A TRUE FIDUCIARY ADVANTAGE – TURNING COMPLEXITY INTO CLARITY
The Financial Baseline Report gives financial professionals an unprecedented level of insight into their clients’ full financial landscape. By consolidating income sources, asset activity, tax efficiency insights, and account details into a single, intuitive report, advisors can:
- Improve Onboarding Efficiency and Accuracy: Eliminate the back-and-forth inefficient gathering and uploading of tax returns, W-2s, K-1s, 1099s, or other documents.
- Identify Advice Opportunities: With up to 10 years of tax data, firms can view trends over time, life events, and potentially missed tax and financial planning opportunities.
- Consolidate Accounts: With a combined list of accounts, firms and their clients can more easily find opportunities to combine accounts to reduce fees and simplify finances.
- Ongoing IRS Account Monitoring: With ongoing IRS account monitoring, firms can alert clients if/when taxes/penalties are due in advance of receiving IRS notice letters in the mail.
- Enhance the Quality of Advice: Ensure every recommendation is informed by more complete, verified data sourced straight from the IRS.
“Advisors are expected to act as fiduciaries, but without complete financial data, even well-intentioned plans can be incomplete,” added Knull. “This report helps solve that problem by providing more data so advisors can render better recommendations while simplifying the process for both them and their clients.”
Learn more and download a sample
KEY FEATURES AND INSIGHTS IN THE FINANCIAL BASELINE REPORT
The Financial Baseline Report offers critical insights sourced directly from the IRS, helping both advisors and clients make better financial decisions:
- Tax Return Summary: Quickly assess filing status, AGI, tax rates, deductions, capital gains/losses, taxes/penalties owed, and key life events.
- Tax Insights: Highlight tax inefficient income, Medicare premiums, Social Security taxation, AMT exposure, tax credit eligibility and more.
- Consolidated Account List: Uncover all financial accounts to ensure a comprehensive financial plan.
- Assets and Liabilities Activity: Discover financial activity tied to each financial account, helping to pinpoint tax-saving strategies.
- Income Summary: View income sources, helping optimize cash flow and retirement strategies.
- Employment History: Locate past and present employers to help find forgotten employer-sponsored plans.
The Financial Baseline Report will completely transform financial planning – making firms more efficient, improving the quality of advice, and ultimately helping advisors deliver better client outcomes.
TRANSFORMING FINANCIAL PLANNING – ONE REPORT AT A TIME
In an era when financial complexity is at an all-time high, advisors need better tools to scale the advice process. The Financial Baseline Report does just that – providing data-driven clarity at scale that helps clients make informed, strategic decisions while strengthening advisor-client relationships.
“This is more than just a tax summary – for the first time, advisors and their clients have a consolidated list of all of their accounts and income sources in one place,” concluded Knull. “It’s a breakthrough for financial planning and advice that provides advisors with the power of full financial transparency, enabling them to deliver smarter advice, faster, with zero friction.”
The Financial Baseline Report is now available to all TaxStatus users as a deliverable for both clients and prospects, and the data is available to TaxStatus enterprise clients via API. To learn more, visit www.TaxStatus.com.
