The Importance of Action 🏃
No matter your specialty in advising – risk insurance, investment, or holistic planning – ensuring your clients have proper estate planning is fundamental. This article isn’t about dictating right or wrong but exploring options. From legal referrals to nifty online platforms, let’s delve into how you can guide your clients to take the necessary action.
A Snapshot of Australians’ Estate Planning
Surprisingly, many Australians are without a will or proper estate planning. According to Finder and numerous research reports, a significant number of Aussies have no estate plans at all. It’s a wake-up call for advisers to guide their clients in this vital area. Do you know the number of your clients with or without a Will?
The Personal Touch
The time-honoured method of referring clients to a legal practice remains relevant today. It offers a personal touch, legal expertise, and peace of mind. While it might be costlier, the professional assurance is often worth it. Different practices may have different needs, and it’s essential to find legal relationships that align with your clients’ preferences. Regularly introducing estate planning topics during fact-finding and review stages can lead to actionable client decisions.
Online Platforms: The Modern Alternative
Welcome to the era of online platforms like SafeWill and Willed. These options are not only convenient and affordable but also suit the tech-savvy client. Though some may worry about missing legal nuances, many users find these platforms efficient and user-friendly. Consider how blending these tools into your advice process can help clients take swift action on their estate planning needs. Tailoring your approach to individual clients helps ensure that the method resonates with them.
Estate Planning in Advice Process: Building a Comprehensive Strategy
Incorporating estate planning into your advice process is about more than just suggesting services. It’s about creating a tailored strategy to motivate clients to take action:
- Create Partnerships: Develop relationships with both legal firms and online platforms. Offer clients choices that best suit their needs, preferences, and budget, fostering a sense of trust and proactivity.
- Regular Communication: Include estate planning topics in your newsletters and client communications. Keep them engaged and aware of the options available to them.
- Advice processes: Your advice processes around onboarding and review should address Estate Planning needs, to not only ensure that they are considered – but to ensure their plans remain relevant.
For All Advisers: Incorporating Estate Planning Across Practices
Whether you are a Risk Insurance Adviser, Holistic Planner, or Investment Adviser, incorporating estate planning into your service offering is crucial. The blend of technology and tradition provides flexibility in serving clients’ diverse needs. For risk advisers, this might align with clients’ risk management strategies. If you’re new to estate planning or in holistic and investment advising, don’t fret; the goal is to tailor your approach to each client’s individual situation and comfort level. The importance of this service transcends the style of practice, underscoring the universal responsibility every adviser has to ensure clients are prepared for the future. Estate planning isn’t just a sub-discipline; it’s a core aspect of comprehensive financial care that can deepen client relationships and trust.
Actions: What’s Next? 🚀
It’s time to get moving. Explore the options mentioned, consult with providers, and actively integrate these ideas into your advice process. Your clients are relying on you, and these tools are here to make the journey smoother.
We’ve made a start and we will continue to grow the Service Provider listing in the Directory. We would like to provide you with the right options and choices for your business – to be as informed as possible. Keep watch as we explore more on the topic. In the coming weeks, we’ll also be providing more resources and specialist views on this topic.
Every Adviser’s Responsibility
Helping clients with estate planning isn’t a mere checkbox; it’s part of the care and responsibility every adviser must shoulder. Whether it’s risk insurance or a broader financial landscape, let’s make sure our clients are looked after. Explore, engage, and ensure that they’re prepared for the future.
We’ll be continuing this discussion with further alternative and options, specialist providers and educational content – so we would love to hear your thoughts on what would benefit most!