Listen to the full episode: How the IRS Can Help Advisors Onboard New Clients
Episode Highlights
The Birth of TaxStatus
Charles’s journey began a decade ago, born from a blending of technology expertise and his recognizing the cumbersome process of gathering IRS data needed to help taxpayers. Charles, with a background in application architecture, alongside a co-founder with deep roots in tax and legal advisory, saw an opportunity to automate and simplify this process.
A Leap into Wealth Management with Morningstar
The collaboration between TaxStatus and Morningstar is a testament to the innovative spirit of both entities. Morningstar’s deep roots in the wealth space paired with TaxStatus’s innovative approach to IRS process automation presents new frontiers in financial advising, among many other use cases. Charles enthusiastically explains how this partnership enables a seamless integration of IRS data into the wealth management process, providing advisors with a 360-degree view of their client’s financial status and other key insights.
Every time we demo, the first thing they ask us is, ‘How in the world is this possible?’ They’re just absolutely floored that this even exists. And the second question is, ‘How can I get my hands on it?’
– Charles Almond
Automating Onboarding and Beyond
The conversation highlights an all too familiar pain point in wealth management: the client onboarding process. Charles and Jeff Schwantz discuss how TaxStatus simplifies this initial phase, transforming it from a tedious, paperwork-laden chore to a streamlined, efficient, and more accurate experience. By automating the collection of tax data, advisors can offer more personalized and proactive advice, focusing on strategies that genuinely align with their clients’ financial realities and goals.
Continuous Consent: A Game-Changer for Financial Advisory
One of the most compelling features discussed is the idea of “continuous consent.” With taxpayer consent, TaxStatus can provide ongoing, up-to-date financial information, making the annual (or even more frequent) hassle of manually collecting tax documents a thing of the past. This not only enhances the advisor-client relationship but also ensures that financial planning is based on the most current data available, allowing for timely adjustments and proactive strategies.
Riding the WealthTech Wave
It’s clear that TaxStatus’s collaboration with Morningstar and other financial planning tools will significantly impact how advisors interact with data and build relationships with their clients. The ability to access a comprehensive, fully accurate financial picture will enable advisors to offer more nuanced and impactful advice tailored to each client’s unique situation and preferences.
This podcast episode is more than just a conversation; it’s a call to action for advisors seeking to leverage technology to enhance the value they deliver to their clients. TaxStatus is just scratching the surface of what’s possible when technology meets financial expertise.