As professionals, we strive to provide excellent client experiences. No one’s process is perfect. You may realize you need a better appointment scheduling system, better materials or tools in the planning process, or more refined strategies for referrals afterward.
Be sure you’re not overlooking this piece of the puzzle, planning for Generational Client Retention: This especially applies to younger professionals or those looking to sell their practice prior to retirement.
The largest transference of wealth is taking place over the next few decades. Some estimate 80+ trillion dollars of wealth will be transferred from the baby boomers to their heirs/beneficiaries by 2050. This could be an incredible opportunity for your practice. If you’re not thinking of this yet, you should be.
We want you to retain your client’s accounts. We don’t want you to miss out on this opportunity because their beneficiaries are fed up with the advisor who didn’t avoid these missteps…
Most clients are trying to save money, which is fine in most regards! However, some financial professionals overlook a potential disservice to their clients. They only discuss the least expensive estate planning options.
Did you notice that they didn’t save any money in either scenario?
Financial Professionals fail to fund the trust AND follow up regarding funding.
…They may need to amend their Estate Plan.
Good news! This is a straightforward process, and it’s relatively inexpensive, too. Encore currently charges $125 to amend a plan they created.
Professionals are not checking to see if their clients have a plan or are taking the client’s word that it’s up to date.
For those of you that say, “Probate is a breeze in my state,” you’re not in the beneficiary’s shoes. You can’t possibly anticipate what life has in store for them.
Try not to make assumptions that may be the catalyst that devalues your book of business later in life. And one of the most important takeaways- save this generation the headache and heartache of going through probate! Help them skip it altogether!
Let’s talk about how these missteps affect you during this unprecedented transfer of wealth. Their beneficiaries are not going to leave your office with positive remarks when they find out…
Think about how hard you worked to get that initial client. Do you think the successor trustee is going to keep the assets with you?
We suggest you plan for the worst, hope for the best, and retain the estate’s assets in the process.