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Fifty-six percent of Americans think that estate planning is important. However, only 33% of adults have even the most basic documents regarding their end-of-life plans1. Estate planning needs to be part of an overall financial plan, and it means much more than just having a will.
With American retirees expected to transfer more than $36 trillion in assets to their families, friends, nonprofits and others over the next 30 years2, financial advisors can grow their practices by increasing their estate planning capabilities and promoting this service.
While estate planning is in high demand, especially among those with sizable assets, some financial advisors are reluctant to broach the subject because of the legal elements involved. This is shortsighted and leaves a gap in an advisor’s business plan that could be supplemented with education and training.
Advisors are uniquely positioned to take a lead role in the estate planning process by working with a client’s team, including certified public accountants, estate and elder law attorneys, trust services and valuation experts. This is a true value-added service that advisors can provide clients to ensure their wishes are fulfilled and their legacies protected.
Advisors don’t need to be experts in all things
Financial advisors do not have to be attorneys or legal experts to make estate planning a profitable part of their business. Instead, they need a high-level understanding of the general legal concepts behind estate planning to give them the confidence to start these conversations.
Advisors don’t need to do it alone. There are third-party services available to help advisors grasp the fundamentals of estate planning and tutorials that provide education on advanced concepts. Advisors who intend on making estate planning a meaningful part of their businesses should also develop relationships with estate attorneys who can provide counsel and help with legal documents. This can be a reciprocal relationship, where qualified leads are shared.
Estate Planning workshops to generate appointments
When an advisor feels prepared, they should consider hosting estate planning workshops, targeting high earning pre-retirees and retirees ages 50+ who have accumulated a significant amount of wealth. This group typically wants to protect what they have accumulated for future generations and avoid leaving their loved ones with tax liabilities and other burdens.
Estate planning workshops tend to generate higher net-worth clients and can be one of the most successful prospecting and lead generation tools out there. Once a client views their financial advisor as more than just a money manager, they may be more willing to disclose all their assets, leading to a potential consolidation with that advisor.
Advisors interested in growing their practices should seek out partners who can help them host successful estate planning workshops. The best out there will provide training to get the advisors up-to-speed, presentation materials that drive follow-up appointments and on-site legal support to help field more detailed questions.
1 Caring.com
2 SeniorLiving.org
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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