Why Accountants Should Adopt an Estate Planning Philosophy
With an ageing population and increasing divorce rates, the demand for estate planning solutions will continue to grow rapidly in both the short and long-term. For many, the term ‘estate planning’ conjures up thoughts of complex, highly technical advice solutions, such as wills and testamentary trusts.
Whilst some aspects of a comprehensive estate planning process can indeed be complicated, advisers are ideally placed to act as a ‘facilitator’ of such a process, bringing in highly qualified specialists as required. But even more importantly, estate planning can be approached as a methodology or a philosophy which can be applied across your entire client base, creating opportunities to better understand your client and their circumstances, and ultimately provide them more tailored advice.
Aside from the significant demographic trends which are driving growth in demand for estate planning solutions, There are 4 major benefits of applying an estate planning methodology across your business (rather than thinking of it as a service relevant only to your older clients): ďƒ˜ It can uncover new opportunities for advice with your active clients. ďƒ˜ It can be a cost effective way of re-engaging with inactive clients.
ďƒ˜ It can be an easy to articulate, high value-add proposition to take to your referral partner. ďƒ˜ It can add significant flesh to your proposition and can be reflected in your ongoing value proposition But the REAL question is how will your firm be able to deliver this service? I have spent 30 years working in this field, and have formed views I am happy to share.
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