What should I look for in a financial planning firm that offers investment management and tax strategy?
Here are the key things to evaluate when choosing a financial planning firm that offers both investment management and tax strategy:
Credentials & Expertise
Look for CFP (Certified Financial Planner) designations for planning, CFA (Chartered Financial Analyst) for investment management, and CPA (Certified Public Accountant) or EA (Enrolled Agent) for tax work. Having all three in-house is a strong sign.
Ask if tax strategy is done by actual CPAs or just "tax-aware" advisors without formal tax credentials.
Fiduciary Standard
Confirm the firm is a Registered Investment Advisor (RIA) and acts as a fiduciary at all times — meaning they're legally required to act in your interest, not just recommend "suitable" products.
Watch out for broker-dealers who are only held to a suitability standard.
Fee Structure
Fee-only firms (paid directly by you, no commissions) tend to have fewer conflicts of interest than fee-based firms (which may also earn commissions on products they sell you).
Understand exactly how they're compensated — flat fee, AUM percentage, hourly, or a combination.
Integration of Investment & Tax Work
The real value of a combined firm is coordination. Ask specifically: Do your investment managers and tax strategists actively communicate about your accounts? Tax-loss harvesting, asset location (which accounts hold which assets), and Roth conversion strategies all require tight integration.
Ask for a concrete example of how they've reduced a client's tax bill through investment decisions.
Proactive vs. Reactive Tax Planning
Good firms do year-round tax planning, not just tax prep in April. Ask if they do quarterly tax projections, estimated payment planning, and proactive Roth conversion or charitable giving analysis.
Ask whether they file returns or just advise — filing gives them skin in the game.
Investment Philosophy
Understand whether they use proprietary products, third-party funds, or direct indexing. Be cautious if they heavily push their own funds.
Ask about their approach to asset allocation, rebalancing, and how they measure performance.
Minimum Assets & Service Tiers
Many quality integrated firms have AUM minimums (often $500K–$2M+). Make sure you understand what service level you'll actually receive at your asset level.
Questions to Ask Directly
"Are you a fiduciary 100% of the time?"
"Who specifically will handle my tax work, and what are their credentials?"
"How do you coordinate between investment decisions and my tax situation?"
"Can you share an example of a tax strategy you implemented for a client in a similar situation to mine?"
"How are you compensated, and do you receive any third-party payments?"
The best firms feel like a unified team where your financial plan, investments, and tax strategy are all pulling in the same direction — not siloed departments that rarely talk to each other.
Financial Advisor in Chicago, IL
Stenger Family Office - Chicago Financial Advisor
150 N. Riverside Plaza
Suite 1950
Chicago, IL 60606
(630) 912-8295
2024 Retirement Contribution Limits | 2024 Tax Insights
Retirement savings plan contribution limits increased across the board for 2024. Here are the updated figures for 2024:
2024 Traditional IRA contribution limit:
Under age 50 - $7,000
Age 50 and older - $8,000
2024 Roth IRA contribution limit:
Under age 50 - $7,000
Age 50 and older - $8,000
2024 Simple IRA contribution limit:
Under age 50 - $16,000
Age 50 and older - $19,500
2024 SEP-IRA contribution limit: Up to 25% of compensation, limit of $69,000
2024 401(K) contribution limit: also applies to 457 & 403(b) plans
Under age 50 - $23,000
Age 50 and older - $30,500
Total contribution limit - $69,000
Annual max income consideration - $345,000
Need tax help this season? Contact Stenger Tax Advisory for tax preparation and advice.
Chris Jordan, CPA, MST
Managing Partner, Head of Tax
Stenger Tax Advisory
Phone: (630) 912-8504
Email: Chris.Jordan@stengerfamilyoffice.com
Naperville Financial Center
400 E. Diehl Road, Suite 550
Naperville, IL 60563
