5 Minute Read
Good afternoon, I hope this email finds you well and you have had a nice winter thus far. I wanted to send along several important business updates we have in store for 2023, and an update on the markets.
While we don’t do taxes, this time of the year tends to be the busiest for our office so I thought it would be a great time to replace our Client Relationship Manager (CRM) 😬😬😬.
The CRM essentially is the engine behind our business and is one of the most important back office systems we have and rely on. Our new CRM called Wealthbox is going to add numerous efficiencies to our day to day back office operations, allowing Renee and I to spend more time on the most important work we do which is meeting with and servicing our clients.
Scheduling Client Meetings
We added Calendly back to our process of scheduling meetings for clients. How this works is that Renee can text or email a link to clients with my calendar, and clients can choose a date and time that is most convenient for them.
If you would prefer a phone call instead, we are happy to still schedule meetings via traditional methods but wanted to add another way that could save time for clients and our office.
Expanding Tax Planning Services
Earlier this year we made an additional investment in our tax planning software to provide more tax planning services to our clients at no additional cost. Our goal with this investment is three fold:
1. Provide clients tax projections for the upcoming year and take a more proactive approach to taxes. Items such as the effect of retirement account contributions/distributions, tax withholding analysis, and harvesting losses in client accounts are just some of the benefits these projections can provide.
2. Begin to build a more open line of communication with your tax professional. We are building out letters for clients that will include a checklist of all the tax documents you should receive for the year along with any important tax related services we completed for clients during the year, which clients can provide to their tax professionals.
3. Organizing all of your tax related documents and planning within a single platform that we can review together during our regularly scheduled meetings.
Transition to Charles Schwab
As you may already know, Charles Schwab purchased TD Ameritrade a few years ago. This transition is set to be completed in September of 2023. We will have more communications as we approach that date but there should be little to no changes for clients, outside of your statement reading Charles Schwab and you may have to set up a new login on a new app. Portfolios, fees, services, etc. will all remain the same.
We have hired a Virtual Assistant who will be onboarding with our practice in the coming months. This person specializes in working with independent, fiduciary practices such as ours. Their role will be completely back office operations, again with the goal of freeing up more time for Renee and I to focus on meeting with and servicing our clients.
The year has started off well with the S&P 500 up over 5% year to date. Inflation though, has remained stubbornly high coming in at 6.4% year over year in January. If we see any significant movement down in that overall number or key components of that number, it could allow investors more confidence that we are nearing the end of the Federal Reserves rate hike cycle.
Interest rates affect every part of our economy from housing to business loans, stock valuations, bond prices, etc. If we get lower inflation and more clarity on interest rate increases, this could help to stabilize markets going forward.
We are excited to roll out these additional services to clients, expand upon the team that is working for our clients, and partnering with Charles Schwab later this year. Schwab is a very big proponent of the independent fiduciary model that we are so passionate about.
We hope you find this information helpful. If you have any questions at all, or would like to schedule a meeting please do not hesitate to contact our office.
Clint & Renee