Advisors Can Positively Impact Referrals via Estate Planning
Advisors Can Positively Impact Referrals via Estate Planning
Most advisors understand how Estate Planning can be a great way to strengthen client relationships and better understand their family and friend networks.
However, many face two crucial challenges with the existing Estate Planning landscape:
1. Getting clients to actually start and not put creating their plan off
2. Lack of conversation continuity after referring clients to an attorney or document creation wizard
When those challenges are easily overcome by using a platform like Wealth, built for advisors, Estate Planning can become a mechanism for increasing referrals in addition to being a service clients most trust their advisor to oversee.
A recent article in ThinkAdvisor 4 Ways to Boost Your Firm’s Client Referrals, recommends considering service changes to further increase your referrals:
If you’re interested adding a service offering that can help increase client satisfaction, we humbly recommend Estate Planning. We’ve seen first-hand how advisor-driven conversations about estate planning lead to greater client satisfaction because they know their advisor is investing in their legacy.
Estate Planning creates natural touchpoints with clients’ trusted people — i.e. trustees, executors, beneficiaries — within a context and understanding of trust that is tangible throughout the process. This often leads to curiosity about also being able to work with the advisor themselves on wealth & retirement planning.
Advisors that wait for referral discovery opportunities to randomly come up in conversations with clients are missing a huge opportunity to guide organic Estate Planning discussions around legacy and family that naturally drive subsequent referral conversations.
Increasing client referrals also came up recently in the Kitces.com Weekend Reading For Financial Planners (Dec 17-18):
