Use a Tax-Loss Worksheet to Pick Up Affluent Clients

                Most of those who read this newsletter will want to try the tax-loss worksheet for themselves. To try it, click on the following link (it’s just a dummy site I put up for advisors to try the worksheet):

                Years ago there used to be a marketing company called Xelan. It was founded by Dr. Don Guess and it marketed exclusively to doctors. It was the best marketing platform I have ever seen.

By the way, if you want to work with doctors, the best way to do so is to read and use the content from my book The Doctor’s Wealth Preservation Guide (8th Edition). To learn about this 350+ page book, click on the following link:

The foundation of the Xelan platform was income-tax planning. Doctors, generally speaking, make good money and hate paying income taxes.

Tax-loss worksheetDr. Guess had what he called a tax-loss worksheet. This worksheet would tell doctors how much in “unnecessary” income taxes they were paying every year.

What are “unnecessary” income taxes? Taxes that could be avoided if you used the tax-reduction structures offered by Xelan.

The power in the tax-loss worksheet was in its simplicity. It asked the doctors only a handful of questions:

1) Annual/personal living expenses
2) Combined federal and state income tax rate
3) Pre-tax take home pay
4) Spouse’s income
5) Other income

From these five questions the doctor could follow the steps of the worksheet and at the end the calculated number would be unnecessary income taxes paid due to bad planning.

The average doctor making $300,000-$400,000 a year would have a tax-loss amount of anywhere from $25,000 a year to upwards of $100,000 a year.

Then Dr. Guess would ask doctors after filling out the worksheet if they wanted his help in reducing the amount of money wasted paying taxes because of poor planning to ZERO. What would just about every doctor say? YES!

Xelan shut downthis tax-loss worksheet worked so well as a marketing tool that Dr. Guess picked up hundreds of clients and $500 million into one of his tax structures in only a few years. See, the problem was that the IRS got wind of what Dr. Guess was doing and shut him down.

But that’s really beside the point. The point is that there is tremendous power in using a very simple tax-loss worksheet to start a discussion with clients about their money.

Every advisor should use a tax-loss worksheetI can’t give you one reason why every advisor shouldn’t use the tax-loss worksheet with clients.

If you would like a copy of the worksheet in PDF, email,

If you would like to have the worksheet put on your website for clients to use (it’s really simple to do), email and I’ll forward your information to the tech person who can do it.

Roccy DeFrancesco, JD