Written by Seb Shakh on 30th January 2024
In this article we look at why IFAs are perfectly placed to be will writers and how adding estate planning services to your professional portfolio can help build better and more committed relationships with your clients.
You are already trusted by your clients
For a client to invest with you they must trust you. You may have fostered a relationship with them over several years or potentially from one generation to the next.
We rarely discuss wills and our own mortality. However, it is so much easier to have honest and open conversations with professionals, often outside of your family, that you already know and trust.
You know your clients and their finances
As well as having grown a deep understanding of your client, their likes, dislikes, where they holiday, and potentially even their family, you will also know their financial portfolio. Such detailed knowledge is beneficial and puts IFAs in a great place when drafting a will that correctly caters for the client’s legacy, in line with their wishes and finances.
You meet your client regularly
You will likely meet with your clients on an annual basis, if not more often. Writing a will should not be considered just as a “one-off” exercise. It should be reviewed regularly in line with your personal circumstance and your wishes. The likelihood of your clients scheduling a separate meeting to do this annually is low, but allowing time within your consultation to review their estate plans makes the process so much more convenient.
Once written, a will is not set in stone and can be changed and amended as much the testator sees fit. Perhaps providing a mechanism for clients to review it annually will ensure their wishes are appropriately catered for. And of course, should the will still represent the testator's wishes then no action is needed but peace of mind is maintained.
You are afforded an additional revenue stream from your current client base
If you’re not already providing estate planning services, this is your opportunity to create an additional and entirely complimentary revenue stream for your business. Alternatively clients will seek these services elsewhere, from other professionals who would perhaps not know them so well nor be in the same position to deliver such a level of service.
You can differentiate your services from other IFAs
With this additional revenue stream you provide extra services that your clients need that perhaps your competitors don’t offer. Strengthening the bond between you and your client and expanding the opportunity of future work for years to come.
You continue to provide services and maintain relationships even when clients withdraw their investments
Should a client wish to withdraw their investments having achieved whatever it was they set out to do, by providing additional estate planning services you get to continue to work with that client and maintain your relationship ready for when they are ready to make further investments.
Gives your clients peace of mind
More often than not, the thing most people say when they’ve written their will is that it gives them peace of mind. It puts them at ease and stops them worrying about the what ifs. They will know with certainty what will happen and that can only be a good thing for them and all those that they leave behind.
Specialist software applications such as WillSuite provides its users with an intuitive step-by-step interface for creating Wills, Lasting Power of Attorney, Living Wills, Letters of wishes and much more. Written in plain English with clauses constructed by the WillSuite Legal Advisory Panel, WillSuite will help deliver efficient and consistent will drafting to your professional service portfolio.
With excellent relationships with both the Institute of Professional Willwriters and the Society of Will Writers, WillSuite can facilitate your training journey with our partners ensuring you can offer your clients the best service possible.
To learn more about how WillSuite can help open channels for your business, contact us at [email protected] or https://willsuite.co.uk/contact
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