Question 1

What is a tax prep service for RIAs and how does it work?

Accepted Answer

A tax prep service for RIAs allows financial advisors to offer tax preparation and planning without building an in-house team. Platforms like Taxfyle provide an integrated solution where documents, filings, and reviews are handled through a centralized system, combining technology with licensed tax professionals.

Question 2

How can RIAs integrate tax services into their current offering?

Accepted Answer

RIAs can integrate tax services through a co-branded experience or a staff augmentation model. In this model, external professionals support tax preparation tasks as an extension of the team. This approach focuses on execution and does not include review services.

Question 3

What are the benefits of offering tax planning to wealth management clients?

Accepted Answer

Adding tax planning improves client retention, increases assets under management, and strengthens the advisor's role as a strategic partner. With solutions like Taxfyle, advisors can deliver personalized tax insights that complement their financial planning services.

Question 4

Does Taxfyle handle tax preparation, review, and filing?

Accepted Answer

Taxfyle supports tax preparation and filing. Depending on the model chosen, advisors can stay involved or take a more hands-off approach. In hands-off models, review services are not included.

Question 5

What types of clients and tax returns can Taxfyle support?

Accepted Answer

Taxfyle supports self-employed individuals and focuses on individual tax returns, including documents such as 1040s and W-2s. It does not support business tax returns.

Question 6

What is the difference between Taxfyle's direct-to-consumer and staff augmentation models?

Accepted Answer

In the direct-to-consumer model, Taxfyle provides a co-branded experience where clients interact directly with the platform. In the staff augmentation model, professionals work as an extension of the advisor's team. Most wealth management setups operate as B2B2C, where the client is the one engaging with the service while the advisor maintains the relationship.

Question 7

Is it safe to manage sensitive tax data with Taxfyle?

Accepted Answer

Yes, Taxfyle follows strict security and compliance standards, including data encryption, multi-factor authentication, and SOC 2 compliance. This ensures that all sensitive financial and tax information is securely handled.

Modernizing tax prep
for RIAs

Add tax planning to the mix

Our Co-Branded Solution at a glance

Retain more AUM, deliver a full-service wealth experience and stay compliant.

We offer two models
based on your structure

Direct to Consumer

Staff Augmentation

Available return types

Available return types

Questions & answers

Security and data protection

Modernizing tax prep for RIAs

Add tax planning to the mix

Our Co-Branded Solution at a glance

Retain more AUM, deliver a full-service wealth experience and stay compliant.

We offer two modelsbased on your structure

Direct to Consumer

Staff Augmentation

Available return types

Available return types

Questions & answers

What is a tax prep service for RIAs and how does it work?

How can RIAs integrate tax services into their current offering?

What are the benefits of offering tax planning to wealth management clients?

Does Taxfyle handle tax preparation, review, and filing?

What types of clients and tax returns can Taxfyle support?

What is the difference between Taxfyle's direct-to-consumer and staff augmentation models?

Is it safe to manage sensitive tax data with Taxfyle?

Security and data protection

Modernizing tax prep
for RIAs

We offer two models
based on your structure