Case Study
Helping Clients Navigate Complex Tax Planning Strategies
My Financial Coach provides high-net-worth individuals who are focused on secure retirement with comprehensive financial planning and complex tax planning support using eMoney.
THE GOAL
My Financial Coach partners with businesses and medical associations to offer their employees and members financial planning and wellness benefits.
The firm’s clients are primarily high-net-worth individuals focused on a timely and secure retirement. Many clients are physicians and dentists who own successful practices and desire to optimize their taxes to reduce their financial impact now and in retirement.
Enpo Tu, CFP®, CHFC®, CLU®, RICP®, CAP®, Chief Operating Officer at My Financial Coach, has helped build the firm’s planning process from the ground up. After reviewing several software options, Tu chose eMoney as it best suited their comprehensive financial planning process, as well as the complex tax planning needs of their clients.
The biggest advantage of eMoney was that we could use it to go deep into the details. Our product is our planning process, so we have to be able to get really granular when building and monitoring our clients’ plans, I got even more excited about it when I realized I could add a lot more value by utilizing its tax planning features.”
Enpo Tu, CFP®, CHFC®, CLU®, RICP®, CAP®
Chief Operating Officer
THE SOLUTION
“The biggest advantage of eMoney is that it helps us understand our clients’ taxes holistically,” Tu says.
Detailed cash flow and scenario planning in eMoney helps the firm demonstrate to clients the impact of their decisions. For example, the Income Tax Report helps Tu and team explain the potential future impact of client taxes, as well as how RMD conversions or other tax mitigation strategies contribute to a client’s overall goals.
“We live and breathe Decision Center,” Tu says. “Planning is a continuous story, so we’re big on collaboration. Decision Center helps us show clients different ‘lenses’ through which to look. We’ll show them their Total Tax Report, Monte Carlo scores for volatility risk, estate distribution visualizations and more. We’re able to show them exactly how they’re on or off track, and precisely what they need to do to achieve better financial outcomes.”
THE RESULT
“High-earning medical professionals have so many financial products to choose from,” Tu says. “eMoney allows us to explore every possible scenario to help them make those decisions.”
With the power of the eMoney platform, Tu and his team can give their clients the information they need to make the best decisions possible. Being able to show their clients potential plan outcomes in a digestible, understandable format is crucial for their success.
“You can’t help clients make better decisions unless they understand the interrelated elements of their plan,” Tu says. “When clients understand the big picture, they feel good about the path they choose. That’s why we’ve been using eMoney from the start and haven’t changed.”
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