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Clues to Uncover Client Assets: Accounting Partners and the Form 1040

Putting clients’ best interests first is no longer relegated to certain designations of financial professionals. With the passage of the Regulation Best Interest (‘Reg B.I.’), nearly every FINRA-licensed professional has the mandate to operate in clients’ best interests and helping them make tax-efficient decisions is one way to do just that.

Although clients pay attention to balanced, diversified portfolios with strong returns, it’s the generated income taken home after taxes they care about most. A tax-smart approach to financial planning and investment management delivers greater value to your clients. As a financial professional, it gives you a competitive advantage and produces tangible benefits for the households and businesses you serve. As a curious and conversational partner, you can help clients minimize tax liabilities – and uncover new assets – using these six clues.

Build Relationships with Clients’ Accountants

Use Line 2b on Form 1040 to Discover Outside Accounts

Find Potential High-income Households on Line 3a

Highlight Opportunities for Portfolio Efficiency in Line 7

Identify a Career Change on Schedule 3 Line 10

Evaluate Aasset Allocation Based on Schedule B Lines 1 & 5