Estate Planning Isn’t Just for the Wealthy: Help Your Clients Build a Legacy

By April 8, 2019Integrations

While everyone knows how important financial planning is, understanding how estate planning fits into the financial planning conversation can sometimes be overlooked. But with an estimated $30 trillion dollars changing hands in the U.S. over the next decade — the largest wealth transfer in history —  now is the perfect time to start talking about estate planning with your clients and to get the right tech in place to manage your estate planning needs.

Your clients rely on you to guide them through their finances for every stage of life from the income-earning years, through major life events, and into retirement. They might not realize they need help planning their legacy too. It can be difficult for clients to talk about what happens after their death. But with the help of a trusted advisor like you to facilitate the conversation, they can determine the best steps to take now to prepare for what happens after they’re gone.

Estate Planning: Not Just for the HNW

One common misconception surrounding estate planning is that potential clients don’t have enough assets to have to worry about estate planning. But just as the importance of financial planning has become a common household understanding, so is estate planning.  Planning a legacy begins with something as simple as creating a will or living trust so your clients’ loved ones know how to handle their assets in the event of their death. Surprisingly, only 4 in 20 adults in the U.S. have a will in place. Even more striking, of those with children under the age of 18, only 36% have an end-of-life plan in place.

The consequences of not taking the necessary steps to ensure your clients have a plan in place can be costly not only to your clients but to you as their advisor. For the client, having a clear estate plan can save family members from difficult and often contentious decision making, and make sure your clients’ wishes are carried out the way they desire. For you, estate planning with your clients can enhance your client relationships, and build a bridge to the next generation of family members who inherit their wealth.

Finding the Right Estate Planning Tech

Organizing all of the documents associated with your clients’ estate and ensuring your clients’ wishes are properly expressed is a vital part of legacy planning, but it doesn’t have to be difficult. The right technology solution can streamline your estate and legacy planning process and create a seamless experience for you and your clients.

That’s why Orion recently announced a new integration with Yourefolio — to help you better serve your clients and their families. Yourefolio is, a comprehensive estate and legacy planning platform that consists of four modules to facilitate your interactions with clients:

  • Engage prospects and clients by stress testing their estate plan to explore different scenarios and what deficiencies may exist
  • Guide clients through the discovery process to facilitate conversation about important items that need to be addressed
  • Connect beneficiaries to the big picture by enabling them to provide information about the estate, such as what assets they’d like to inherit and what estate responsibilities they’d like to participate in
  • Track intangibles such as family memories and genealogy to pass down important information that isn’t necessarily captured in other places

Our  initial integration allows Yourefolio users to pull account data into the Yourefolio platform, including asset ownership and registration, values of bank accounts, investment accounts, pensions and life insurance, and provides Orion users with an expanded offering of estate and legacy planning. Future enhancements include a Yourefolio summary dashboard within the Orion Client Portal to further enhance your estate planning experience.

To learn more about how Orion’s integration with Yourefolio can help you enhance your service offering to clients, join our webinar on April 10th at 2 p.m. CDT.

Sources: AARP, Caring.com survey, Fox Business Survey

0294-OAS-4/3/2019

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Kim Cosgrove

About Kim Cosgrove

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