Chances are, you have more than one financial professional in your life. If you’re a client of Modera, in addition to your financial advisors, you may also have a Certified Public Accountant (CPA) who does your tax planning. Since your CPA has a different role in your financial life than your Modera advisors, we find it most advantageous for you if we all work together.
In this article I answer questions regarding how Modera advisors can collaborate with your CPA to lower your tax liabilities and strengthen your financial future.
Exactly how would my CPA work with Modera?
It depends on your financial situation and your needs. But, in general we would confer and exchange information with each other to create a more complete picture of your financial life and look for ways to help you avoid paying more taxes than you need to. Your Modera advisor can also work as a translator.
What do you mean by a translator?
Many CPA’s use their own jargon, bringing complex financial terms, abbreviations, and acronyms into their conversations with clients, not realizing that not everyone understands the terms they use. At Modera we are well versed in professional jargon and are skilled at explaining complex topics in clear, plain language – we take the time to explain everything in detail. We want to be sure that you completely understand everything that affects your financial life. Since your relationship with Modera is comprehensive, we encourage you to reach out to us any time you need an explanation or clarification.
How often would you meet with my CPA?
We recommend a meeting at least twice a year, usually by phone. Typically, we like to meet in the late winter or early spring, around the time that your tax returns are being prepared, so we can help to ensure that the information in your tax returns is completely up to date and accurate. We can supply your CPA with documentation about your investment dividends and interest as well as make suggestions regarding using itemized deductions most efficiently.
We also recommend having a follow-up meeting in the late fall to get a picture of how your year is going so far. During this meeting we’ll confer on estimated tax planning and make recommendations regarding year-end gifts and charitable contributions.
Should I be part of these meetings too?
Of course, you can be if you’d like. But even if you’re not, your Modera advisor will follow up with you to provide a thorough recap of what was discussed and what recommendations were made. At Modera we strive to be completely transparent in all our transactions and interactions and ensure that you are informed about everything that affects your financial life.
Will I pay an additional fee to Modera if you meet with my CPA?
No. One of the many perks of working with Modera is that all of our meetings and phone calls are included. Our services are comprehensive which means we won’t charge you extra for our time with your CPA or any other outside advisors, and we won’t charge you extra for taking as much time as you need to review what was discussed.
How do I connect you to my CPA?
If you give us permission to contact your CPA, we’ll reach out directly and copy you on all correspondence. If you’d prefer to make the connection yourself, you can send an introduction email to both your CPA and your Modera advisors and we will set up a time to talk.
Your CPA may also be pleased to know that Modera is an active referral source to our trusted partners. Once we’ve established a working relationship with your CPA, we may also ask if we can refer other Modera clients to him or her in the future.
As a licensed CPA as well as a Certified Financial Planner® Professional and a Principal at Modera, one of my goals is to make certain all of our clients have access to the information needed to make decisions that positively impact their current lifestyle and future plans. To learn more about the ways Modera can help you achieve your financial goals, please contact us.
Modera Wealth Management, LLC (“Modera”) is an SEC-registered investment advisor with places of business in Massachusetts, New York, New Jersey, Pennsylvania, North Carolina, Georgia and Florida. Modera may only transact business in those states in which it is registered or qualifies for an exemption or exclusion from registration requirements. SEC registration does not imply any level of skill or training. For information pertaining to our registration status, fees and services, please contact us or refer to the Investment Adviser Public Disclosure web site (www.adviserinfo.sec.gov) to obtain a copy of our disclosure statement set forth in Form ADV Part 2A. Please read the disclosure statement carefully before you invest or send money.
This article is limited to the dissemination of general information about Modera’s investment advisory and financial planning services that is not suitable for everyone. Nothing herein should be interpreted or construed as investment advice nor as legal, tax or accounting advice nor as personalized financial planning, tax planning or wealth management advice. For legal, tax and accounting-related matters, we recommend you seek the advice of a qualified attorney or accountant. This article is not a substitute for personalized investment or financial planning from Modera. There is no guarantee that the views and opinions expressed herein will come to pass, and the information herein should not be considered a solicitation to engage in a particular investment or financial planning strategy. The statements, information and opinions expressed in this article are subject to change without notice.
Investing in the markets involves gains and losses and may not be suitable for all investors and should not be considered a solicitation to buy or sell any security or to engage in a particular investment or financial planning strategy. Individual client asset allocations and investment strategies differ based on varying degrees of diversification and other factors. Diversification does not guarantee a profit or guarantee against a loss.