If you’ve turned on the news lately (or read the paper… or looked at social media… or talked to practically anyone), you’re undoubtedly aware we’re a year away from the 2024 Presidential election.
And what an election it’s shaping up to be!
Like the last several election cycles, this one will be heated, and focused on both domestic and international issues. Taxes, spending, and foreign aid are sure to be in the mix.
But what does it all mean for our clients?
It’s an unsettling truth: The debate in Washington can have a big impact on the success – or failure – of your client’s retirement approach.
As financial advisors, it’s our responsibility to evaluate the election and its potential impact on the savings approaches our clients use for their retirement funds.
What’s more, we need to consider both the immediate and long-term impact.
I know what you’re thinking: “That sounds like a lot of work!”
But I’m here to share a little secret with you: Helping your clients identify and mitigate the risks coming from Washington is actually much easier than you think.
Addressing Legislative Risk
In my past life, I was a Washington insider.
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I started my career in the nation’s capital, working in the White House and on Capitol Hill. And my time in the swamp helped me understand the decisions made in Washington can have a direct impact on the savings of millions of Americans – your clients included.
My time in Washington also helped me realize it isn’t difficult to help your clients protect themselves from legislative risks… IF you understand them (and leverage some fundamentals of financial planning you’re probably already using in your practice).
It’s become my passion to help advisors like you understand, quantify, and mitigate Tax Risk and Legislative Risk for your clients.
So if you’re feeling lost or concerned, here are three of my favorite resources that can help:
#1 | Tax Risk & Legislative Risk | A Primer
First things first, let’s define Tax Risk and Legislative Risk. Here’s a quick primer I put together on the difference and why successful retirement approaches should address them both.
#2 | The 2024 Election and Your Clients | Webinar Recording
I just hosted a webinar on how the current debate in Washington could impact your clients – and what you can do about it. Check out the recording here. In a focused 20 minutes, I cover everything from the debt and federal spending to tax policy and pending legislation.
#3 | 5 Ways Your Client’s Taxes Could be Higher in Retirement
This is one of my favorite pieces of content we’ve published here at Stonewood Financial. In this brochure, I cover five ways your client’s taxes could be higher in retirement based on what’s happening in Washington today – and, of course, how to help them reallocate assets to protect against the risk of rising taxes.
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In the financial services industry, we talk a lot about offering holistic services to our clients.
But for me, an advisor isn’t truly holistic unless they are actively helping their clients mitigate tax and legislative risk in retirement.
Because the 2024 elections are coming, and then the 2026 elections, the 2028 elections, the….
You get my point. Every two years, our country elects new government, new leaders, and the potential for new taxes, new spending, and new regulations.
It’s your job to help your clients prepare. And here at Stonewood Financial, it’s our job to make it easy for you to do so.
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Check out the Legislative Risk Toolkit we’ve developed for advisors like you.
And know that no matter what the 2024 election brings, it doesn’t have to be doom and gloom for your clients.
About the Author
Becky helps your clients outsmart Washington and take control of their retirement. Making the complex simple and meaningful? It’s all in a day's work.
