Digital Estate Planning Rounds Out Financial Advisors’ Wheelhouse

Digital estate planning helps financial advisors offer more faster.

The estate planning process is daunting on an emotional and practical level. It’s also costly, with a maze of legal documentation and pricey lawyers. Digital estate planning tools are revolutionizing the field; they offer a more accessible, streamlined and cost-effective approach for financial advisors to guide their clients.

For financial advisors taking on estate planning, your clients benefit from a simplified process and reduced costs. Still, these tools also empower financial advisors to deepen their engagement by providing more holistic, life-long services through the end of the individual’s personal financial journey.

Unveiling the Benefits: Efficiency, Affordability, and Accuracy

Digital estate planning platforms like OneDigitalTrust deftly use technology to expedite the procedure and provide numerous significant benefits.

First, it eliminates the necessity for drawn-out legal consultations. Digital platforms help users identify and classify physical and digital assets, everything from gold bars to cryptocurrency. Robust platforms like OneDigitalTrust seamlessly use that data to produce personalized legal documents, like power of attorney directives, wills, trusts and even sharing of life stories, guaranteeing their finances and their legacy are securely recorded for the next generation.

Second, digital estate planning offers significant cost savings over traditional estate planning, which can deter people from taking the necessary steps. Digital platforms typically charge a subscription fee or a one-time flat fee, making the process far more affordable. This allows a broader range of individuals to secure their legacies without breaking the bank.

Third, digital platforms allow the user to create accurate and clear documents. OneDigitalTrust’s platform produces documents at about a 10th grade reading level without compromising the legal veracity. Of course, as their trusted advisor, you can provide a seamless digital experience for your clients and, as necessary, help guide them through the process. Employing a systematic approach and state templates, these technologies reduce the possibility of mistakes or omissions that often afflict these documents. This helps ensure a more seamless transfer of assets following the death of a loved one.

The Advisor’s Evolving Role: From Investments to Invaluable Guidance

Importantly, your advisory can offer digital estate planning to keep your financial advisors in your client’s entire wealth management process rather than handing them off to an attorney and never hearing anything more about it. While these platforms can automate much of the process, complexities still arise, and your relationship and expertise can make you a hero.

Financial advisors are well-versed in all aspects of their clients’ financial circumstances, including insurance plans, retirement accounts and investment portfolios. Digital estate planning tools are critical to making an advisor’s services more comprehensive with limited additional time commitment.

OneDigitalTrust can help record beneficiary designations by asset, which are available in a visual waterfall of the distribution of assets. Our Financial Advisors portal helps financial advisors engage customers in a meaningful dialogue that supports their long-term financial outcomes and demonstrates tremendous added value with little effort on the advisor’s part.

By initiating and continuing discussions about digital legacies, advisors can foster trust and demonstrate their commitment to a client’s long-term well-being. This strengthens the bond between advisor and client, positioning the advisor as a trusted confidant – not just a trusted financial manager.

The Financial Advantage: New Revenue Streams and Client Retention

Financial advisors have much to gain from digital estate planning. Advisors and their employers can tap new services, glean additional data on their clients, and even help prevent elder financial abuse through OneDigitalTrust’s estate planning platform.

Moreover, digital estate planning fosters client retention. Clients who receive comprehensive financial planning, including digital legacy management, are more likely to maintain a long-term relationship with their advisor, boosting the chances of keeping that relationship with the next generation. This capability bolsters the advisor and the organization’s reputation as a comprehensive wealth management solutions provider.

Ultimately, OneDigitalTrust’s digital estate planning solution enables advisers to increase their value by streamlining the procedure, saving members and customers money, and guaranteeing safe and correct legacy records.

Financial advisors who leverage modern technology can establish themselves as trustworthy in the digital world as it rapidly evolves, creating new revenue sources and building stronger client relationships.

170M Americans need an estate plan. OneDigitalTrust offers a white-label, turnkey estate planning platform with pricing options tailored to the needs of individual credit unions and financial advisors.

Contact us today to learn more!

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