Tech Giants' Lessons: Applying Open-Source Thinking to Elite Proactive Tax Planning

"Innovation distinguishes between a leader and a follower." - Steve Job

Imagine you're a traditional CPA or the CEO of a family office with a wealthy client burdened by significant tax liabilities. How do you?identify the optimal solution(s) for your client,?when the constantly-changing tax code is hundreds of thousands pages long, all the various advisors and attorneys are trying to convince you that their strategy is the best???Here's an enlightening lesson from an unlikely source: the tech giants of our era.

Turning 'Stranger Danger' on its Head: The Uber Effect

Remember when we told our children not to interact with strangers online or jump into a stranger's car? Now, there's an app for that: Uber! Since its inception in 2009, Uber has toppled the taxi industry. The fall of the New York City taxi medallion is testament to this—prices plummeted by 90% in just three years due to the Uber effect.??One of the keys to Uber’s overwhelming success was and is it’s open-source peer review system that ranks and rates each driver and passenger, to reduce risk and promote the very best experience for drivers and passengers.?

But this disruption didn't stop at taxis. The ripple effect created an entire ecosystem of Uber-inspired services for dog walking, medical needs, alcohol delivery, and even medical marijuana..

Embracing the Open-Source, Peer Review Culture

The world as we knew it has drastically changed since March 2020, with the pandemic further accelerating disruption. Adapt or perish—that's the new mantra.

Consider Amazon. Before the pandemic, it accounted for 4% of total U.S. retail sales. Now, due to our newfound habits, it's projected that e-commerce will comprise a quarter of total retail sales by 2025. This astronomical shift represents trillions of dollars.

So, what's Amazon's secret to such meteoric success? An open-source, peer review system. This customer-driven approach to ratings and reviews has shaped various consumer sectors, deciding winners and losers at the speed of likes and stars.

How the Financial Services Industry Can Learn From the Tech Giants

Ironically, traditional financial service firms—be it Wall Street firms, large CPA firms, law firms, or wealth management firms—still resemble the outdated taxi industry more than the innovative Ubers and Amazons of the world.??They prefer that their customers don’t shop around for the very best service by comparing all of the offers from every possible competitor.?They want their customers to only shop for services and products sold through their one-source system, so they can better control the client and maximize profits.?

The question arises, can we apply Amazon's successful open-source, peer review model to the multi-trillion-dollar financial services industry? Can we provide efficiency and effectiveness to hard-working families and business owners seeking trustworthy handling of their critical financial matters, including sophisticated tax planning?

Bringing the Spotlight on an Industry Game-Changer

Enter Bill Shenkin, a CPA and CEO of CeFO, Inc., a company providing Family Office services?and elite tax planning?for high-net-worth?families and business owners.?By becoming a?member?of the Due Diligence Project? (DDP) Open-Source Peer-Review?Network,?Bill’s firm is able to access thought leaders, specialists, detailed notes, rankings, and ratings on hundreds of tax planning strategies, vetted by hundreds of independent, tax-focused CPAs and attorneys.?Bill can discuss his clients’ situations with experienced CPA firms and law firms who have experience working with the vetted resources and specialists, and have been independently vetted by other DDP Members.?

Bill Shenkin's story is just a glimpse into the revolution that The Due Diligence Project (DDP) is brewing. This transformation is about bringing the tech industry's best practices—open-source, peer-review models—into the world of financial services, making them more accessible, efficient, and trustworthy. Are you ready to embrace the change?

Seize the Future of Financial Services Today

As we draw lessons from tech giants and apply them to the financial services industry, we're reshaping the landscape. At The Due Diligence Project, we're at the forefront of this transformation, helping clients to reap the benefits of this innovative approach. If you're a high net-worth individual or a business owner seeking a tailored, trustworthy solution for your financial needs, don't be a bystander in this revolution. It's time to seize the future of financial services.

The Due Diligence Project?is revolutionizing the way CPAs approach due diligence by providing instant access to high-level due diligence notes and an independently vetted community of resources and experts.?It's important to remember that the complexity of the tax code, finding the right specialist, and the need for thoroughness will still require each CPA to complete their independent due diligence carefully.?The entire community benefits from the work completed and questions asked by each participant, and this approach ensures the best outcomes for your most important clients.??