About the Guest: Taylor Ranker
Taylor is a prominent figure in the wealth management sector. As the lead at Questmont Virtual Family Office, he specializes in providing financial consulting and actionable strategies tailored for ultra-high-net-worth families. His career journey began in the financial services industry, where he quickly grew passionate about tax planning and asset protection. With over three decades of experience, Taylor has become known for his dedication to multi-generational wealth planning, collaboration over competition, and personalized client solutions.

Episode Summary:

In this episode of "The Mr. R Show," Chris and John sit down with Taylor Ranker from Questmont Virtual Family Office to explore the intriguing world of wealth management and tax planning. Taylor shares his compelling personal journey from humble beginnings to leading an elite virtual family office. His experiences have shaped his commitment to comprehensive client care, focusing on strategies that enhance wealth, protect assets, and ensure smooth generational transitions.

Taylor Ranker delves into the intricacies of virtual family offices, emphasizing the importance of collaboration among tax professionals, accountants, and legal advisors. With a focus on ultra-high-net-worth families, Taylor discusses the specialized services offered at Questmont, including proactive tax planning, investment consulting, and asset protection. The episode further examines the evolving landscape of tax advisory services, stressing the need for adaptability and the integration of personalized strategies to meet client demands. Incorporating practical examples and anecdotes, Taylor underscores the value of innovative approaches to wealth management in maximizing financial outcomes for clients.

Key Takeaways:

• Virtual family offices provide tailored financial and lifestyle solutions for ultra-high-net-worth families, offering services like tax planning, asset protection, and investment consulting.
• Taylor Ranker emphasizes the importance of collaboration and coordination among financial experts, tax professionals, and legal advisors to provide cohesive and comprehensive client solutions.
• Proactive tax planning is critical in ensuring clients receive the maximum return on their investments, yet it remains an underutilized service among current financial advisors.
• Understanding client personalities and financial goals is vital in crafting personalized wealth management strategies that align with their long-term objectives.
• The Questmont Virtual Family Office has created a niche by offering a combination of dynamic advisory services and educational tools to empower clients in making informed financial decisions.

Resources:

• Taylor Ranker's Book: Dead Cats and Wealth Advisors: Exposing the Myths and Lies of the Wealth Management Industry
• Questmont Virtual Family Office: Questmont Website
• Taylor Ranker’s Email: t.ranker@questmont.com

• (00:00) - Introduction and Podcast Overview
• (00:35) - Discussing Tax Professionals and Free CPE
• (01:31) - Introduction of Guest Taylor Ranker
• (02:07) - What is a Virtual Family Office?
• (03:47) - Taylor Ranker's Background and Journey
• (11:13) - Transition to Tampa and Questmont's Expansion
• (17:32) - The Three Family Avatars Questmont Serves
• (24:24) - Collaborating with CPAs and Lead Generation
• (29:14) - Best Practices for CPAs
• (33:36) - Core Services of a Virtual Family Office
• (39:02) - Advanced Tax Strategies Discussion
• (53:18) - Closing Remarks and Contact Information

About the Guest: Kelly Bender
Kelly is an Enrolled Agent based in Pennsylvania, recognized for her dynamic presentations and entrepreneurial mindset in the tax profession. With extensive experience in teaching tax updates and a passion for aiding entrepreneurs and accountants to enhance their business efficiency, Kelly is also a podcast host and participates in educational sessions nationwide.

Episode Summary:

Join John Tripolsky and Chris Picciurro in this insightful episode of the Mr. R Show, brought to you by the MRR Institute, as they delve into intricate tax strategies designed for professionals aiming to scale their practice. This session targets specific provisions from the 'One Big Beautiful Bill Act' (OB3) that promise transformative impacts on individual tax filing. Special guest Kelly Bender enriches the conversation with her entrepreneurial approach, discussing fundamental shifts in tax provisions, including the introduction of a car loan interest deduction and a temporary senior deduction, incentivizing better tax deductions for practitioners' clients.

Over the course of the discussion, the focus shifts towards practical implementations and future considerations within the tax landscape — providing a comprehensive breakdown of temporary vs. permanent provisions in OB3. Topics include adjustments to tax brackets, child tax credits, and notable insights into new educational incentives like expanded 529 plans benefits and health savings accounts. Kelly's considerable experience underscores the importance of proactive client communication and rate adjustments for practitioners to match the rising complexity within the industry. The episode concludes by highlighting key planning opportunities for optimizing tax outcomes efficiently.

Key Takeaways:

• Expanded Tax Provisions: Analyzed key OB3 changes, including the car loan interest deduction and temporary senior deduction, enhancing individual tax strategies.
• Tax Bracket Stability: Permanent expansions in tax bracket structures ensure clarity and planning consistency for practitioners.
• Child and Dependent Care: Enhanced credits and FSAs reflect current economic and educational priorities, aimed at supporting American families.
• Entrepreneurial Insights: Kelly Bender shared invaluable insights on how practitioners can enhance value through informed rates and strategic client engagement.
• Future of Tax Planning: Emphasis on incorporating new rules into practice to leverage opportunities in 25-28 tax planning initiatives.

Notable Quotes:

1. "This OB3 is packed with changes, especially the car loan interest and senior deductions, promising significant savings." — Kelly Bender
2. "HSAs might just be my favorite tax provision, allowing triple tax advantages perfect for future savings strategies." — Kelly Bender
3. "With these permanent changes to tax brackets, practitioners can better plan with foresight and certainty." — Chris Picciurro
4. "Raise your rates. You're in the upper echelon of professionals; ensure you're valuing your services appropriately." — Kelly Bender
5. "The educational expansions coming are set to fundamentally shift professional development." — Kelly Bender

Explore these tax strategies and insights further by tuning into the full episode! Stay connected with the Mr. R Show for more informative discussions and updates in the world of tax and accounting.

Subscribe today to ensure you don't miss out on future episodes filled with expert knowledge tailored for tax professionals.

• (00:00) - Exploring Individual Tax Provisions in the OB3 Act
• (02:12) - Balancing Family and Business in Tax Practice
• (08:18) - New Tax Deductions and Their Implications for Taxpayers
• (16:24) - Tax Implications of Overtime Pay for Hourly Workers
• (20:15) - Tax Planning Opportunities for Seniors and Practitioner Challenges
• (27:59) - Aging, AARP, and Benefits of Being 50 and Older
• (29:35) - Tax Code Changes and Their Impact on Families
• (36:31) - Maximizing Child Care Benefits Through Tax Credits and FSAs
• (41:46) - Middle Income Challenges with Income Limitations and Credits
• (42:56) - Expanding 529 Plans: New Uses and Benefits
• (45:03) - The Expanding Benefits and Flexibility of Health Savings Accounts
• (49:40) - Navigating Tax Changes: Permanent Brackets and Temporary Deductions
• (53:03) - Upcoming Tax Changes and Their Implications for Professionals
• (01:01:15) - Elevating Tax Professionals Amidst Industry Changes

FREE CPE (1 credit) via EarMark:
https://earmark.app/c/2882

About the Guest: Greg Seay, CPA

Greg is a seasoned tax professional and the owner of a CPA firm based in Arkansas, specializing in real estate investing. He began his practice in 2016, working initially with friends and family before expanding his clientele. In 2023, he significantly grew his practice by acquiring another firm, increasing his client base tenfold. Greg has a keen interest and expertise in tax planning and strategies related to real estate, which led him to focus his practice on serving real estate investors. Greg is an advocate for building strong client relationships and continuously improving processes for a better client experience.

Episode Summary:

In this insightful episode of the Mr. R Show, Greg Seay, a CPA with a niche in real estate investing, shares his journey of scaling his practice. Greg discusses his transition from starting a firm on the side to acquiring another firm and significantly increasing his clientele. He delves into the unique challenges and opportunities presented by scaling quickly, emphasizing the importance of maintaining a strong connection with clients while integrating a larger team. Greg highlights how establishing a niche can lead to more effective and targeted client engagement, providing strategic insights into tax planning for real estate investors.

The conversation extends to the importance of onboarding processes in a specialized CPA practice. Greg underscores the advantages of utilizing digital tools to streamline client interactions and onboarding, ensuring a seamless experience for new clients. He also explains his strategic focus on nurturing centers of influence within the real estate community as a key growth strategy, advocating for quality over quantity in client relationships. The episode serves as a comprehensive guide for tax professionals interested in specializing, scaling, and strengthening client relationships within a niche market.

Key Takeaways:

• Greg started his CPA firm in 2016 and significantly scaled it by acquiring another firm, emphasizing the importance of maintaining client relationships during growth transitions.
• Developing a niche, particularly in real estate investing, allows a tax practice to better serve its clients with specialized knowledge and targeted strategies.
• Effective onboarding processes and clear communication channels with clients are essential for creating a lasting positive impression and establishing a strong client-firm relationship.
• Leveraging networking opportunities within industry-specific groups can be a highly effective way to grow a practice and build a strong client base.
• Transitioning client relationships from the firm owner to the team and service-level focus is crucial for scalability and ensuring clients receive value from the entire firm.

Notable Quotes:

• "I want to have healthy growth over growth on there on. And so it's now it's a matter of kind of learning some of your capacity things like do I, I need to take, I need to give myself some time to decompress and not just be so busy where it's a year round tax season."
• "If I'm saying yes to a bad client, that means I'm saying no to potentially good client on there."
• "The mindset, too. I mean, I think way you carry yourself out, a lot of things bleed over. Your relationships with your team bleeds out into the relationships with your clients and vice versa."
• "Having a single platform for them to get into. I've, what I've seen has been very appreciative on the client side."
• "It's not just a relationship piece. It's. They understand the service that you're doing and the value that you're providing in that service versus just, you know, the conversation with the firm owner."

• (00:00) - Scaling Tax Practices Through Niche Exploration
• (02:07) - Greg's Challenging Journeys to Conferences and Reconnection in Vegas
• (03:45) - Greg's Journey From Solo Practitioner to Real Estate Niche
• (12:03) - Real Estate CPA Branding and Domain Name Strategy
• (14:25) - Transitioning Client Relationships in Firm Acquisitions
• (23:02) - Building Harmonious Team Dynamics and Client Relationships
• (27:25) - Building a Real Estate Niche in CPA Services
• (34:47) - Networking and Expertise in Real Estate and Tax Industries
• (41:39) - Effective Onboarding Practices for Real Estate Tax Professionals
• (49:53) - Balancing Client Relationships and Sustainable Growth in Tax Services
• (54:56) - Scaling and Modernizing Your Tax Practice with Expert Insights