Tax Forms

Overview

Without the support and guidance of financial advisors during tax season, clients struggle to navigate the platform effectively. They face challenges in locating documents, knowing when documents become available, and understanding how to download, share, and upload these documents to third-party software like TurboTax and H&R Block.

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Current Metrics

During tax season, platform traffic typically rises by 20%. On the web platform, visits to the Statements & Documents page increase by 180%, while on the iOS app, visits to the Tax Forms page surge by approximately 1270% compared to other times of the year.

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Pain Points

Accessing Tax Documents

• Navigating to tax documents
(960 calls  – 30% of total calls)
• Knowing when tax documents will be available
(403 calls – 13% of total calls)

Handling Tax Documents

• Downloading and printing
(202 calls – 6% of total calls)
• Sending tax forms via mail and/or email
(162 calls –  5% of total calls)
• Uploading documents to TurboTax and other software
(331 calls –  10% of total calls)

Competitive Research  

Our competitors offer tax-related features that are currently missing from our platform, presenting an opportunity for us to introduce capabilities our clients frequently request.

• Tax Center
• Transparency on Document Availability
• Tax FAQs
• Education and Tax-Saving Strategies
• Tax Distribution Insights

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By addressing these gaps, we can enhance our platform’s tax capabilities to better serve our clients' needs.

Solution

Improve navigation to find Tax Documents, which allows clients to easily find all their tax information without needing FA guidance.

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Enhance current state, offering clients a default view to all their Tax Documents.

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Provide real-time activity and potential savings, creating a centralized hub for all tax-related needs, ensuring easy access, transparency into their accounts and advisor strategies, and continuous updates on timelines, resources, education, and FAQs.

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Predicted Outcomes

• Reduce client calls regarding tax documents
• Increase engagement with the tax center page

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Next Steps

Conduct moderated interviews with clients and financial advisors to understand how they will interact and react to our updated tax experience.