By integrating estate planning into the scope of a client’s financial plan, pertinent aspects previously overlooked or dismissed can come into focus. The objectives of the client may be strongly swayed when facing considerations such as:
·      Accounting for issues that may arise when estate planning for a blended family.
·      Deliberating the stipulations of a financially irresponsible child’s future inheritance.
·      Leaving certain assets to specific family members.
A client’s discretion of their estate and to whom they plan on leaving different assets is important knowledge for a financial advisor to be privy. This can prompt more understanding of not only current clients, but future clients as well. For example, this could lead to pursuing a client relationship with new parties such as children of current clients that will be the recipients of the bulk of an estate. 
As an advisor, opening the conversation of estate planning with clients allows for increased levels of clarification and therefore improved ability to make financial decisions for a client. This active engagement in their estate planning allots for numerous beneficial new possibilities for advisors handling their finances, including increased customer lifetime value (CLV), uncovering assets not being managed, and increased overall client satisfaction.

How Financial Advisors Can Outperform the Competition by Collaborating with AEPL 

To detail the benefits of engaging clients through estate planning, it is key to consider the largest multigenerational wealth transfer in American history. An estimated $70 trillion will transfer from aging households passing their estates to heirs within the next two to three decades. This shift will redefine the dynamics of wealth management in the years to come. Wealth managers will have to adapt existing business models to this changing landscape. Thus, making estate planning a necessary tool for generating additional revenue, improving client and advisor relations, and increasing asset retention.
A significant opportunity can be found for financial advisors to retain the children of their clients after they receive their inheritance. Advisors that curate multigenerational practices ensure that heirs can get to know their parent’s advisor long prior to receiving their inheritance.

Steps to Increase Your Value to Clients through a Predictable, Consistent, and Professional Approach to the Estate Planning Process Resulting in You Growing Your Business and Retaining Assets When Clients Leave Wealth to Their Heirs:

1.     Request an initial zoom video meeting with one of the attorney leaders at America’s Estate Planning Lawyers, LLC (AEPL). Click the following link to request a video meeting
2.     Conduct video meeting with AEPL estate planning attorney. Discuss:
              a. Your objectives when working with your clients and their estate planning
              b. Your desired level of participation in your clients’ estate planning activities
              c. How each of your clients, regardless of their city or state of residence, will receive consistent and          predictable high levels of estate planning legal service.
              d. Any additional information you’d like to discover about working with AEPL
3.     Initiate estate planning conversations with your clients. Ask questions like:
              a. Do you feel that your estate legal affairs are in order?
              b. What is your greatest concern about your estate?
              c. Would you like me to guide you through working with an estate planning law firm to ensure that your estate planning objectives are met?
4.     Schedule complimentary zoom estate planning design meeting with AEPL attorney
               a. Choose a time that is convenient for your client
               b. You choose your level of presence and participation. You and your client mutually agree that:
                                               i.     Your presence and participation in your client’s zoom estate planning design        
                                                      meeting is helpful and necessary; or
                                             ii.     Your participation in the zoom estate planning design meeting is not  
                                                       necessary, but the client consents to AEPL sharing a written summary of
                                                       the design with you
5.     AEPL is retained by your client and provides the necessary legal services to customize and implement a last will-based or living trust-based estate planning program
6.     Using exp gathered while leading your client through their estate planning:
               a. Update beneficiary designations
               b. Title brokerage accounts for probate avoidance
               c. Uncover assets not yet under management that client may now put under your management, such as prior employer 401(k)s, scattered IRAs or investment accounts, or individual stocks

  • Actively engaging in a client’s estate planning allows for a holistic approach to financial planning for clients. This increases client retention and therefore improves the lifetime value of a client. Specifically, when children or various beneficiaries pursue further services from the advisor as assets transition multiple generations.

  • Through accessing the client knowledge associated with estate planning, the opportunity to manage uncovered assets arises. For example, these could include previous employers 401(k)s, scattered IRAs or investment accounts, individual stocks, and so on.

  • Individualized, informed, and thorough services are of high value to clients. Providing an encompassing and well-structured approach to financial planning comes with understanding how estate planning intertwines with wealth management. Estate Planning is a significant point of potential for advisors to increase overall customer satisfaction. Minimally, it is a point at which an advisor can show that they care about the future success of their estate and beneficiaries.

PREVENT LOSSES

A huge point of leverage for a financial advisor is utilizing estate planning in their client relations. The lack of a relationship is the leading cause for advisors to lose assets when clients leave their wealth to their children. 
By forgoing a role in the estate planning process of clients, there is lost chance to engage in a relationship with their heirs. Creating early relationships between advisors and client heirs presents the opportunity to retain millions in assets under management. If an introduction between a client’s children and an advisor occurs after a client’s death, the advisor will have no basis to foster a relationship with the kids.

DIFFERENTIATE

Market your services as a financial advisor by positioning yourself at an advantage from other competition. This can be done by differentiating the services and level of care offered by integrating Estate Planning into your relationships with clients. An all-encompassing approach to your clients assets will allow for:
  • Creation of relations with future clients which will be inheriting present clients assets.
  • Foster and grow current relations with existing clients.
  • Mitigate loss of managed assets from a clients death by retaining their family members as clients.
  • Increase assets managed that were previously overlooked by directing the client through the estate planning process.

Additional Benefits of Collaborating with AEPL to Differentiate Yourself from the Competition through Integration of Estate Planning into your Business:

·      Receive regular email updates on estate planning strategies and law changes so that you are in a better position to identify your clients’ estate planning needs and suggest solutions that can be easily implemented.
·      Enhance relationships with clients by inviting them to participate in complimentary consumer webinars presented by an AEPL attorney.
·      Get referred by your clients after you encourage your clients to invite their friends and family to participate in webinars co-branded by you and AEPL.

The America’s Estate Planning Lawyers Process to Getting and Keeping Your Estate Legal Affairs in Order

1.     Complete your one-minute questionnaire to request your complimentary zoom estate planning design meeting.
2.     Use our online calendaring system to schedule your complimentary estate planning design meeting with an AEPL attorney.
3.     Be guided through important estate planning decisions during your design meeting by an AEPL attorney.
4.     Receive your reasonable fixed fee quote in writing and, when ready to get started, retain AEPL by electronically signing the Legal Services Agreement.
5.     Securely enter important family and asset information in your client-friendly intake portal.
6.     Review and approve your customized estate legal documents with an AEPL attorney during your zoom estate planning review meeting.
7.     Make your estate planning documents official once AEPL ships your portfolio of estate legal documents to you by having you, a notary, and witness sign by the “Sign Here” arrow flags.