Wealth advisors are entrusted to protect their client’s assets and financial legacies for future generations, and modern estate plan software plays a pivotal role in helping firms achieve this goal. Your firm has likely developed an offering stack that serves the client’s best interests, aiming to diversify revenue streams, bolster loyalty, and increase customer share of wallet. Nevertheless, like many in the industry, retaining these assets beyond the initial generation can be challenging. While most firms can agree on the importance of catering to their clients, not everyone is leveraging the benefits of modernized estate planning services to create relationship alpha and establish opportunities with the next generation. In this article, we’ll delve into how leading wealth advisors leverage modern estate planning software to bridge the gap with beneficiaries they protect and generate lasting revenue for their firm.
Transferring Wealth and Advisor
Fostering more profound relationships and cultivating unwavering trust with clients is key to positioning your firm as the ultimate financial resource. Industry research firm Cerulli Associates predicts $72.6 trillion in assets will pass down to heirs through 2045. Yet, asset retention remains a significant hurdle for the long-term success of advisory firms. Shockingly, studies indicate that over 80% of the children inheriting their parents’ wealth will ultimately seek new advisors. This statistic places approximately $112 trillion in assets and the advisors overseeing them in jeopardy amid the most substantial wealth transfer in history. As a result, advisors leverage the benefits of modernized estate planning to address churn and increase opportunities to engage with future generations.
Comprehensive Financial Planning
Providing customers with a holistic financial experience is high on the list for firms looking to expand into new demographics. This approach transcends traditional financial advisory by encompassing various aspects of an individual’s economic life, ensuring a more holistic and meaningful relationship between advisors and their clients. Modern estate planning platforms play a pivotal role in this transformation. By leveraging low-cost estate plan software solutions to enhance core service offerings, wealth advisors can create a unified, end-to-end approach to their financial management by consolidating financial planning and estate planning under one roof.
Estate planning platforms, embedded with sophisticated tools and optimized with data-driven features, are a high priority for firms looking to modernize and enhance their portfolio. The best estate plan software, designed specifically for the mass affluent, will generate actionable insights, forecast potential roadblocks, and identify missed opportunities. These cutting-edge capabilities empower advisors with the information needed to provide tailored recommendations for truly comprehensive financial guidance.
Secure Cross-Generational Clientele
With more than half of Americans choosing digital wallets over traditional payment methods, it’s no surprise that advisors are seeking modernized solutions for their tech-savvy customer base. Firms that offer a convenient and affordable solution for clients to protect their life’s legacy demonstrate higher value and a commitment to servicing clients’ needs and digital preferences. Conversely, those who resist advancing to modernized solutions risk alienating the generations seeking them. For instance, Gen X represents a tech-savvy and sizable demographic that prefers self-service options like on-demand access to create and manage their end-of-life documents.
The best estate planning platform streamlines processes through user education and self-guided onboarding. These platforms facilitate the establishment of representatives and assignment of estate planning roles, such as executor, trustee, financial/healthcare power of attorney representatives, and more. Armed with this knowledge, advisors can initiate a genuine dialogue that serves their clients’ families while creating opportunities to cultivate relationships with potential clients.
Estate Plan Software Solutions for Financial Advisors
While modernized estate planning has many benefits, creating cross-generational revenue opportunities and increasing asset retention are two compelling advantages for advisory firms seeking exponential growth and relationships with future generations. Contact our team to learn how you and your clients can benefit from an all-inclusive estate planning solution through OneDigitalTrust.
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