Let’s face it, a client of yours will pass at some time in your career. While statistics say that you will most likely lose all to a portion of those assets, understanding estate settlements will certainly help when the moment arises, and the family is left figuring out how to transfer wealth.  Being able to assist, if not control the settlement process will help you retain assets but potentially capture other assets for those who are looking for guidance.

Estate settlements can sound overwhelming and something that should be left to a seasoned estate planning attorney. However, when you break it down, advisors can easily and effectively offer estate settlements just like attorneys.  Using an attorney when legal work is needed is advised but the transfer of assets is something that advisors do all the time.  Estate settlements can be a similar process and one that can easily be done by financial advisors.

By Scott Huff, RIA River Wealth Management and CEO of Yourefolio

In my role as CEO of an estate planning software, I often hear complaints from both professionals about working together.  Spoken from experience, when working a case with another professional, there is always a chance for some confusion.  Most of the time, from my experience, it has been extremely pleasurable.  It really comes down to a common understanding when working with each other to make the experience good for both  professionals and outstanding for the client.

In the subject of estate planning, financial advisor referrals can be a great source of business for an attorney.  Typically, a client is touched by both professionals during the process.  Developing an understanding from both points of view is imperative to a good working relationship.  Here are a few tips I have gathered over the years to guide professionals at a good working relationship...download to read the rest of the white paper

A Study in Estate Planning Data Analytics

By Aris Jhaveri, Data Analytics Intern at Yourefolio

Advancements in technology have been reshaping jobs, the way we work and employment opportunities for quite some time.  Some professions have “disappeared” because of technological advancements.  This could be said for a lot more professions as automation through technology advances. While technology can improve or enhance the job, it cannot give us one thing we all wish there was more of…time. 

In estate planning, technology can provide efficiencies that allow professionals and the clients they serve less time spent on the actual process so they can enjoy more time with their families.  No one knows when that time will come so any extra time we can get is greatly appreciated.  This goes for the professional and the client.

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Statistics vary on what percentage of assets are lost by financial professional when the passing of a client or clients occur under their management. Further studies also show that there is a significant wealth transfer occurring currently because of an aging population. While the numbers vary, we have been studying the retention and next generation numbers of the past few years to see how estate and legacy planning are affecting professional’s retention of assets that they advise on...

Client Crisis Care Programs, sometimes called maintenance programs, are a valuable client service offering that can also provide a significant amount of recurring revenue.  As valuable as estate planning may be, most clients will have a crisis before they realize the passing of a loved one...