As ever, the turning of the year means tax season is just ahead. When it comes to the taxation of annuities the devil is inevitably in the details.  Advisors can demonstrate value here by showing understanding of the complexities of tax liability on the different types of annuities from numerous insurance companies.  Annuities are sold as tax-advantaged, so the best advice at distribution time will be critical for your clients and promises that need to be kept.

Advisors should use an end-of-year client review as an opportunity for showing value with a view to future sales. It is important not to allow it to become a box-checking exercise. It is a chance to remind clients of all your achievements over the year, and how you can take them forward in 2023. To make the most of the exposure, however, it is fundamental to formulate a meeting plan. 

SMS (Texting) is a tool financial advisors can no longer ignore or avoid—even though most still do! The appeal of texting lies in its immediacy and simplicity. Advisors need to adopt SMS into their communications strategy simply because every generation is now regularly texting. Most significantly for our industry, the open rate of text messages far exceeds that of email. 

Social Security and Medicare planning are critical for your clients in or nearing retirement. Even the wealthier names in your book will have been interested in the Social Security Administration’s 8.7% increase in the Cost-of-Living Allowance (COLA).