Core Insights - The demand for holistic services, particularly tax planning and preparation, is increasing among Registered Investment Advisors (RIAs) as they seek to expand their client base and wallet share [1][5] - There is a significant disparity in the adoption of tax preparation services between larger firms and smaller RIAs, with larger firms utilizing tax preparation software more frequently [2][3] Industry Trends - Approximately 1 in 6 firms currently offer tax preparation as part of their services, with larger firms (AUM between $500 million to $1 billion) using tax preparation software 56% of the time, compared to just 24% for firms with less than $100 million in AUM [2][3] - The preference for a one-stop shop for financial services has surged by 60% since 2019, indicating a growing trend among clients for comprehensive financial solutions [5] Firm Perspectives - Smaller RIAs face challenges in executing tax preparation services due to the substantial investment required, which may deter them from pursuing this avenue [4][6] - Even larger firms, such as those with $3.7 billion in AUM, find it challenging to manage all tax preparation in-house, particularly for clients with complex business structures [6][7]