Tax day is behind us. Your client has filed their tax return. OK, some do but people with complicated lives probably work with an accountant. Let us assume their accountant does not offer wealth management services and you, their wealth manager, do not offer tax advice. Did the accountant make comments or suggestions to your client? What are they?

So what are they? The simplest solution is to ask your client: “Did your accountant suggest anything you should do differently in this tax year?” Here are a few points they might have made:

1. You should be saving more for retirement.

This makes sense for lots of people. The first step is to take advantage of their workplace retirement plan. Are they getting the maximum benefit regarding the company’s match? You can talk with your client about putting additional cash to work, setting a goal for retirement saving.

2. You pay a lot in credit card interest. That is not deductible.

The first logical step is to look at paying down those outstanding credit card balances. If that is nor practical, can securities based lending get them a lower interest rate and be tax deductible? How about a HELOC? There might be restrictions on the use of the money that determine tax deductible status. A lower interest rate is a benefit regardless.

3. Do you know how much you made or lost trading stocks last year?

If your client does all their stock trading with your firm, yes, they should know. You help them keep score. If they have a few online accounts at different firms, you only see part of the picture. This can help make the case to consolidate accounts with you.

4. Do you know how much you paid your advisor in fees last year?

This might follow the “made or lost” question. You might talk percentages, but their accountant talks dollars 1% on two million dollars might not sound like a lot, but $20,000 in fees sounds like a lot! Always keep your client aware of what they are paying, but also the value you are bringing to the relationship.

5. Do you keep track of your realized gains and losses?

This ties into “how much you made or lost.” It goes deeper for active stock traders because short term gains can become a problem. The government is your silent partner. You can help them keep track of realized gains and losses at your firm, but it’s their responsibility to track assets held away.

6. Have you considered using index funds instead of mutual funds and managers?

This would be a saving in fees, a benefit for the client. They could even do that away from your firm! Is the combination od managers helping lower the client’s risk? They need to understand why they own the managers they do.

7. Earning tax exempt interest makes sense for you.

If you are experienced in the business, buying municipal bonds might have been a major part of practice. There is also the potential for appreciation of principal if rates decline substantially and the bonds are long term with call protection. You know how to put this suggestion into action.

8. Have you considered using low cost basis stock for charitable contributions?

If your client is generous to charities, this is a brilliant idea! You have likely already had this conversation.

9. How do you plan to put your annual bonus to work?

If your client has stuck with the same company and the same CPA, they might know the client gets a windfall every year. It is tempting to assume the good times will last forever. You want your client to put their bonus dollars to work. Their CPA is lending their support.

10. What are you going to do with your tax refund?

This is similar to the bonus mentioned above, but the amounts are smaller. Assuming they have no large looming expenses (like a wedding) you can make the case to put aty least some of it to work. You need some attractive sounding investment ideas to get their attention.

11. What does your financial advisor do for you?

If they are paying high fees and performance is poor, their accountant might be gently suggest they make changes. If they are your client, try to periodically list “what you do for them.” If this person is a prospect, you might see if they see that question as a gentle suggestion they should find a new advisor? Like you?

It is reasonable to assume accountants offer advice to their clients. You should learn what it is and how you can act on it.

Related: The Difference Between Estate Planning and Legacy Planning