Are wealth planners ready for the next evolutionary step?
The wealth planning landscape is constantly evolving. Clients today have more complex portfolios and higher service expectations, and as a result, the changing role of the adviser is creating new opportunities to provide a differentiated service.
NFBO’s Insights Report recently suggested advisers are becoming more comprehensive, full-service guides, supporting their clients through a multitude of decisions. They’re facing a more complex, more regulated environment and, now more than ever, success comes to those who can maintain a complete picture of their client’s position.
Preparedness is the key
Preparedness is also a theme that is becoming more relevant. Well-structured wealth planning that focuses on performance is only part of the equation. Clients also need to be prepared for critical transitions, and here advisers have a unique opportunity to guide their clients in a way only they can. They have built trusted relationships over time with their clients and understand their values, concerns, and life circumstances behind each decision.
The difficult client conversation
Conversations on legacy planning can be challenging ones, and here is where advisers with existing relational capital are uniquely placed to take their clients and families beyond the usual estate plan discussion.
We often hear from our partners that families who don’t plan for one of life’s certainties end up adding to the emotional trauma of losing a loved one with the confusion of unclear or incomplete wishes. This compounds the situation, potentially leading to poor decision-making.
A good estate plan will have already answered many questions, such as those relating to life insurance or the instructions contained within a will. As a family advisor you will be called upon to help the family answer questions, some that you might not have the answers to. Key questions will certainly be about access to all important documentation, who should do what, passwords etc. Do you have the answers to these questions and others about funeral wishes, buy/sell agreements for the business etc? How will you support the family during this difficult time?
These uncomfortable but necessary conversations can be had ahead of time, and experienced advisers understand the value of using tools to assist in this type of process. If done effectively, they can not only add significant value, they can position themselves well not just with their immediate clients, but with the whole family.
How we can help
Life After Me is a tool built to support these client interactions and to provide a practical, actionable, and client-focused programme to ensure nothing is lost or forgotten. It helps to make sure meeting records are accurate, important files are up-to-date information, and details of your clients wishes are clearly documented.
It is a safe ISO 27001-certified, preconfigured digital vault that enables advisers to work with their clients in pulling together all the threads of their estate, business and life into one place and to share it with those closest to them.
Advisers who go deeper with their clients by examining this often-overlooked part of their lives can provide even more value and build meaningful relationships with the next generation. World-class advice can finally be matched to preparedness for whatever the future holds.
Want to learn more and chat with me about these solutions? Feel free to send me an email at nathan@lifeafterme.com or message me on LinkedIn
