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Tax Planning Insights
One Big Beautiful Bill Expert Insights
President Donald Trump’s One Big, Beautiful Bill Act was officially signed into law over the Fourth of July weekend, signifying impactful changes for financial professionals and their clients — especially when it comes to taxation.
The bill makes permanent many provisions of the 2017 Tax Cuts and Jobs Act (TCJA), raises SALT deduction limits, adjusts estate tax exemptions, and expands opportunities for tax-efficient retirement and business planning. Industry leaders are already poring over the bill’s impacts and implications, and for advisors, it marks a critical turning point in the planning process.
Translating Policy into Client Strategy
Many see this as not just a tax update, but a fundamental shift in long-term strategy, including America’s IRA expert, Ed Slott, CPA — a professor of practice at The College.
“This bill provides long-term certainty and opens up more tax and estate planning opportunities for advisors to share with clients,” Slott says, referring to the portion of the bill that makes tax provisions from the TCJA permanent. “Another big game-changer is the SALT deduction increase to $40,000 for those in high-tax states. The combined extensions of the TCJA cuts, plus several of the new tax deductions, will pave the way for more Roth conversions at lower tax rates — at least for the next few years. Advisors should be alerting clients to this opportunity to build more tax-free retirement savings!”
Leading financial publications echo Slott’s sentiment. A recent Vanguard article details the key opportunities within the bill for advisors aiming to help clients optimize their lifetime tax benefits.1 Like Slott suggested, the passage of the bill offers a timely reason for advisors to proactively engage clients and reassess their financial plans for the years ahead. While the impact of the bill will vary by client, maintaining open communication about new options is crucial.
Vanguard specifically encourages advisors to discuss the advantages of donor-advised funds with high-net-worth clients, revisit income thresholds and entity structures to maximize deductions for business owners, and overall embrace tax policy changes in their planning approach.
Different Clients, Different Priorities
In addition, College thought leaders weighed in on the bill’s potential ramifications at this year’s AICPA Engage conference with speculation that has now become reality. Professor of practice in tax planning Jeffrey Levine, CFP®, CPA/PFS, ChFC®, RICP®, CWS, AIF, BFA™, MSA says it’s hard to pin down the new law’s most significant provision, but one thing is clear: we now live in a whole new world when it comes to tax planning.
“Everyone is focusing on the thing that is most impactful for their clients,” Levine says. “Those who work with high-net-worth clients are focused mostly on estate taxes and the fact that the exemption there is not just extended, but even higher now. Those who work with business owners are focused on things like qualified small business income deductions and bringing back bonus depreciation. And those who work with regular retirees are looking at the extension of the tax brackets and a large-scale extension of TCJA provisions, like a higher standard deduction.”
A recent article from BlackRock reinforces Levine’s point, emphasizing that different client profiles will require different approaches, and financial professionals who can navigate that complexity will be more essential than ever.2 The impacts of the bill will demand proactive planning, particularly from advisors serving business owners and high-net-worth clients. BlackRock highlights an increasing demand for financial professionals with expertise in key areas, specifically those who can “skillfully navigate the intersection of income taxes, investing, estate planning, and charitable giving.”
Ultimately, Levine emphasizes the bill’s unique impact on each and every type of client: “It’s a very individual thing, but there’s a lot in this bill for advisors to learn about — and, no doubt, a lot of ways to help clients keep those lifetime taxes as low as possible.”
The Power of Staying the Course
Professor of wealth management Michael Finke, PhD, CFP® adds that to him, the real surprise is not what’s in the law, but rather what’s not in it.
“A lot of us were expecting some of the TCJA provisions would start to sunset, but it seems not,” he says. “Things aren’t going to change all that much for those who hold wealth from where we are now. But the expectation was we might have to do a lot of creative planning for those who are thinking of passing assets onto others or who are thinking about strategic types of investment decisions. It turns out holding steady is still the right way to do it.”
This unexpected stability gives advisors a rare planning window, one that allows them to prioritize tax strategies, manage long-term distributions, and revisit philanthropic and trust plans with greater confidence. As Finke sees it, this bill rewards disciplined planning and tax efficiency.
“You can’t do wealth management unless you consider the tax consequences of the investments you make,” he says. “Tax efficiency is a real advisor outcome.”
Whether working with retirees, business owners, or high-net-worth families, advisors now have an expanded toolkit to reduce lifetime taxes, support estate planning, and more. The real challenge — and opportunity — lies in the personalization of these strategies. As Slott, Levine, and Finke all emphasize, this is not a one-size-fits-all law.
The bill opens the door to a wealth of opportunity, but it’s up to advisors to turn policy into meaningful, real-world outcomes for their clients.
More From The College
- Explore the Tax Planning Certified Professional® (TPCP®) Program
- Get key insights for uncertainty with our Advising Through Uncertainty Study
Paul M. Caspersen
MS, CFP®, AEP®
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Practice Management Insights
AI in Financial Advising
AI in Financial Services Today
In the workplace, there is a constant push to increase efficiency. In 2025, AI is at the forefront of that push for efficiency. With companies like Google1 and Meta2 committing more than $65 billion each to increase their AI infrastructure, the importance of AI cannot be understated.
However, AI can make a difference in a space that feels a lot closer to home, not just at mega-corporations that have billions of dollars to commit to building resources. According to Chet Bennetts, PhD, CFP®, ChFC®, CLU®, RICP®, CLF®, this increased usage for AI in financial services can be attributed to a “deconsolidation” of the industry as RIA firms become more common. The use of AI to increase efficiency can give RIA firms an advantage to even the resource gaps between themselves and larger, household name firms.
Bennetts also acknowledged that some people naturally fear the potential of AI, with many worrying that the increase of technology in the industry could pose a threat to their careers. However, Bennetts likened this to the rise of spreadsheets in the 1980s. “CPAs were up in arms. They were furious because of this new technology that allowed consumers to be able to do complex computations really quickly. That was a spreadsheet,” he says.
Bennetts believes the use of AI is actually more likely to improve the relationships between advisors and their clients. Bennetts suggests clients using AI will not abandon their traditional advisors, but rather bring a more educated perspective to advisor-client conversations due to the research they’ve conducted using AI. From a consumer standpoint, this signifies a potentially positive trend as improved client conversations will likely lead to improved client outcomes.
From an advisor perspective, AI offers a variety of exciting potential use cases. Something as simple as an AI notetaker writing transcripts for client interactions, recapping key points of the meeting, and integrating action items discussed in these interactions into the advisor’s calendar can save a considerable amount of time when leveraged on a regular basis. According to Bennetts, this has the potential to save advisors up to an hour per day. That’s five hours per week, or twenty-five hours per month. When used in this manner, a relatively achievable goal for a majority of advisors, days can be saved in a given month, allowing for an increased volume of client meetings. This acts as a serious boon for RIA firms, as it will allow them to get in front of more clients and increase their exposure as advisors.
Using AI Ethically
With AI still being in its early stages, it is of the utmost importance that advisors also make the appropriate ethical considerations when integrating it into their practices. These ethical considerations will differ when it comes to the type of AI being utilized, however. Generative AI, such as ChatGPT, should never be granted access to any form of personal information or information that could identify the user, the user’s company, the client, or company policies, for example. When discussing this subject, Bennetts elaborated by saying, “The models are going to train on the prompts, and it’s going to train on the interaction unless you explicitly tell it not to.”
When it comes to third-party solutions, such as an AI notetaker, Bennetts stresses the importance of understanding the terms and conditions of usage. “We are absolutely in a generation where anything you do, you have to accept and agree before you can use it,” he says. “And yet, I would venture to say that 99.9% of the population, whether it’s an app on their phone, a website, whatever, we’re just saying accept and continue without reading it. When you are an advisor with a responsibility and a potential liability associated with that responsibility, you can’t do that.”
Bennetts preaches diligence for the RIA firms utilizing AI tools. He encourages thorough vetting processes and emphasizes that advisors develop a strong understanding of the tools they’re using in order to maintain strong ethical practices.
How Younger Advisors Can Leverage AI to Gain an Edge
For younger advisors starting out in the profession, the use of AI can be a significant advantage over older advisors who may have no interest in learning how to use a new tool. According to Bennetts, “Being able to come in and have that skill set and be able to demonstrate how you bring value to that individual and that practice is absolutely a way to stand out.”
Bennetts also encourages younger advisors looking to break into the industry to use AI for the variety of other advantages it can offer to young professionals. He cites market research and an ability to help advisors promote themselves as two simplistic functions that can make a huge difference in the career of young advisors first looking to establish themselves in the industry.
Though there may still be controversy about AI and its uses, it’s safe to say that AI is here to stay. For many advisors, AI can be used as a tool to develop improved client conversations, greater efficiency, and more. For young advisors, AI can be a difference-maker in their career.
More From The College
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Representation Press
Pathways to Prosperity
KING OF PRUSSIA, PA—July 7, 2025—The American College of Financial Services announces the upcoming 19th annual Conference of African American Financial Professionals (CAAFP), which will take place from August 11 to 13 at Signia by Hilton in Atlanta, GA. This year’s conference will revolve around the theme “Pathways to Prosperity,” a call to enhance representation within the industry, and to foster more opportunities for growth and success.
“We are proud to be able to bring together such promising professionals every year to develop strategies for not only strengthening representation in our industry, but also laying the groundwork for transformational impact across generations,” said George Nichols III, CAP,® president and CEO of The American College of Financial Services. “We aim to make the CAAFP more than the typical conference experience, and instead provide participants with insights, tools, and networking opportunities to enable professional growth and benefit their communities.”
This year’s conference will feature 20 breakout sessions led by renowned industry experts, veteran practitioners, and change agents. Keynote speakers from a variety of backgrounds will share their insights. Speakers include:
- Chaunté Lowe, four-time Olympic medalist, author, TEDx speaker, and breast cancer thriver
- Denise M. Thomas, founder of The Effective Communication Coach
- Ryan Wilson, CEO and co-founder of The Gathering Spot
- Michael Finke, PhD, CFP®, professor of wealth management, WMCP® program director
- David Blanchett, PHD, MSFS, CFA, CLU®, CHFC®, CFP®, adjunct professor of wealth management
- Terrell Dinkins, MBA, ChFC®, RICP®, president and founder of OBN Wealth Advisors, LLC
- Don Graves, RICP®, CLTC®, CSA, business development manager at Mutual of Omaha Reverse Mortgage
- Angela (Angie) Ribuffo, CFP®, RICP®,ChFC®, CDFA, CLTC, WMCP®, president of Raion Financial Strategies LLC and registered representative at Cambridge Investment Research
Workshops will cover three strategic themes: Wealth Life Cycle, Scalable Sustainability, and Leading Forward, designed to equip attendees with the tools to grow wealth, build resilient businesses, and elevate leadership impact. Sessions will explore strategic planning, sustainable growth, and leadership development to empower professionals to drive innovation and deliver lasting impact for their clients and communities.
Last year’s CAAFP attracted nearly 1,000 financial professionals from 20 U.S. states, as well as more than 50 scholars from historically Black colleges and universities (HBCUs) and affiliates, and 450 first-time attendees. The 2024 CAAFP also featured almost 200 industry professionals with more than 20 years of experience and was supported by 20 corporate sponsors dedicated to expanding opportunities.
“The CAAFP is a powerful industry resource for helping African American professionals thrive, and soar, individually and together,” said Mai Skyles, MBA, managing director of the American College Center for Economic Empowerment and Equality®. “This annual marquee event is key to our mission to promote inclusivity. We encourage African American financial professionals — and all financial professionals who serve our communities — to join us for the chance to forge new ‘Pathways to Prosperity’ for their businesses and their clients. Together, we are not only reshaping the financial services landscape — we are building a legacy of generational wealth, leadership, and economic advancement.”
To learn more about the CAAFP and register for this year’s conference, please visit https://events.theamericancollege.edu/caafp-2025/.
For more information, contact:
Jared Trexler
610-526-1268
jared.trexler@theamericancollege.edu
Taylor Genovese
973-524-4949
americancollege@jconnelly.com
About The American College of Financial Services
The American College of Financial Services is the nation’s largest provider of financial planning education through its CFP® Certification Education Program* and ChFC® designation program. The College goes beyond foundational education with rigorous programs, ethical standards, and experience requirements for professionals who wish to specialize in areas such as retirement income planning, tax planning, philanthropic planning, and more.
Connect with The College on LinkedIn, Instagram, Facebook, and YouTube. Discover all the ways you can expand your opportunities.
*Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design), and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.
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