said, this can stem from
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  not having a communication policy in place, so make sure
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  that you have one that explains how someone can connect with you
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  and the appropriate things to bring to your attention. You
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  also need to make sure that you look at the prioritization of
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  tasks and that the person you're giving the task to understand
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  the assignment. They need to understand the how and why of
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  the work that needs to be done. Now the other part of this is in
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  a situation where your team member, who's the one
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  interacting the most with their clients, has something that's a
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  priority, but you act like it isn't. Your team is the one who
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  will deal with the issues and potential negative client
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  reactions from this, because Jamie said you've then set them
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  up for failure. She said that if a team member approaches you to
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  follow up that in some way, you've let them down, but you
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  need to let them know that even if it feels uncomfortable, they
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  need to be able to politely follow up with you. But the
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  issue is, if your team puts something on your calendar, you
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  don't get it done, and then they just stop. Your team feels like
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  if they ask about it, that they're nagging, but Jamie said
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  the difference between following up and nagging is marriage. So
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  team members need to follow up, and when they do, they need to
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  give you enough information to make a decision. Second with
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  this, you need to be consistent and make sure that there's a
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  weekly meeting with your team and that you are giving them all
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  the information they need to be successful. And for team
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  members, Jamie said you must follow up. This doesn't mean
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  every day, but if there's something that's sensitive, you
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  need to be on it with that follow up. And if it isn't
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  timeline sensitive, then that needs to be brought up on the
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  weekly meeting. And if you followed up a few times already,
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  you can then ask if the task is a priority. Jamie wrapped up by
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  sharing the unique skills that you need to develop, such as
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  increasing your productivity, your revenue, delegating to
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  discerning what's worth your attention. And then you need to
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  align yourself with the right people to get those tasks done
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  and set them up for success. That wraps up this weeks recap,
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  TPR nation. If you're looking for more resources, or if you
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  have a question, be sure to email us at
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  lifestyle@theperfectria.com thank you for joining me, and
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  please share this or any of our episodes with another advisor or
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  a team member who you think might benefit from and be sure
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  to subscribe to The Perfect RIA podcast, so you don't miss an
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  episode. Until next time, happy planning.
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