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Posted almost 3 years ago

Importance Of Tax Planning with Matthew Chancey

“I think first and foremost, you've got to get out in front of it with a plan. So the pre-planning part is extremely important as far as creating wealth.” 

Matthew Chancey helps clients by the creation of Tax Alpha. Tax Alpha is the ability of an investor to outperform by taking advantage of tax-savings strategies. Tax Alpha strategies are largely esoteric. He has been featured in many national media outlets, including Orlando Sentinel, The Wall Street Journal, ABC, NBC, CBS, Fox News, CNBC, Digital Bloomberg, and Investment News.

Watch the episode here:

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Brett:

This guest has spent the last 15 years in the financial services space helping clients solve big tax problems with advanced strategies around income and capital gains taxes. He has been featured in many national media outlets, including Orlando Sentinel, The Wall Street Journal, ABC, NBC, CBS, Fox News, CNBC, Digital Bloomberg, and Investment News. Check him out on LinkedIn, it's probably the best way to actually connect with him. It's Matt Chancey, CFP. Hey, Matt, welcome to the show.

Matt:

Hey, thanks for having me, Brett. I really appreciate it. Your introduction was awesome and made me sound way better than I actually sell myself. So, hey, thanks for that.

Brett:

Hey, if you can help someone save a million dollars in capital gains taxes, I'm sure they would approve of the description. And that's really what we're focused on in the show is bringing on experts like yourself who've actually been in the trenches with their clients to do just that. So would you give our listeners maybe a little bit about your story and then sort of your current focus now?

Matt:

Sure. Not a problem. I've been in the business for, like I said, about 15 years, and I probably started off on my journey a lot like other financial advisors, so to speak. You get the top designations and you go out and you're helping clients plan, and originally I was planning around what's the primary liquidity event as a 401k rollover. And it just wasn't ultimately as fulfilling as I wanted it to be. It wasn't intellectually and it wasn't stimulating for what I want to do and I was like, "I got to find something more interesting," right? So for me, it all came down at the end of the day as we all want to work with larger clients along the way. And the gateway to larger clients, I feel like, really is taxes. So its investments, insurance, retirement estate, taxation are the five core pillars of planning, but the only one that provides instant gratification to a high net worth client, it speaks directly to them is tax planning. And once you do that effectively, it opens up opportunities to have conversations around their insurance investments and retirement. And for me, that was kind of the path that I started walking down. It started putting me in front of the clients that I wanted to talk to, working with their current strategic centers of influence. It just created a practice around the liquidity of selling big assets as opposed to 401k rollovers which I feel allowed a lot more planning opportunities. And that's kind of where I've settled.

Brett:

Excellent. Before you succeed in helping all these high net worth individuals and being on all these major media outlets and really educating a lot of people on these strategies. I'm curious, who was Matt growing up? In other words, not just who you were, but more so what strengths or gifts were you given and how is that connected to how you help others today?

Matt:

Okay, fair. Wow, okay, we're getting deep, deep, deep, deep. So I grew up pretty normal, I mean my parents, I'm not even sure they both graduated high school. Just very simple, but I was always decently athletic. I ended up getting a football scholarship which got me to college, the University of Central Florida, go Knights. Finally, now people know who we are, it only took 20 years for me to wear my letters to an airport, have those letters be recognized. So that's kind of a blessing these days to be relevant. But I think when I got into college, I realized that athletics is what got me there, but academics were going to open the next chapter and it was really what was going to take me to that next level. And so I changed my focus from a competitive nature from the athletics, more so to the academics, and kind of really tried to find a path that made sense for me. My undergraduate degree was in legal studies. I thought I was going to go be an attorney, which makes me good at reading legal contracts today so I do get to use some of that skill set. But it kind of took a pivot along the way and ended up kind of going in a different direction with a different path. And I think in primary schools, we don't teach enough about fundamental finance, especially in my household, we didn't teach anything about fundamental finance because we didn't have money. So you don't have to worry about finances if you don't have money per se. So it's been a journey with my kind of learning that and then how to transition that to my clients and in the relationships, just helping people make good financial decisions one step at a time, don't overthink it. And I many times tell clients, clients think it's a what, it's always a what. "What do I do? What do I buy? What strategy are we going to implement?" And I say, "It's never a what, it's actually a who. Who am I going to partner with for the rest of my life to help me make good financial decisions," because a good financial decision isn't a one-time event. So that's kind of the path for me. And then it's just, I have that personality, I'm a natural self-starter and I'm intellectually curious so I'm constantly consuming information and going to different conferences pushing the limits of things that I can learn so that ultimately I can better serve my clients.

Brett:

Love that, yeah. It's not a what, it's a who, and it's the relationship that's going to help you bring you to whatever next level you're trying to achieve. Another way I've heard it put it's don't be the how hire the who, right? Or partner with the who. Or get coached or mentored by the who to reach your vision because your vision is here and you're here and if you always just try to be how yourself, you're going to get stuck in procrastination and frustration because you're not an expert there. But if you can find that who to achieve that bridge to your vision, you can get there much faster and probably more successfully as well. So before your success as an athlete, and then as an educator, you became a financial planner, but you touched on this in the beginning, you were more focused on let's say the traditional way of financial planning, which is the 401k and some general tax, people kind of know this. But the capital gains tax deferral part, I'm curious, at what point did you say, "Okay, I'm all in on helping people with capital gains tax deferral." Walk us through that transition.

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