Integrating Tax Planning into Financial Therapy: A Holistic Approach

Tax planning is often viewed as a purely technical process. However, Emily Millsap believes it should be an essential component of financial therapy. By bridging the emotional and practical aspects of tax decisions, advisors can help clients make choices that truly align with their values.

Why Tax Planning and Financial Therapy Go Hand in Hand

For instance, a client considering a large charitable donation may feel torn between their philanthropic goals and financial security. On one hand, they want to make a meaningful impact. On the other, they worry about maintaining their long-term financial stability.

This is where the integration of financial therapy and tax planning proves invaluable. While financial therapy helps clients navigate the emotions behind these decisions, tax planning provides the strategic tools to maximize impact.

The Power of a Comprehensive Approach

Emily emphasizes that by combining tax planning with financial therapy, advisors can offer:

Deeper client engagement – Addressing the “why” behind financial choices.
Better decision-making – Ensuring tax strategies align with personal values.
Greater peace of mind – Helping clients feel confident in their financial future.

Transforming the Client Experience

Advisors who integrate both the technical and emotional aspects of financial planning deliver unmatched value. By taking a holistic approach, they strengthen client relationships and create more impactful financial strategies.

These insights are inspired by the latest episode of The Connected Advisor podcast featuring Emily Millsap, Manager of Financial Planning at Avantax Wealth Management. Dive deeper into how financial therapy transforms traditional advice. Listen to the full episode here and explore more articles in this series.