Financial Advisor Technician

When a client lets their advisor know about a major impending life change, the advisor's first instinct might be to dive into the planning implications of this event. However, in the case of a client who plans to move abroad, today's guest suggests that the first question the advisor might ask themselves is whether they can continue serving the client at all.

In this episode, Ashley Murphy, co-founder and executive director of the Global Financial Planning Institute and founder of Arete Wealth Strategists Australia, discusses the regulatory, tax and operational challenges that can arise when clients relocate overseas. You'll learn how the length and permanence of a client's move can influence your approach, why foreign regulatory requirements may apply even if you have no physical presence in that country, and how tax traps, custodial restrictions, and gaps in errors and omissions insurance could affect both you and your client. Ashley also explains why starting the planning process early can make a significant financial difference, which resources advisors can use to research cross-border requirements, and how defining your ideal client can help you decide when an international client relationship is worth pursuing.

For show notes and a full episode transcript, visit: www.kitces.com/FAT17

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What if accepting an inheritance too quickly could mean missing an important estate and tax planning opportunity? In this episode, we are joined by David Haughton, vice president of advisor engagement at Hargrove MSO, to explore why someone might disclaim an inheritance, from estate tax planning and asset protection concerns to practical issues with inherited property and opportunities for more favorable tax treatment, and how financial advisors can help their clients do so while avoiding common pitfalls.

David explains the key requirements for a qualified disclaimer, including the need to act within the applicable deadline, to avoid "accepting" the assets, and to allow them to pass without directing their destination. He also discusses how financial advisors can recognize potential disclaimer opportunities, coordinate with estate attorneys, and help clients navigate the decision without crossing into legal advice.

For show notes and a full episode transcript, visit: www.kitces.com/FAT16

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Tax-saving strategies can deliver impressive benefits, but the line between clever planning and attracting unwanted IRS attention isn't always clear. Jeff Levine, Lead Financial Planning Nerd at Kitces.com and Chief Planning Officer at Focus Financial Partners, joins us to unpack recent IRS guidance on tax-aware investment strategies, including Section 351 ETF conversions and other transactions now facing greater scrutiny.

We explore how financial advisors can assess a client's tax risk tolerance (in terms of both their tolerance and capacity for such risk), weigh potential savings against the financial and personal costs of IRS scrutiny, and conduct due diligence before recommending complex tax strategies.

For show notes and a full episode transcript visit: www.kitces.com/FAT15

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Online reviews can be a powerful way for financial advisors to demonstrate social proof, but collecting and publishing them comes with important compliance considerations. In this episode, we are joined by Whit Lanier, CEO of Amplify Reviews, and Kent Keister, founder of Reliant Compliance, to explore what the SEC's modernized marketing rule means for advisors using testimonials, endorsements, and third-party ratings.

Listen in to learn why online reviews can be particularly valuable in an industry where trust is critical, and how testimonials, endorsements, and third-party ratings differ. Whit and Kent also explain how advisors can create a compliant review strategy, give clients an equal opportunity to provide feedback, and reduce friction when collecting reviews. You'll hear common compliance pitfalls and practical ways advisors can approach online reviews without making the process more complicated than it needs to be.

For show notes and a full episode transcript visit: www.kitces.com/FAT14

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Millions of children now have a Trump account, whether their parents intended to open one or not, after the Treasury Department announced that it auto-enrolled eligible children. That said, there are still actions parents need to take to claim the account and manage it according to their preferences.

Kitces.com Senior Financial Planning Nerd Ben Henry-Moreland joins us to break down what auto-enrollment, along with a separate change allowing philanthropic contributions of individual securities to Trump accounts, means for families and their advisors. Listen in to learn why parents might consider claiming their child's account even if they don't plan to contribute to it themselves, how donated stocks could affect investment risk and diversification, and the role advisors can play supporting clients amidst these new rules.

For show notes and a full episode transcript, visit: www.kitces.com/FAT13

Click here to learn more about becoming a Kitces.com premier member.

With financial news headlines flagging everything from higher bond yields and oil prices to AI and elections, clients can easily lose sight of the bigger picture. For financial advisors, these headlines create an opportunity to provide context, address concerns, and help clients stay focused on their long-term financial goals.

James Liu, founder and CEO of Clearnomics, joins us today to break down the major forces shaping the current market environment and what advisors should be prepared to discuss with clients. Listen in to learn what rising bond yields mean for portfolios, why today's rate environment differs from 2022, and the return patterns of commodities. James also explores the earnings supporting current equity returns, how advisors can put the AI boom into perspective, why bonds can still provide an important defensive role, and how to discuss the upcoming midterm elections and national debt without letting politics drive investment decisions.

For show notes and a full episode transcript, visit: www.kitces.com/FAT12

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The 2025 One Big Beautiful Bill Act introduced a range of changes relevant to financial advisors and their clients, including regarding the deductibility of charitable donations. In this episode, Kitces.com Senior Financial Planning Nerd Ben Henry-Moreland breaks down the new 0.5% of AGI floor on itemized charitable contributions and the 2/37ths reduction for taxpayers in the 37% tax bracket, including how these rules work, who is most affected, and what their actual dollar impact could look like across different income levels.

The conversation also explores practical planning considerations in response to the rule changes related to charitable bunching, donor-advised funds, the new charitable deduction available to non-itemizers, and qualified charitable distributions. Listen in to hear how these strategies interact with the new rules, when income management may or may not be worthwhile, and how advisors can help clients maximize the tax benefits of their charitable giving without unnecessarily changing their broader giving plans.

For show notes and a full episode transcript visit: www.kitces.com/FAT11

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While 401(k) rollover conversations are common for financial advisors, they also represent a major decision point for clients and come with investment, tax, and fee considerations. Rolling over assets into an IRA may offer valuable benefits for the client, but it can also create conflicts of interest for the advisor. Which means that a thorough evaluation of all options and disclosure of potential conflicts of interest and may not always be the best option for the client can both help an advisor fulfill fiduciary responsibilities while also buildng client trust. In this episode, Leo Rydzewski, General Counsel and Managing Director of Professional Ethics at the CFP Board, explores the fiduciary responsibilities advisors need to consider and how they can incorporate them when navigating rollover conversations.

Listen in as Leo explains the CFP Board's fiduciary standard and its new guide to applying fiduciary duty to rollovers, including how advisors can identify, disclose, and manage conflicts of interest. You'll learn about the seven-step duty of care process for analyzing rollover recommendations, what information advisors should gather about the client and their retirement plan, how to compare an existing employer plan with alternatives, and why cost alone shouldn't determine the recommendation. Leo also explains why it's important not to treat a rollover as the 'default' option, why some rollover-related decisions may be difficult to reverse, and how monitoring and updating advice can turn the rollover conversation into an ongoing part of a strong client relationship.

For show notes and a full episode transcript, visit: www.kitces.com/FAT10

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Clients sometimes come to the table with legacy investment positions, from inherited stock passed down from a loved one to large amounts of employer stock, that the client does not want to sell. Which can create a challenge for advisors in managing the client's total portfolio and raises questions about how (and whether) to charge fees on the legacy position.

In this episode, we are joined by Rich Chen, founder of Brightstar Law Group, to explore the fiduciary and compliance challenges advisors can face when working with legacy stock positions. You'll learn why simply accepting a client's decision not to sell may not be sufficient, how mismatched expectations between the advisor and their client can create legal and regulatory risk, and what duty of care and loyalty mean when an advisor is working around client-imposed investment restrictions.

Listen in to hear best practices for documenting these discussions with clients, why concentrated positions need to be reassessed over time, and what advisors should be prepared to explain during an SEC examination. Rich also breaks down the different options advisors have for charging on legacy positions and how there isn't necessarily one 'right' answer.

For show notes and a full episode transcript visit: www.kitces.com/FAT9

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What should an advisor do when a client insists on taking an investment action that goes against their advice? In this episode, we are joined by Shelitha Smodic to explore the compliance, fiduciary, and practical considerations advisors need to navigate when a client wants to make a trade or take another action the advisor would not recommend. You'll learn about the duty to follow client instructions, what makes a request lawful and reasonable, and how questions around authority, capacity, and undue influence can affect how an advisor responds.

Listen in to hear about compliance requirements and practical steps advisors can take in the moment, such as explaining potential consequences, offering alternatives, and thoroughly documenting the decision. We also discuss how to think about the client relationship after the immediate issue has been resolved, including when to revisit the investment policy statement, adjust the service model, change from discretionary to non-discretionary management, or consider ending the relationship.

For show notes and a full episode transcript, visit: www.kitces.com/FAT8

Click here to learn more about becoming a Kitces.com premier member.