Why ‘versus’ has no place in financial advice

The complex world of financial advice is made even more difficult for clients who are being asked to choose between one type of investment and another, or one type of adviser as opposed to another. In fact, The Pensions Advisory Service chief executive, Michelle Cracknell, wants advisers to stop talking about ‘versus’, to encourage consumer engagement in financial advice. She made her point when talking about the challenges to financial advice at a Personal Investment Management & Financial Advice Association summit. She argued that all this talk about independent financial adviser versus restricted adviser, guidance versus advice, and active versus passive are clouding an already difficult issue. She wants the word ‘and’ to replace versus.

Making the point with pensions

The TPAS chief executive said pensions would be a good place to start simplifying the financial landscape, since there are more than 50 products on the market in this area. She said most people in the UK have no experience of regulated financial advice and what it can deliver. This is also an important area because the rules have changed in recent years. However, many people are reading the headlines about pension reforms but do not know how it can apply to them.

Encouraging consumer engagement

She said they need to consider how to transform clients into active consumers of financial services, rather than recipients, and that it would take time to change consumer perceptions of this sector. Financial service providers need to find different ways to engage consumers and encourage their loyalty. One way could be to adopt coaching models that are used in the USA.

Obviously, it pays to spend quality time with clients or potential clients to discuss their finances and their individual needs. One way to free up more time is by investing in financial adviser software, from a company such as www.intelliflo.com, which can deal with the back office and administrative duties. Advisers then have more time to spend in front of their clients and will also receive timely reminders about appointments, policies maturing or the need to routinely check portfolios, for example.

The world of finance is a challenging sector, where trust is an important issue. People buy from those they have faith in, so finding ways to communicate with them without putting them off is an important step.

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Isidor Hefter: An Income Tax Specialist

High profiled individuals in the society as well as huge business corporations turn to RSSM whenever they have issues with their taxes. The Rosen Seymour Shapss Martin & Company LLP has more than 200 employees including its accounting and non-accounting staff. Isidor Hefter is a certified public accountant and is considered one of the backbones of RSSM. As a matter of fact, he holds 25% of the firm’s stake.

Isidor Hefter specializes in the field of tax research and tax planning. What he does is that he comes up with better strategy that would allow his client to pay reduced taxes in a legitimate way. Through this tax planning, his client would be able to maximize business profit. His tax planning always considers business law so as to make sure that there will be no violations in implementing the strategy.

Hefter has a solid experience in terms of tax planning. He is a certified public accountant and one of his early works was an accountant at the Finance Group at BP North America, Incorporated. He also became the senior accountant at the Arthur Andersen accounting firm. Mr. Hefter earned his accountancy degree at CCNY, Brooklyn College New York. He then pursued a master’s degree in taxation program at the Pace University, New York.

Hefter works for RSSM for more than two decades now. He is considered one of the backbones of the company. As a matter of fact, he conducts lectures on state income tax and federal tax as a part of the continuing program of the company. He imparts his knowledge and expertise to the other members of the team. Despite his busy schedules as a certified public accountant, he still finds time to participate in the mission vision of the different organizations that he is in such as American Institute of CPAs and New York Certified Public Accountants.

If you look at the profile of Hefter you would easily distinguish that all his clients are high profiled people in the society. His clients can benefit a lot from his services. Aside from auditing and accounting services, he also gives full consultation services. Mr. Hefter and his consulting firm help individual in dealing with their tax issues and concerns. A lot of people are satisfied with the services offered by Hefter as well as the members of RSSM. In other words, Hefter helps individuals like you in paying the lowest possible tax in a legitimate way.