Unlocking additional revenue through Estate Planning

Written by WillSuite on 5th March 2024

It's widely recognised that the expense of gaining new clients outweighs the cost of providing exceptional service to retain existing ones. Those businesses that focus solely on client acquisition often find themselves in the position where for each new client they obtain, a poorly serviced client is lost.


The key to business growth and sustainability is to ensure you provide both excellent services to your existing client base whilst still attracting new prospects. The added benefit of this is that for any new clients that come on board they will receive that same excellent customer experience, leading to further opportunities as word-of-mouth spreads.


One way to provide excellent service is to consider your product portfolio, expanding it with complementary services that your clients will both appreciate and value. Offering Estate Planning as a complementary service can be highly appreciated by clients who already benefit from your financial planning advice.

Way back in 1789 Benjamin Franklin is quoted as saying “Nothing is certain except death and taxes”. However, it does not mean that either are popular topics, perhaps even less so now. Whilst there is no denying the certainty of death or taxes, discussions around the topic with family members is still somewhat taboo.

Individuals are often looking to start these conversations but struggle to know how best to. What they are looking for is a trusted advisor, someone with whom they may already have a relationship and that they have confidence in. Given your role as accountants, you frequently possess a deep understanding of your clients' financial situations, which inherently builds trust due to the knowledge you hold. Over time you will develop significant relationships with your clients and therefore be excellently positioned to open conversations up around estate planning.

Although you’ll likely already understand the intricacies of inheritance tax when preparing lifetime planning documents, where you may need support is in the formation and drafting of a will. If this is an area of inexperience, you can enhance your skills by working with organisations such as the Society of Will Writers and Institute of Professional Will Writers. As a member of these organisations, you will have access to excellent resources to assist as you draft the necessary documents.  

Much like the need for an annual financial review, the same is true for estate planning. Changes in circumstance, physical or financial, in family make up or perhaps simply changes to your clients’ outlook on life can mean a regular review of their estate plan is a worthwhile exercise.  

Many clients feel reluctant to organise their estate plans, as it involves confronting the reality of their eventual passing. However, being prepared can ultimately offer great comfort and alleviate a significant burden. Consistently reviewing these documents further enhances peace of mind.

Fostering such a strong relationship will also pave the way for introductions to client family members, allowing your business to offer intergenerational wealth management and estate planning services. This ensures the delivery of excellent service to your clients and their families, while simultaneously expanding your business.

WillSuite, recently accredited by the Institute of Chartered Accountants of England and Wales, and endorsed by both the Society of Will Writers and Institute of Professional Will writers, assists financial planning professionals to draft legally accurate and compliant documents with ease. By following dynamic questionnaires, the software guides you through the relevant sections of wills and other estate planning documents, requesting additional information as new answers are given. Once completed, the will is subsequently generated with clauses written in plain English by the WillSuite Legal Advisory panel, comprising three practising solicitors who are qualified Trust and Estate Practitioners (TEPs).

To discover more about how WillSuite can assist with estate management and unlock the potential of new revenue streams, visit our website willsuite.co.uk