In today’s complex financial landscape, tax planning is not just about compliance—it’s a strategic pillar in preserving and growing wealth. At Premier Financial Group, we believe in a holistic approach to wealth management that integrates tax planning into broader financial strategies, ensuring our clients not only keep more of their hard-earned money but also maximize its impact for themselves, their families, and their communities.
Teresa Conley, CFP®, Principal and Vice President at Premier Financial, emphasizes the importance of working with a financial advisor on tax planning as an essential component of financial strategy. “People work incredibly hard for their money,” Teresa says. “The goal isn’t to avoid taxes altogether—after all, taxes serve a purpose—but rather to be strategic about how investments are structured so that clients can optimize their financial growth.”
The Misconceptions About Tax Planning and Financial Advisors
Many investors mistakenly believe that tax planning is purely the domain of CPAs, while financial advisors focus solely on investments. However, as a Certified Financial Planner™ professional, Teresa underscores that a skilled advisor serves as a bridge between an investor and their tax professional. “Investment decisions come with tax implications,” she notes. “A good advisor doesn’t replace a CPA but collaborates with them to ensure that clients are making tax-efficient choices that align with their overall financial goals.”
The Cost of Missed Opportunities
One of the most common mistakes individuals make is failing to take full advantage of tax-deferral strategies, such as retirement savings plans. “A lot of people focus on saving but don’t maximize the pre-tax contributions available to them,” Teresa explains. “They might be investing in real estate or other assets, but if they’re not fully utilizing retirement accounts, they could be missing out on significant tax advantages.”
This oversight can lead to higher taxable income today and a reduced ability to benefit from compounding growth on pre-tax earnings over time. Teresa advises clients to work closely with their financial advisors to ensure they are leveraging every available tool to reduce taxable income and build long-term wealth.
The Role of Tax Planning in Charitable Giving and Estate Planning
Beyond investment optimization, tax planning also plays a crucial role in charitable giving and estate planning. The recent tax law changes have made it harder for individuals to deduct charitable donations, but there are still tax-smart ways to give. “A lot of investors don’t realize that they can donate directly from their IRAs if over the age of 70 ½ and are required to take Required Minimum Distributions, which not only supports their favorite charities but also reduces their taxable income,” Teresa shares.
Similarly, estate planning can benefit from strategic tax planning. “Certain assets, such as retirement accounts, may be better suited for charitable donations rather than passing to heirs, due to their tax treatment. It’s important to align estate planning with tax efficiency,” she adds.
Why Working with a Financial Advisor Matters
At Premier, we believe that tax planning is not an isolated aspect of financial management—it’s a fundamental piece of achieving financial peace of mind. “It’s all about looking at the bigger picture,” Teresa says. “By working with a fiduciary-focused financial advisor, clients can ensure that their wealth is managed in a way that optimizes tax efficiency while supporting their long-term goals.”
Having a trusted financial advisor means having an expert who can proactively identify tax-saving opportunities, collaborate with tax professionals, and ensure that financial strategies align with personal goals.
In a financial world filled with uncertainty, working with a financial advisor for strategic tax planning offers confidence, clarity, and control. Whether it’s maximizing retirement savings, structuring investments for tax efficiency, or planning charitable contributions, Premier is committed to guiding clients through these critical decisions with integrity and expertise.
After all, as Teresa puts it, “Taxes are an outcome of making money. The key is making sure that money continues to work for you and your family.”