What are the top lessons from Advisors in 2022?

9th Jan 2023

 
Top Lessons Learned in 2022

Hello,

Last year, our Plan Design Consultants spoke with over 3,000 advisors, like you, about high-contribution retirement plans. They came to us looking for retirement plan solutions that can really impact their high-income clients’ tax liabilities. As a reminder, Defined Benefit plans and Cash Balance plans potentially allow the largest contributions and tax deductions for their clients — $100,000 or more each year.

A few tips about high-contribution retirement plans early in the year could help your high income, self-employed clients pay themselves at tax time next year — instead of the IRS! Here are three lessons learned from advisors in 2022:

1) They Started the Conversation Early

  • They identified high-earning clients early instead of waiting for year-end business results.
  • They used tax season to start the conversation while clients were focused on tax bills.
  •  

2) They Took Advantage of the SECURE Act Deadline Extension

  • The SECURE Act’s deadline for opening a Defined Benefit plan includes extensions, which allowed clients to open plans for 2021 later in the year.
  • And the recently signed SECURE Act 2.0 gives small business owners more reasons to open retirement plans. We’ll have more to share on this soon.
  •  

3) They Opened Plans for Themselves

  • They banked on the value of these plans.
  • That’s why many our clients in 2022 were independent RIAs and CPAs who opened plans for themselves.
  •  

How can you take advantage of these key learnings?

If your self-employed clients have SEPs or 401(k)s and want to contribute more, we can help start the conversation. Create a free online estimate. Or call us at 866-269-2706 to talk about any of your prospects or clients. We’re here to help.

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Best regards,

Ray signature 

picture of raymond

Raymond Lee
Director of Sales | Dedicated Defined Benefit Services, part of FuturePlan by Ascensus

E raymond.lee@dedicated-db.com
(866) 269-2706

www.dedicated-db.com

 

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