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1 . Make sure your clients review IRS notices : Discuss with them the importance of taking correspondence from the agency seriously and talk about how catching issues early can help them prevent further problems .
2 . Tell them how to avoid phishing scams : Your clients need to know how to spot phishing attempts , especially from someone pretending to be from the IRS . For instance , they ’ ll want to watch out for emails or phone calls from someone claiming they have unpaid taxes , especially if the caller asks them for their personal details . Remind them that the IRS will never contact taxpayers by email or text to request sensitive information .
3 . Remind clients to monitor their financial accounts : Talk with them about the broader benefits of regularly keeping an eye on their bank and credit activity , not just during tax season , to catch anything suspicious .
4 . Remind clients to beef up their online security : Share tips with them about using strong , unique passwords and enabling multifactor authentication in their accounts to protect sensitive financial information .
5 . Point clients to wealth-tech platforms they can use : Explain how platforms like TaxStatus . com offer them real-time visibility into IRS account activity , offering early alerts for suspicious behavior and enhancing their overall security .
Reinforcing Your Role Through Content Marketing
Again , if you have strong content themes such as these , you can educate your audience while also demonstrating your expertise to them . Fraud is a perfect content marketing subject that can help you grow your business over time , strengthen bonds of trust with your clients and reinforce your role as a proactive and knowledgeable advisor .
With identity theft on the rise , there ’ s no better time to use this topic to engage clients and prospects .
SUSAN THEDER is the chief marketing and experience officer at FMG Suite .
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2 . Avoid “ water cooler ” chatter with colleagues . Listen more , talk less , and don ’ t get involved in office gossip that could trickle down to you .
3 . Avoid telling staff and junior team members about your plans until it ’ s absolutely necessary . That likely means after you ’ ve been advised by your new firm or its legal counsel . It ’ s not just a matter of trust . You don ’ t want to burden extra people by asking them to safeguard your secret .
4 . Preserve the status quo . Don ’ t do anything unusual or out of character with clients at your current firm . You shouldn ’ t print documents that fall outside the ordinary course of doing business , and you should use your work email address strictly for work correspondence . You should also use extra caution when emailing team members who do know what your plans are to avoid mixing regular work messages with those about your move .
5 . Prepare your responses . Managers go on fishing expeditions from time to time when they ’ re feeling particularly vulnerable — when the markets are moving , for instance , or when they ’ re dealing with staff attrition . If a manager , colleague or client asks you , “ Are you planning to leave ?” have your reply ready , and make sure it ’ s one your new firm is comfortable with .
6 . Don ’ t imply to your clients that you ’ re switching firms . They can ’ t be informed or consulted unless it ’ s allowed by the terms of your existing employment agreements .
Listen more , talk less , and don ’ t get involved in office gossip that could trickle down to you .
7 . Get and follow expert advice . Here , too , you ’ ll want to be selective about who ’ s giving you counsel . You likely have obligations to your current employer that will affect your transition — agreements such as non-solicitations , non-competes and garden leaves . Consider having the agreements reviewed by a securities attorney .
According to Diamond Consultants ’ “ Advisor Transition Report ,” almost
10,000 advisors moved in 2023 , including many of the industry ’ s highest-profile teams , who weren ’ t deterred by the possibility of their plans getting leaked . But whenever the plans are divulged , it can often be traced to the advisor ’ s own behavior . It ’ s completely avoidable .
Your move will be successful if you ’ re vigilant and consistent in the choices you make along the way . It ’ s entirely legitimate , even vital , to your fiduciary duty to clients that you explore your affiliation options and evaluate future moves . And it ’ s likely you would feel guilty keeping people in the dark about such a big personal and professional decision , especially if they are people whose relationships you value . But they will understand your need to keep such a decision close to your vest until after the move .
It will take periodic due diligence to make sure you ’ re with the best firm for your clients . But you also have a duty of loyalty to your current firm while you ’ re still there . There is no need for paranoia . Just let good sense , combined with a dose of caution , guide you .
BARBARA HERMAN is a senior vice president of Diamond Consultants .
JOSHUA TOMOLAK is a senior consultant at Diamond Consultants .
DECEMBER 2024 | FINANCIAL ADVISOR MAGAZINE | 55