Estate planning represents a significant opportunity for accountants and advisers who already have an established client book
Few things are sure things in life they say – except perhaps, for death and taxes.
And in this case, for accountants and advisers, this one sure thing in life can actually be good news. Estate planning represents perhaps the biggest opportunity for accountants and advisers who already have an established client book.
Over the past few months we have been exploring the latest tools and techniques in the industry to make the process of estate planning more relevant to a younger audience; convenient to undertake for the advice professional and the end client, and more technology savvy. I am happy to say that for the first time in 40 years after undertaking this exercise, I am actually interested and engaged in my own estate planning.
There are apps, calculators and guides to get the consumer thinking actively about the importance of estate planning. The magic number here of course, is around 40, when many people have kids, mortgages and insurance.
But perhaps the biggest opportunity lies with baby boomers. For the first time ever, this cashed up generation has to think about wealth transfer to the next generation – and how they want their kids to engage with this.
In talking to advisers like Mark Bineham, managing director of Noall & Co, we discovered that much of the time it is the detail around this wealth transfer that is keeping the baby boomers awake at night. For example, parents may want to leave their wealth to their daughter, but make sure her new boyfriend – who they don’t approve of – does not see any of it. The new tools and technology around complex estate planning can help make this process easier for all involved.
I am happy to say No More Practice will be launching a dedicated education platform for our 16,000-strong community of accountants, advisers and brokers. We will be showcasing the best products in growth and succession planning for your practices. A big part of this will be estate planning and the latest tools and technology that go with it.
If you have an estate planning tool or other product that you think will help practices grow in this space, please contact us to tell us about it. We will also bring expert bloggers and storylines into No More Practice this year to help you capitalise on new approaches to estate planning and how it can significantly grow your business.
When you assess estate planning in your business, think about the age groups and how you would approach baby boomers versus generation X, and also assess the tools and pricing in your practice at present. I am confident the new tools to market can increase your revenue via efficiency and technology. A new way of thinking about an age-old problem might just be the growth strategy you need.
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