This is double the amount of audits from three years ago. Add to that the fact that High Net Worth (HNW) households that file joint tax returns, with taxable income of over $100,000, have a minimum federal tax rate of over 25%, and you have a complicated tax situation. Add state taxes onto this and the percentage goes even higher. With this hefty chunk coming out of the pockets of these HNW investors, tax planning and finding ways to reduce this burden should be of paramount importance. For over half of HNW individuals, tax planning is an ongoing process.

Just over a quarter of the HNW investors think differently and more frequently about their taxes during year-end and the first quarter than at other times of the year. Older investors and those with the highest incomes are most interested in getting additional tax advice. Finding ways to lower their taxes when targeting this group is a good strategy. Surprisingly, less than half of the HNW view charitable giving as an important tax savings device. While the wealthiest households utilize charitable deductions most effectively to reduce their taxes, other HNW households do not view charitable donations as an important part of the tax planning process.

HNW investors are increasingly interested in looking to one provider or firm to assist with all of their financial needs. But few firms currently provide those services. Since investors cannot currently find those services from one provider, they are not necessarily unhappy if their provider does not provide financial advice in conjunction with tax planning. But they may want these services in the future.