Forbes Online Columnist Helps High-End Financial Advisors Save Taxes On The Sale Of Their Practices
Surprise Practice Buy-Outs Spur Interest In Tax Planning
Financial advisors are no different from any other business owner . . . they are caught unprepared.
San Francisco, California, USA - As a result of recent reports of unexpected buy-outs of practices, more and more independent financial advisors are interested in tax planning for the sale of their own firms.
While statistics tracked by the Certified Financial Planner Board of Standards, Inc. find that roughly half of all CFP® certificants licensed through the Board were approaching or had passed typical retirement age, often buy-out offers are not the classic retirement scenario. It is not uncommon that four or five buyers approach a mid-career financial advisor. In some cases, an offer is one “you can’t refuse.”
According to Forbes online columnist Todd C. Ganos: “When it comes to an unexpected buy-out offer, financial advisors are no different from any other business owner. They have always known they needed to do tax planning for the sale of their firm but it was always at some point in the future. And, they are caught unprepared.”
Among other topics, Ganos’ column “Managing The Family Office” focuses on tax strategies employed by business owners in the sale of their companies. He notes: “Financial advisors routinely provide tax advice to their clients. However, tax planning for the sale of a business is a very specialized and complex form. Depending on specific circumstances, an advisor might reduce the ultimate income tax on their gain by 30 to 75 percent.”
At www.RIAtaxSavings.com, Ganos offers a complimentary consultation to financial advisors whose practice has $2 million or more in annual revenues.
- Contact Information
- Stuart McFaul
- Spiral Group
- (1) (415) 869-8579
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