What Financial Advisers Should Know About Estate Planning!

Help Insurance Clients With Estate Planning?

Are you a Financial Advisor that has wondered about being more involved in your insurance clients’ Estate Planning decisions? (living wills, trusts, powers of attorney, etc.) Then you should give some serious thought to helping your insurance clients with this. But you may have some questions like:

  • Is it even legal for me to help my insurance clients with estate planning?
  • How can adding estate planning to my insurance practice benefit my clients?
  • Can helping my insurance clients with estate planning help me earn more money?
  • What important detail that can increase your production by adding in estate planning do most advisors miss?

Let’s take a look at some of the answers to these important questions.

Is It Even Legal For Me To Help My Insurance Clients With Estate Planning?

As a financial advisor myself, this first question was a really big one. The last thing I wanted to do was cross a line and start practicing law without a license. So I asked this question to the kind people at Legalzoom.com. Here is a paraphrased version of the answer that I got:

We are not giving out legal advice and neither should you. When you help people fill out documents it is not the same as giving legal advice without a license. Anyone who wants to can create their own legal documents all on their own. We have accountants and attorneys who use our documents to assist their clients all over the country.

This made me think back to a time when I was incorporating my business and my CPA sold me a package to do it. I never hired an Attorney. So I figured if my accountant could assist me with that. then why could I not assist my clients with this? As long as I was not creating the documents myself or providing any legal advice. Here is what Legal Zoom says on its website:

“As long as your living trust contains these basic elements, you can make your own living trust. Some choose to hire a lawyer, and more specifically, an estate planning attorney to prepare their estate planning documents, but this is not always necessary. Many individuals are successful in making a living trust on their own without the use of a living trust attorney.” *

I use a service called Trust Docs Online that offers a similar yet much more robust platform to do something similar to what LegalZoom.com offers.

Personally, I have used both Legalzom.com as well as Trust Docs Online and prefer the latter. They offer many more options to customize the plan without the need to create your own documents or wording. Without the need to practice law.

But what about my insurance clients, how can they benefit from me helping them with this service?

How Can Adding Estate Planning To My Practice Help My Insurance Clients?

 Many of your clients want to do estate planning, but they have been procrastinating about it for years for 3 main reasons.

  • It’s kind of an icky thing to think about. Nobody wants to consider their own mortality.
  • They know it’s going to cost a good chunk of change and they don’t want to spend it.
  • They really don’t want to meet with an Attorney and be made to feel stupid.

I strongly suspect the third reason is really one of the biggest reasons people shy away from doing an estate plan followed closely by the cost factor. Offering this service to your insurance clients can really help them get past these roadblocks.

If they can come to you instead of having to meet with a scary Attorney, then they will choose you nearly every time. It just makes the whole thing much easier for them to address.

Not to mention using a service like Trust Docs online will make the entire process much more affordable for most people.

Helping your insurance clients get something financially accomplished that they have been meaning to do for years can endear you to them for life. You will no longer be just the money guy but you will be the guy who helped them get their affairs in order. This is a big deal.

But will helping insurance clients get this done, really help you and your practice?

Can Helping My Insurance Clients With Estate Planning Help Me Earn More Money?

 The short answer is YES! As stated above helping clients with this important endeavor really does endear you to them and this helps you build your practice in the following ways:

  • You will be seen in their eyes as more than just the guy who’s only interested in their money.
  • You’ll instantly become more referable as you are offering much more value.
  • You can use this service as a front-end enticement to come and see you as most people know they need to get this done and it can be a great door opener to other services.

But are there other reasons why it’s important to offer Estate Planning to your insurance clients?

What important detail that can increase your production by adding in estate planning do most advisors miss?

 At the risk of sounding a bit sexist have you ever noticed that for many couples the Man is very interested in talking about the money and the women tend to tune out?

This can be a real problem. Because often the ones holding the purse strings behind the scene are the wives. So, the final decision maker has very little interest in anything you are talking about. That is a real problem from a sales perspective.

However, talking about the estate plan is talking about real family issues like:

  • Who will be making the medical decisions if we should get sick?
  • Which one of our children is more equipped to make financial decisions if we are unable?
  • How will we make sure our less fortunate child will be taken care of in our absence?
  • How will we make sure not to leave a burden on the children when we pass?
  • Will both of us have full access to our money even if one of us gets ill?
  • Can we protect our children from lawsuits or divorce if something happens to us?

These are all family issues and they tend to be much more interesting to our female clients. Most of our Male clients tend to live in denial and don’t like to think about these things, while their wives are very concerned about how all of this will affect the family.

Talking about these family issues can not only get the wife more involved it can be the main reason why people decided to work with your firm over others.

Sure many advisors pay lip service to these issues. But if you address them early on even BEFORE talking about the money you will find you can build trust quickly and differentiate yourself from other advisors who merely refer these important decisions out to be handled by a cold impersonal Attorney of their choice.

Are you starting to see why adding this important service to your business will help your insurance clients by serving them more fully? But it can also improve your bottom line! Then this article has done its job. For more information, I would highly recommend you contact Trust Docs Online today. I switched from using LegalZoom.com to using Trust Docs a while back and have been very happy with their service.

Antonio Filippone, RFC, CTA - Help Insurance Clients With Estate Planning!

This article was contributed by Amazon Best Selling Author of “Financial Planning For The Not Yet Wealthy” Antonio Filippone, RFC, CTA

To learn more about Mr. Filippone, his books, and his business please visit https://www.financialadvisorrockfordillinois.com/

Source: *https://www.legalzoom.com/articles/do-i-need-an-attorney-for-my-living-trust


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