If you're a financial adviser, now is the time to consider 2020 year-end planning strategies for your clients.
What are these strategies? According to John Nersesian, head of advisor education at PIMCO, these strategies can be broken down into four buckets: investment portfolios, income tax, retirement planning, and wealth transfer and legacy planning.
According to Nersesisan, the end of the year is the perfect time to reevaluate a client's investment portfolio, including goals, risk tolerance and liquidity needs over the next few years.
And when evaluating year-end tax planning opportunities, be sure to partner with the client's tax professional to review the details of each client's individual circumstances.
With respect to retirement planning, there are a host of other planning opportunities to keep on a client's radar.
And lastly, now is a good time to review actions that a client can take in 2020 to potentially reduce their future estate tax liability and maximize lifetime gifting.