Ep 9 - The GOAT (“Greatest of all Tax”) specialists - Scott T. Ditman, CPA, PFS — Consultant - Citrin Cooperman (Formerly Berdon, LLP Tax Partner, Executive Committee Member and Head of Personal Wealth Services)
In this episode, Jonathan Blau sits down with The GOAT — “Greatest of all Tax” specialists, Scott T. Ditman, CPA, PFS. He is a Consultant at Citrin Cooperman and a Former Tax Partner, Executive Committee Member, and Head of Personal Wealth Service at Berdon, LLP. Scott works closely with high-net-worth individuals and family/owner-managed business clients, advising on estate and income tax issues, and succession and financial planning. Listen as he shares the critical importance of integrated, holistic financial planning for high-net-worth individuals. Drawing on their extensive professional relationship, Jonathan and Scott offer invaluable insights into best practices in wealth management.
IN THIS EPISODE:
(00:00) Introduction: Jonathan welcomes Scott Ditman
(01:52) Scott Ditman on Financial Disciplines
(09:38) Career Development And The Impact Of Mentorship
(16:54) Navigating Challenges In Client-Centered Financial Advising
(23:52) Adapting Plans As Client Situations Change
(35:50) Goal-Based Planning Vs. Performance Chasing
(37:04) Upcoming Tax Law Changes And Their Implications For Estate Planning
(41:34) Defining Financial Planning And Goal-Based Approach
KEY TAKEAWAYS:
- Integrated financial planning is crucial. Professionals from various disciplines must collaborate to create comprehensive strategies that address all aspects of a client's financial health.
- Scott Ditman highlights that effective client communication is as important as technical expertise. Explaining complex concepts in simple terms helps clients make informed decisions.
- Focus on client goals rather than arbitrary benchmarks. Aligning financial strategies with specific life objectives leads to more meaningful outcomes than chasing market performance.
- Stay informed about legislative changes. Proactive planning in anticipation of potential shifts in tax laws can significantly impact estate planning strategies.
RESOURCE LINKS
Fusion Family Wealth - Website
GUEST BIOGRAPHY:
Scott T. Ditman, CPA, PFS a consultant for Citrin Cooperman. He was with Berdon for over 35 years where he was a Tax Partner; Member of the Executive Committee; and Leader of the Firm’s Personal Wealth Services Practice.
Scott works closely with high net worth individuals and family/owner-managed business clients, advising on estate and income tax issues, and succession and financial planning.
Scott speaks at various organizations, including the Annual Heckerling Institute on Estate Planning, on issues that include trust and estate planning, fiduciary accounting, and income tax planning. He has contributed to Bloomberg.com, Forbes, The CPA Journal, Long Island Business News, Newsday, Accounting Today, Journal of Financial Planning, Reuters, and Vault. He also writes the blog T & E Talk.
Scott received his master’s from Baruch College and his BS from Brooklyn College.
Please click below for important disclosure information. https://www.fusionfamilywealth.com/disclosures
ABOUT THE HOST: Jonathan is the President and CEO of Fusion Family Wealth, founded in 2013 to focus on behavioral finance and guide clients toward rational financial decisions. A sought-after speaker in wealth management, Jonathan previously held senior roles in tax and estate planning at Arthur Andersen. He has a BS in Finance, an MS in Taxation, and an MBA in Accounting. Based in Long Island, Jonathan is active in the local business community, supports causes like the Middle Market Alliance and Sunrise Day Camp, and enjoys boating with his family.