The Easy Button for Estate Planning: How to Add Estate Planning to Your Firm Using Resources You Already Have (w/ Katie Noles of AEP)

Watch the Webinar Recording

Addressing Procrastination in Estate Planning

67% of Americans don’t have an estate plan, and many plans are outdated. Financial advisors can make a significant impact by guiding clients toward creating or updating these documents.

Clients are 2X as likely to implement estate plans when recommended by their financial advisor.

According to Katie:

"Clients are craving convenience, expertise, and clear communication from their advisors –and estate planning is a way to deliver that. Remember this: you're their advisor, so advise them. There is nothing wrong with pointing out the glaringly obvious fact that they need an estate plan."

That's what this webinar and guide is about.

In our latest partner spotlight webinar, Michael Lecours (Advisor and Founder at fpPathfinder) and Matt Morris (CEO of EncorEstate Plans) asked Katie to share her experiences implementing estate planning at her past firm.

Here are the takeaways:

How To Make Estate Planning a Repeatable Revenue Driver for Your Firm

Katie breaks it down into this three-step workflow:

Step 1: Focus on Current Clients

The best clients who would benefit from estate planning are your current clients. Regardless of their age, everyone should have an estate plan. To help narrow your focus down, Katie points out that clients who are over 60-years-old might already be thinking about estate planning or dealing with aging parents.

Another way you can begin teeing up your estate planning service is to ask each of your current clients:

1. Is your estate plan up-to-date?
2. May I see your plan?

This creates a "compelling moment" AND an opportunity to really close the loop on clients' financial plans. You can easily bring this up in advance of your next client meeting, and create a forcing function that allows both you and your clients to review their plans together.

Step 2: Make It Interactive and Involve the Clients at Every Step

Assigning clients homework in advance of your meetings is a good practice (whether they complete it or not is a different story 😂) that helps set the table for your conversation. You can use fpPathfinder's estate planning checklists and share with clients in advance:

• For clients who DON'T have a plan: What Should I Consider Before Creating My Estate Plan
• For clients who need to UPDATE their plan: What Should I Consider Before Creating My Estate Plan

Using checklists like these will lead to more meaningful conversations.

Katie adds:

"The more I can make it a redirect of information ('So once you finish this, we're now moving on to this') the quicker the process is and the easier it is for clients because it’s fresh in their head."

And, using questionnaires (like the white-labeled ones here from Encore) during your meeting with clients will keep them focused and motivated to get their estate plans done with you:

• For clients who DON'T have a plan: Questionnaires for a New Trust-Based Estate Plan
• For clients who need to UPDATE their plan: Review Plan Questionnaire (in advance of your meeting)

Lastly, this Estate Planning Conversation Starter from fpPathfinder and EncorEstate Plans will help you broach the subject of estate planning:

Related: fpPathfinder's Improving Estate Planning Conversations Hub

Step 3: Tee Up the Referral Revenue Pathways

As you may have noticed, Steps 1 and 2 are things that you can easily (and should!) integrate as part of your client review meetings. During these meetings, check estate plan documents for:

• Funding updates (key to uncovering assets previously held away).
• Beneficiary designations (they could become future clients whom you should ask for the referral).
• Ownership clarifications (also key for mapping out and understanding additional assets).
• Successor trustees (key for future referrals and retaining your clients' wealth long-term).
• Heirs (the benefit is similar to beneficiary designations).

Checking all of these will strengthen your relationships with clients, ensure continuity in financial management, and give you a roadmap to future clients and expanding AUM.

The Benefits of Streamlining Financial and Estate Planning Services

By leveraging fpPathfinder and EncorEstate Plans, advisors can offer estate planning services that are:

• Time-efficient: Tools reduce manual tasks and streamline workflows.
• Client-focused: Both platforms provide intuitive, customizable solutions.
• Cost-effective: Avoid excessive subscription fees or client costs.

Both fpPathfinder and Encore streamline both the financial and estate planning processes, saving advisors time and ensuring client satisfaction. And if you aren't already, automate everything as much as possible. CRM integrations, pre-built guides, and vendor templates (like those in the EncorEstate Plans Knowledge Base) to reduce manual efforts, allowing for better focus on client interactions.

When it comes to creating a truly comprehensive plan for clients, Katie said it best 

"One without the other is not comprehensive planning. Estate plans and financial plans must talk to each other because that is what creates a complete picture for the client."

At risk of stating the obvious, advisors must talk to their clients about both!

Related: 3 Steps to Avoid Unauthorized Practice of Law + Examples

How Advisors are Protected While Doing Estate Planning 

One way both Encore and fpPathfinder help protect advisors is through our vetted client-facing templates and resources (they're white-labeled and downloadable).

Encore also has guides for advisors on how to avoid unauthorized practice of law (UPL), in addition to disclosure forms where clients have to attest to the accuracy of their entries. And within the Encore platform, there are client disqualification questions that advisors should use with each client to help identify estate planning situations that require specialized legal services.

As Katie has said time and time again:

"When in doubt, refer it out."

Best Practices and Tools for Scaling Estate Planning

As you can probably tell by now, getting estate planning going at your firm isn't difficult. But, it takes time and elbow grease to stand up. Having done exactly this at her previous firm, here are Katie's best practices and tool recommendations for scaling estate planning:

• Use structured workflows (like the Three-Step workflow above) to maintain quality service without overextending staff.
• Educate clients with comparison tools for trusts and wills (like Encore's trust vs will quiz or trust vs will comparison chart) to simplify decision-making.
• Proactively schedule regular plan reviews every three years or after significant life changes.

For tools, Katie prefers low-cost, easy to use options like Encore and fpPathfinder (as you saw from the webinar, she's a power user). Here's a quick refresher on both tools:

fpPathfinder - Why Katie Likes Them

fpPathfinder offers interactive checklists, flowcharts, and guides to help advisors educate clients and gather necessary information seamlessly. They also integrate nicely into just about any and every workflow advisors might have.

EncorEstate Plans - Why Katie Likes Them

EncorEstate Plans provides:

• Attorney-quality documents at a fraction of the price.
• White-glove support (at no extra cost!) from a dedicated team of estate planners.
• Deed services end-to-end: preparation, recording, and research.

"Encore and fpPathfinder are definitely intuitive. Both have the best support systems possible, and I really can’t say enough about the level of support that I get from them."