Most families assume they just need someone to prepare their taxes each year.
But if you’re only working with a tax preparer, you may be missing the financial guidance that could transform your family’s future and build lasting security.
What’s the difference between a tax preparer and a financial advisor?
A tax preparer focuses on one task: filing your annual tax return based on what already happened last year. They gather documents, complete forms and submit them to the IRS. It’s transactional work that happens once a year.
A financial advisor takes a broader view of your entire financial picture. They can help you plan for college expenses, structure retirement savings, coordinate estate planning and make strategic decisions throughout the year.
Does my family really need more than tax preparation?
If you only care about filing on time, a basic preparer might suffice. But if you want to build stability, save for education, plan for retirement or make smarter money decisions, you need ongoing guidance.
Family advisory services at Magone & Company deliver both — comprehensive tax prep plus strategic planning for every life stage. From budgeting and bill payment to investment strategy and estate planning, you get everything in one trusted relationship.
What does family financial advisory work include?
It varies based on your needs and life stage. For young families, it might mean college savings plans and realistic budgets. For established families, it may consist of retirement planning and wealth preservation. But for all families, family financial advisory work is having someone to call when making major financial decisions.
Services can range from paying household employees and managing bills to coordinating estate planning and charitable giving strategies. The goal is to give you confidence in your financial decisions and help building long-term security.
What if it’s just me, not a family?
The same overall advisory services apply to help reduce your tax burden and preserve wealth. There are also considerations like career financials — like how to handle stock options, a signing or relocation bonus, or deferring compensation to minimize your tax exposure.
A good CPA is looking at your situation proactively, so you’re not stuck with a surprise tax bill after the fact.
How do I know if my current tax preparer is advising me?
Ask yourself: Does my CPA reach out during the year with questions or ideas? Do they know my financial goals and family situation? Am I comfortable calling them when considering a major purchase or career change?
If your accountant only contacts you during tax season, you’re not getting advisory services. A true advisor maintains an ongoing dialogue with your family, understands your goals and provides guidance when you need it, not just when the IRS requires paperwork.
Is financial advisory service only for wealthy families?
Absolutely not. While ultra-wealthy families often have full-time “family offices,” that support should be accessible to all families building financial security.
At Magone & Company, we structure our family advisory services to match your specific needs and life stage. Whether you’re starting out or approaching retirement, ongoing guidance helps you make smarter decisions and avoid costly mistakes.
Are Magone & Company’s family advisory services right for you?
Every family needs tax preparation. But if you want to build wealth, plan for life events and make confident financial decisions, you need an advisor. Reach out for a complimentary assessment at (973) 301-2300.
This document is for informational purposes only and should not be considered tax or financial advice. Be sure to consult with a knowledgeable financial or legal advisor for guidance specific to your unique circumstances.