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By David RichmanNational Director, Eaton Vance Advisor Institute

It's been a few years since taxes were a "market meme" — a story people are buzzing about that has direct or indirect implications for financial decision-making.

Taxes are definitely emerging as a topic your wealthy clients will be talking about with their friends this summer.  Possibly the stage has been set for a "crescendo of referable moments" since this buzz may only get louder just as existing and prospective clients get back to socializing with friends and family.

My single question for you to consider is quite straightforward: If the topic of potential tax increases pops up in conversation between your client and a friend this summer, what are the chances it turns into a conversation about you? 

If your answer to this question is, "The odds are slim," don't worry, you have some time. Take the time now to formulate a timeless, tax planning "ism" and perhaps a timely tax "thesis." Here is an example of each: 

  • A tax planning ism: Sometimes the tax tail should wag the dog.
  • A timely tax thesis: This is a rare moment to consider harvesting gains.

Bottom line: Whatever your views, now is the time to bring intentionality to client conversations about taxes and to increase your chances of capturing referable moments this summer.