A year-end tax checklist; Merrill aims at advisor headcount; Schwab switch a bumpy road for some
Financial Planning
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TAX PLANNING: From practice management to complex strategies, the fourth quarter presents major opportunities for clients to find savings and to prepare for the next 12 months.?
FP Chief Correspondent Tobias Salinger consulted experts across the country to compile a list of 30 important tax questions — on everything from open enrollment to energy credits —?to consider in the final weeks of 2023. Use it as a checklist in your practice.
WEALTH MANAGEMENT: With more than 19,000 advisors of various stripes on staff, Bank of America and Merrill have one of the most formidable headcounts in the business.
Speaking at BancAnalysts Association of Boston Conference in Boston on Thursday, Lindsay Hans, the president and co-head of Merrill Wealth Management, made it clear that's not enough.
"We need more advisors," said Hans, who began sharing the co-head mantle with Eric Schimpf following the departure of Andy Sieg for Citigroup in March.?
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SCHWABITRADE: With about 20% of TD Ameritrade's client assets and accounts left to transfer into Charles Schwab, one expert has her sights set on the end of this year and Tax Day in 2024. Those deadlines will test whether the financial advisors and clients of 7,000 registered investment advisory firms that previously used Ameritrade as their custodian have the correct cost basis of their assets for tax loss-harvesting purposes and the right Form 1099s for their customers' filings, according to Grier Rubeling , the founder of consulting firm Advisor Transition Services.
Schwab answered most of Financial Planning's questions about those two issues and several others involved with the Labor Day transfer of $1.3 trillion in assets across more than 7 million client accounts — what CEO Walt Bettinger described last month as "the single largest conversion event in our industry's history."
For some involved, the integration has been a “dumpster fire,” as one advisor put it.