A poor financial advisor can cost you a fortune, but a great one? They can change your financial outlook entirely.
So, how exactly do we do that?
I have the privilege of working with business owners earning seven figures, and here’s what they say are the top ways we add value to their financial lives.
It’s true that many financial advisors just sell products, toss you into a portfolio, and move on. But, there’s a whole other group of advisors who focus on guiding clients through every aspect of their financial journey. That’s the type of advisor our clients are seeking.
At AllStreet Wealth, we specialize in helping business owners earning over $1 million annually manage both their business and personal finances. Let’s dive into the 7 most impactful things we do, according to our clients:
1. Tax Awareness
This isn’t about tax planning yet—that comes later. This is simply about understanding what you owe:
- Self-employment taxes
- Federal taxes
- State taxes
- Capital gains taxes
- And more
A lot of business owners sit on a lot of cash, unsure of what they need to pay in taxes—whether quarterly or yearly. This uncertainty can make decision-making difficult. That’s why we provide clarity around these obligations.
To help with this, we even brought an enrolled agent (EA) onto the team, ensuring we offer the right expertise for our clients.
2. Tax Planning
Once the awareness is established, it’s time for tax planning. For many of our clients, this is one of their biggest concerns. They don’t have anyone being proactive throughout the year, or thinking about long-term tax strategies.
When you’re paying anywhere between $500k and $3 million in taxes annually, tax planning can make a world of difference.
For example, we recently worked with a client making over $4 million in profit and employing only three others. Their salaries were about $400k, which meant their Qualified Business Income Deduction (QBID) wasn’t being fully utilized. We planned for a substantial year-end bonus that ended up saving them over $150k in taxes, all thanks to optimizing their QBID.
Some other key tax planning strategies we use include:
- Retirement accounts and cash balance plans
- QBID planning
- Entity elections
- Hiring family members
- Roth conversions
- Charitable planning
- Estate tax planning
- Capital gains tax strategies
3. Cash Flow Planning
A lot of our clients don’t really track their spending—after all, they’re bringing in a lot of money. But good financial planning means understanding:
- How much you make
- How much goes to taxes
- What you spend
- And what’s left to work toward your goals
Without this information, it’s difficult to make informed financial decisions. That’s why we leverage financial planning software to track monthly spending and provide clear insights into their cash flow.
4. Creating a Comprehensive Financial Plan
Many of our clients can live comfortably, with significant surplus income and the flexibility to walk away from their businesses anytime. But what many of them lack is a clear plan.
They often make spontaneous financial decisions without knowing their true goals or understanding the impact of their actions. That’s where we come in. We create a detailed financial plan that addresses:
- Cash flow
- Debt management
- Investing
- Retirement
- Insurance
- Tax strategies
- College and estate planning
Having a roadmap like this gives our clients clarity and helps them avoid blind spots.
5. An Unbiased Third Party
Money is often tied to emotions, and making major financial decisions can be challenging without someone to help. Many of our clients feel lost when they have big decisions to make—especially when their friends and family don’t share the same financial context.
That’s where we step in. As an unbiased third party, we help them process the information and make confident, informed decisions without feeling paralyzed by the process.
6. An Accountability Partner
With busy lives, families, and multiple businesses to manage, it’s easy for clients to forget or put off important financial tasks. We step in to make sure everything is taken care of, and we ensure deadlines are met.
We work alongside their:
- Tax teams
- Estate planning attorneys
- Insurance agents
- Bankers
We coordinate these efforts to ensure everything is handled properly, year after year.
7. Building Their Professional Team
When many clients first come to us, they feel like they’ve outgrown their current CPA or don’t have trusted professionals in other areas of their business and personal finances. We assist in vetting and building their financial team—one that includes experts they trust and feel comfortable with.
The goal is to hire competent, reliable people who can stay on board for the long haul. The first year often involves a lot of work to get everyone aligned, but once the team is in place, the benefits are invaluable.
These are the seven most valuable services we provide for our clients—services they say have had the greatest impact on their financial success.