Our Process
Overpaying taxes is the single biggest expense retirees face. At Dallas Financial Planning, we specialize in tax reduction strategies during your retirement and as well as when assets transfer to your next generation after you’re gone (spouse, kids, charity, etc.). We start with new clients by showing them how to significantly reduce their income taxes each year – in most cases by tens of thousands of dollars a year. We are able to do this because all our clients are similar- lifelong savers between the age of 60 and 78. To get a better idea of the type of retiree we work with, click the link here.
Below is our step-by-step process for new clients. By the end of it, you’ll know you are at the right place and picked the right firm.
Step 1 – Phone Call
You wouldn’t want a Cardiologist to conduct your Knee Surgery.
Before committing your time to meet, we’ll have a 10-minute call to make sure our firm is a good fit.
If your situation matches our expertise, we’ll ask you to come in.
If we aren’t a good fit, we will gladly introduce you to a firm who is better suited to your needs.
Step 2 – First Meeting (30 min)
Prescribing before diagnosing is malpractice.
All new clients upload their investment statements and last year’s tax return prior to their initial visit. Also, both spouses must be in attendance to the first visit.
At this first meeting, we will ask you questions about your IRAs, brokerage assets, sources of income, intended beneficiaries, estate documents, and many other topics. Our intention is to get as clear of a picture of your retirement as possible. Where does your income come from? How much income are you drawing from investments? How much do you have in retirement accounts vs nonqualified? Etc. After 20-30 minutes, we’ll have what we need to start analyzing your financial documents. The process of uncovering all the income tax reduction strategies and estate planning opportunities takes 1 -2 weeks.
Step 3 – Our Analysis
When was the last time your Financial Advisor looked at your Tax Return?
We will apply years of experience, training and mentoring by the industry’s top experts to answer questions, such as:
- Are you paying more in taxes than you need to be?
- What is missing in your estate plan?
- Does the current asset allocation make sense?
We will analyze your tax return, investments, and the information we gathered from the questions we asked to create a comprehensive Financial Action Checklist. This document will show our most valuable tax reduction strategies we recommend for you. Why are we giving you all this tax savings and value for free? *We are willing to give you our best upfront because we are confident that once you see the value we have provided, you will want to work with us.
Step 4 – Next Meeting (45 min)
Investments are a matter of opinion; Taxes are a matter of fact.
One or two weeks after the first meeting, we’ll have the next meeting. You’ll be given your Financial Action Checklist outlining the income tax planning, estate planning, and investment planning strategies that will be most effective at reducing your income taxes and improving your retirement plan. After you have reviewed all the tax savings, investment, and estate planning strategies we have uncovered for you, we are confident you will want to become a long-term client.
There is little value in a plan that has no action, so you’ll want to get started. You will be able to look forward to a seamless onboarding process for us to begin your Financial Action Checklist.
If this process makes sense to you: