Tag: estate and legacy planning

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Why Executors & Advisors need to be concerned about undue Influence leading to (financial) elder abuse

Female senior money - isolated on white background

The Problem

The population in the U.S. is aging rapidly with the 65+ age group poised to double within the next 20 years. An unwanted, yet invariable side-effect is that the occurrences of (financial) elder abuse will also experience a remarkable increase. As the level of incapacity progresses among the seniors in our population they become more vulnerable to undue influence leading to financial elder abuse. An example is – dementia. With 10 million people suffering every year from symptoms including memory loss, diminished decision-making and trouble communicating, dementia is robbing our older population of both their daily functioning and their agency. Already, a massive demographic of citizens are vulnerable to undue influence. This concerning trend sets the groundwork for a deeper look into  “undue influence”, and how it affects incapacitated people.

What is “Undue Influence”?

Undue influence does not have a one size fits all definition. However, in every situation involving undue influence, common elements emerge: an incapacitated person, unable to make their own decisions, maintains a close relationship with an individual who possesses some level of authority over them. This enables them to make decisions on the incapacitated person’s behalf and ultimately manipulate the situation for their own benefit. 

In a legal sense, some states define undue influence as when a fiduciary or confidential relationship exists in which one person substitutes his own will for that of the influenced person’s will. This usually occurs when a mentally or physically incapacitated person creates their will before their health issues begin, and someone convinces them to change their wishes after they are incapacitated. This could happen when a family member isolates the incapacitated person from other relationships, influencing them to distrust others and eventually pressures them to make certain decisions that they wouldn’t make if not persuaded. However, Executors, Advisors and loved ones can do their part to ensure that the wishes of the incapacitated person are being respected and carried out.

What can financial advisors and executors do?

Executors and Advisors should be aware that the overwhelming majority of undue influence is motivated by family members seeking (financial) benefit from committing elder abuse – children and spouses/partners may often be the key offenders. As a financial advisor or an executor for someone beginning to show signs of incapacity, which is preventing them from making their own decisions, it’s important to be aware of the threat of undue influence. An example is – to notice when the person has become highly dependent on a specific person for help with daily functioning, emotional or financial decision-making. Also, be aware if this specific person is seemingly always supervising or accompanying them in a way that seems to be allowing the person to exert control. These could be red flags that undue influence can occur shortly, if not already.

There are measures that can be taken to prevent your client or loved one from becoming a victim of it. Financial advisors could leverage a comprehensive estate planning platform to properly document their incapacitated client’s wishes and financial goals that were discussed when they were still able to make their own decisions. Both financial advisors and executors of incapacitated individuals should be watchful for repeated signs of growing incapacity – memory, hygiene, judgment, mood among other factors and maintain consistent communication with the incapacitated person’s family members and trusted caregivers to watch for any signs of undue influence. 

How “smart” digital platforms can help

Another key observation is that prior to the introduction of online estate & inheritance planning platforms, undue influence was much harder to commit. It could take a long time to convince an incapacitated person to change their mind about their wishes and then visit the  attorney’s office to  get a modified will drawn up. In this new age of all-digital technology, online estate planning platforms make it simple and affordable for users to create estate plans and make unlimited changes (small and large) rapidly. 

As a result, it’s more important than ever for such digital technology platforms to embed “smart” safeguards to uncover and detect undue influence from becoming more commonplace for our elderly population. 

To prevent (financial) elder abuse from occurring in the first place, Executors, Advisors and loved ones are required to develop heightened awareness to safeguard seniors as they detect signs of oncoming incapacity. The Advisor Portal from OneDigitalTrust leverages “smart” technology to notify Advisors in cases where high(er) characteristics of (financial) elder abuse may exist. 

Schedule a demo to see the OneDigitalTrust  Advisor Portal in action. 

By Alia Hardy
Customer Success Team

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Preserving Trust and Legacy: The Vital Role of Estate Planning for Financial Advisors

Estate Planning for Advisors

For financial advisors, one truth stands out above all others–trust is paramount. Clients entrust their financial legacies to you, and it’s your responsibility to guide them in safeguarding their family’s future. A profound way to foster trust and demonstrate commitment is by helping clients develop and comprehend estate planning strategies. This blog post will explore how financial advisors can leverage estate planning to build trust and preserve their clients’ family legacies for generations.

The Essence of Estate Planning for Advisors

Estate planning extends beyond drafting wills or creating trusts. It’s a fundamental component of comprehensive financial planning that transcends age, income, and net worth. At its core, estate planning involves creating a structured strategy to manage assets, minimize taxes, and ensure the seamless execution of clients’ wishes following their passing.

For financial advisors, estate planning is not just a service but a way to underscore your commitment to your clients’ long-term financial security while helping them ensure their assets end up where intended. Estate planning allows you to empower your clients with knowledge and expertise, helping them make informed decisions about their financial legacies.

1. Understanding Clients’ Aspirations and Goals

Building trust begins with meaningful conversations to help you understand your clients personally and financially. Take the time to learn about their unique aspirations, concerns, and values. Some key aspects to explore include:

  • Asset Distribution: Identify their preferences regarding the distribution of assets among heirs, charities, or other beneficiaries.
  • Tax Efficiency: Discuss strategies for minimizing estate taxes and preserving a more significant portion of their wealth for their loved ones.
  • Guardianship: Address concerns related to guardianship and financial support for minor children or dependents.
  • End-of-Life Healthcare: Determine their healthcare directives, medical power of attorney, and preferences for medical decisions.

By actively listening and demonstrating empathy, you establish a foundation of trust that goes beyond mere financial advice.

2. Empowering Clients through Education

Estate planning can be complex, with various options and strategies to consider. As a trusted advisor, your role involves educating your clients so they can make informed decisions. Essential estate planning tools and techniques to discuss include:

  • Wills and Trusts: Clarify the significance of wills and trusts in specifying asset distribution and minimizing probate complexities.
  • Beneficiary Designations: Emphasize the importance of designating beneficiaries on financial accounts and insurance policies to streamline the asset transfer process.
  • Power of Attorney: Highlight the value of granting power of attorney to a trusted individual to manage financial and legal affairs if needed.
  • Healthcare Directives: Stress the importance of advanced healthcare directives to ensure their medical preferences are respected.
  • Tax Planning: Explore strategies like gifting, charitable giving, and other methods to reduce estate tax liabilities.

By providing clear explanations and guiding your clients through their estate planning options, you empower them to make decisions aligned with their family’s best interests.

3. Collaboration with Legal Experts

While you offer valuable insights into estate planning, it’s crucial to collaborate with legal professionals, such as estate planning attorneys, to ensure the legal soundness and comprehensiveness of your clients’ plans. Encourage your clients to consult legal experts who can draft documents and provide precise legal guidance.

By advocating a collaborative approach, you demonstrate your dedication to creating comprehensive and legal estate plans for your clients, further cementing their trust in your expertise.

4. Continuous Review and Adaptation

Estate planning is not a one-time task; it demands periodic review and adjustments. Encourage your clients to revisit their plans regularly, mainly when significant life events occur, such as marriages, divorces, births, or changes in financial circumstances. Offer your support during these reviews to ensure their estate plans remain relevant and effective.

Estate Planning for Advisors

As a financial advisor, your guidance through the intricacies of estate planning is a potent trust-building tool. By comprehending your clients’ goals, educating them on their options, collaborating with legal experts, and providing ongoing support, you help clients preserve their family’s legacy and confirm your unwavering commitment to their financial well-being. Through this commitment, you build trust and guarantee a lasting legacy for generations to come—a legacy that reflects your dedication and expertise as a trusted advisor.

Is your firm ready to incorporate cutting-edge, turn-key technologies into your financial planning process? Get started today, and register for your free Advisor Portal!

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How Financial Advisory Firms Use Estate Planning Services to Grow Their Business

best financial planning software for advisors

As the number of people searching for estate planning guidance is on the rise, advisory firms looking to impact the growth of their businesses are seeking partnerships with the best estate planning software providers. Adding estate and inheritance planning to your portfolio will position your firm as the go-to source for financial guidance and unlock new revenue and business expansion avenues. In this article, we’ll discuss three ways estate planning software for financial advisors can help your firm grow and thrive.

1. Streamline Business Operations

Efficiency is the bedrock of any thriving business, and financial advisory firms are no exception. Estate planning software solutions that offer an all-inclusive estate and inheritance platform for advisors to invite clients to create and manage their own end-of-life documents can be a game-changer by adding new sources of income while streamlining your business processes:

  • Document Management: Traditional estate planning often involves an overwhelming amount of paperwork. Utilizing one centralized estate planning platform allows you to digitize and centralize all client documents in a secure online repository –reducing the risk of document loss or misplacement and allowing for swift and easy retrieval when needed.
  • Workflow Automation: Repetitive tasks like document generation, appointment scheduling, and client reminders can consume a significant portion of your staff’s time. Estate planning solutions that optimize business processes free up valuable time and resources that can be redirected toward more client-focused activities.
  • Compliance Assurance: Regulatory compliance is non-negotiable in the financial advisory sector. The best estate planning software often comes equipped with built-in compliance features, helping your firm stay on the right side of the law. This mitigates potential risks and enhances your reputation as a trustworthy and compliant financial advisor.

2. Nurture Client Relationships

Client relationships are the lifeblood of any financial advisory firm. Comprehensive estate planning can play a pivotal role in nurturing and deepening these relationships:

  • Personalized Planning: End-of-life preparation is a deeply personal and emotional process for clients. Estate planning software allows you to deliver a more personalized experience and guarantee the highest level of financial guidance while tailoring your services to each client’s unique needs and circumstances. This level of personalization fosters trust, enhances client satisfaction, and helps cultivate authentic connections.
  • Improved Communication: Effective communication is key to maintaining strong relationships. Estate planning platforms often include communication tools such as secure messaging and notifications. These features enable you to easily stay in touch with your clients, providing updates, answering queries, and addressing concerns promptly.
  • Collaborative Planning: Collaborative planning is made easier with estate planning software. You and your clients can work together on their estate plans in real time, fostering a sense of partnership and shared responsibility. Clients appreciate the transparency and involvement in this crucial aspect of their financial future.

3. Embrace Tech-Driven Solutions

Clients expect their financial advisors to embrace technology and seek convenient, all-digital services. Leading estate planning software and platforms designed for institutions and advisory firms enable your team to do just that:

  • Competitive Edge: Offering cutting-edge technology solutions sets your firm apart. Clients are more likely to choose a financial advisor who utilizes modern tools and software to enhance their services and the client experience. 
  • Remote Accessibility: Estate planning software is often cloud-based, allowing you and your clients to access and update their plans from anywhere with an internet connection. This flexibility is especially valuable in an increasingly remote and mobile world.
  • Data Security: The sensitive nature of estate planning data requires top-notch security. Reputable estate planning software providers invest heavily in data security measures, ensuring your client’s information remains confidential.

The Best Estate Planning Software for Financial Advisors

Seizing opportunities for growth and expansion is paramount to success. Estate planning platforms can be a powerful ally in achieving these goals. With OneDigitalTrust’s award-winning estate planning platform and Advisor Portal, you can streamline business processes, nurture long-term client relationships, and embrace tech-driven solutions to help your firm stay ahead of the curve and position itself for long-term success in a competitive marketplace. Contact our team today to learn more about digital estate and inheritance planning and how you and your clients can benefit!

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From Pixels to Prosperity: How Financial Advisors Level Up With Estate Planning

How Financial Advisors Level Up With Estate Planning

How Financial Advisors Can Enhance Their Digital Footprint

Establishing a strong online presence is paramount for financial advisors seeking to expand their reach and grow their client base. Leveraging estate planning services can be a game-changer in boosting your digital footprint and attracting prospective clients. In this blog, we will explore how financial advisors can enhance their digital footprint by harnessing the power of estate planning to enhance their online visibility, credibility, and, ultimately, their business success.

1. Establish Expertise Through Valuable Content

Estate planning is a complex and critical aspect of financial advising, and clients are actively seeking knowledgeable professionals to guide them through the process. Create a content-rich blog on your website covering various estate planning topics, including wills, trusts, estate tax, and asset distribution. Offer valuable insights and practical advice to demonstrate your expertise and establish trust with your online audience.

2. Utilize Social Media to Engage and Educate

Social media platforms provide an excellent avenue for financial advisors to engage with potential clients and showcase their ability and excitement to offer estate planning services. Create compelling posts, infographics, and videos highlighting the importance of creating and maintaining a legally-valid estate plan and its long-term effect on their family’s financial security. Share success stories of clients who have benefited from your guidance, and encourage followers to ask questions or seek advice. Consistent and informative social media activity can significantly boost your online visibility and credibility.

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3. Craft a Well-Designed Website

A professional, user-friendly website is your virtual storefront and a crucial element of your digital footprint. Ensure your website is visually appealing and provides comprehensive information about your estate planning services. Optimize the site for search engines, making it easier for potential clients to find you when searching for estate planning advice. Incorporate clear calls to action, encouraging visitors to contact you for further assistance.

4. Harness the Power of Search Engine Optimization (SEO)

SEO is a fundamental aspect of increasing your digital footprint. Optimize your website and content with relevant keywords related to estate planning. Conduct keyword research to understand what your target audience is searching for, and tailor your content accordingly. You can attract more organic traffic and potential clients to your website by ranking higher in search engine results.

5. Showcase Testimonials and Client Reviews

Testimonials and client reviews can significantly impact your online reputation and trustworthiness. Encourage satisfied clients to share their experiences on your website or reputable review platforms. Positive feedback from real clients adds authenticity to your service offerings, encouraging others to seek your guidance.

6. Host Webinars and Virtual Events

Host webinars and virtual events around your firm’s service offerings while highlighting your newly augmented estate planning services to increase your digital footprint. Invite industry experts and professionals to join these events, providing valuable insights and fostering community among attendees. Webinars can serve as an opportunity to showcase your expertise while attracting potential clients interested in estate planning solutions.

7. Collaborate with Influencers and Partners

Partnering with influencers or industry experts in related fields can widen your digital reach and introduce your estate planning services to new audiences. Look for opportunities to contribute guest posts to reputable financial and estate planning publications. Seek partnerships with companies that provide estate planning software that allows you to provide your clients with the best estate planning solution and minimize risk. Engaging in strategic collaborations to provide comprehensive, all-digital estate planning capabilities can enhance credibility and establish your firm as a go-to resource for estate planning expertise.

How Financial Advisors Can Enhance Their Digital Footprint – Conclusion 

Incorporating estate planning services into your digital strategy is an exciting move for financial advisors seeking to increase their online presence and expand their client base. By sharing valuable content, utilizing social media, optimizing your website, and building a strong online reputation, you can leverage estate planning to grow your digital footprint and elevate your financial advisory firm to new heights of success. Embrace the digital landscape, and watch as your estate planning services pave the way for lasting growth and client trust. Want to learn more about how you can effortlessly incorporate estate planning into your service offerings? Contact us today! 

Looking for more ways to solidify client relationships, increase revenue streams, and establish yourself as an essential part of your client’s financial future? Download our free guide! 

Financial Advisor Marketing Guide

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Digital Marketing for Financial Advisors: 5 Ways to Build Credibility

Digital Marketing for Financial Advisors: 6 Ways to Build Credibility

Digital marketing for financial advisors continues to be one of the most effective ways to attract, engage, and retain clients. Digital channels such as websites, social media, mobile apps, email, and search engines provide financial advisors with a wealth of opportunities to reach a wider audience, build credibility with clients, and establish themselves as reputable choices in the financial industry. This article will review six digital marketing techniques for advisory firms to increase awareness and drive more revenue.

 

1. Website Optimization

Your website is your brand’s digital face and is often the first point of contact clients will experience. Building a strong online presence is the foundation of a successful digital marketing strategy. Like any good site, yours should be visually appealing, easily navigable, and mobile-friendly. In addition to showcasing your expertise, highlighting qualifications, and promoting service offerings, consider content and functionality that provides added value.

Four ways to provide value:

  • Client testimonials: No recommendation is more powerful than a testimonial from a satisfied client. Feature testimonials on your website using written or video format.
  • Explanation of terminology: Common terms used in the financial space may be unfamiliar to your clients or website visitors. A brief glossary of words they are likely to encounter can help bridge the gap between advisor and client.
  • Easy contact form/chat: Make it easy for potential customers to contact you via a secure online contact form or live chat option with rapid response.
  • Educational articles/content: Showcase your expertise by offering educational content relevant to your client’s financial situation and goals.

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2. Content Marketing

Content marketing is “a strategic marketing approach focused on creating and distributing valuable, relevant, and consistent content.” It is a powerful tool for establishing authority as an expert in the field, promoting awareness of your firm, and attracting potential clients. Promote content across multiple platforms and channels, including your website, social media, and email. The key to successful content marketing is to create compelling and informative content that addresses questions while offering practical financial advice. Reach a broader audience with content marketing, and position yourself and your firm as a trusted resource. 

 Examples:

  • Blog content: Blog posts are a great way to share educational content and promote your firm. Don’t forget to share your newly written blog on social media to expand your reach. 
  • Off-page Articles: Have you written content for peer sites or publications? This, too, is premium content to promote on your digital networks.
  • Videos: Sometimes, video is the most direct way to convey a message. Utilize video for announcements, education, and instructional content. 
  • Infographics: Infographics convey information visually that most people can easily understand. 

3. Search Engine Optimization

Search Engine Optimization (SEO) is optimizing your website to increase online visibility for local and national search results. With 46% of Google queries allocated to finding a local business, SEO optimization is vital. 

When assigning rank, Google SERPs factors four types of SEO – On-page, Off-page, Local, and Technical SEO. Each plays a significant role in increasing online visibility, driving traffic, and creating a user-friendly experience. With the ultimate goal of attracting visitors and securing more clients, SEO is a key component of digital marketing and getting found online.

4. Identify and Promote Your Unique Value

Competition amongst financial advisors is fierce. To position your company as a top contender, you must identify and promote what sets your firm apart from others – are you a longstanding company, J.D. Power award winner, or do you provide your clients with modernized service offerings? For example, firms that leverage estate planning software to empower their clients to create and maintain their end-of-life documents demonstrate value while exceeding expectations and showcasing a commitment to connecting with the next generation and their digital preferences. 

Highlight these benefits on your website, in your content marketing, and on social media platforms so potential clients will identify your firm with the advantages that come with it. 

 

5. Email Marketing

Email marketing continues to be one of the most effective ways to connect with audiences, nurture relationships, and generate awareness about a product or service. Email marketing platforms, like Constant Contact and MailChimp, enable users to measure the effectiveness of each campaign by tracking common email KPIs, including delivery, bounce, unsubscribe, and click-through rates. Using this data, your firm can improve its email marketing strategy to provide recipients with well-crafted, expertly timed, educational, and engaging content.

Email Marketing Examples:

  • Newsletters: Share insights and forecasts with clients and potential clients.
  • Announcement emails: Are you hosting or appearing at an upcoming event? Excited to share the news about your new employees? 
  • Product features/services updates: Keep your subscribers up-to-date on your products and services or highlight special features.
  • Quizzes and surveys: What better way to get to know your clients and the best ways to serve them than with an interactive quiz or survey?
  • Industry updates: Share important “right now” news and information about the financial sector and how it affects you and your clients. 

Digital Marketing for Financial Advisors

Digital marketing is a powerful tool for financial advisors looking to attract new clients, build credibility, and establish themselves as a reputable source in the financial industry. Establishing a strong online presence with a user-friendly website, valuable content, and a modernized service stack will afford financial advisors the online visibility they need to increase leads and generate more revenue for their firm. If you’d like to learn more about growing your client base, contact our team today! 

Looking for more ways to solidify client relationships, increase revenue streams, and establish yourself as an essential part of your client’s financial future? Download our free guide! 

Financial Advisor Marketing Guide

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Elevate Your Practice: Six Strategies to Expand Your Financial Advisory Firm

Marketing Strategies for Financial Advisors

As a financial advisor, you understand the importance of continuously growing your client base. After all, a flourishing clientele not only brings financial rewards but also positions you as a trusted expert in your field. In this blog post, we will explore how to grow your client base as a financial advisor with effective marketing strategies for financial advisors to help take your firm to new heights.

1. Establish a Strong Online Presence:

The digital era has revolutionized how we connect and do business. To tap into this vast potential, it is crucial to establish a strong online presence. Start by creating a professional website that clearly highlights your expertise, services, and accolades. Optimize it with relevant keywords to enhance its visibility in search engine results.

Additionally, leverage the power of social media platforms like LinkedIn and Twitter. Use these platforms to share informative content, engage with your audience, and showcase your expertise. By consistently providing valuable insights, you’ll be able to attract potential clients and position yourself as a thought leader.

2. Leverage Referrals:

Word-of-mouth recommendations are gold in the financial advisory industry. Happy and satisfied clients can become your most powerful advocates. Actively seek referrals from your existing clients and establish a referral program that incentivizes them to recommend your services to their network. Offer rewards, such as discounted services or referral bonuses, to thank them for their support.

58 percent of wealthy investors say they found their financial advisor through a referral. (ThinkAdvisor)

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3. Network. Network. Network:

Networking is a cornerstone of any successful business; the financial advisory industry is no exception. Attend industry conferences, seminars, and events to expand your network and connect with potential clients. Engage in conversations, share your expertise, and exchange business cards. You never know when a casual conversation may lead to a long-term client relationship.

LinkedIn is the premier networking platform for advisors, with over 930 million users worldwide, and presents immeasurable opportunities to connect with potential customers, investors, strategic partners, vendors, advisors, employees, and more.

4. Develop Strategic Partnerships:

Collaborating with other professionals in related fields can be an effective way to grow your client base. It should remain high on your list of effective marketing strategies for financial advisors. Consider forming strategic partnerships with accountants, lawyers, and estate planners. By referring clients to each other, you can tap into each other’s networks and provide comprehensive solutions to your client’s financial needs.

Benefits of Strategic Partnerships (Business.com)
  • Access to new customers
  • Opportunity to reach new markets
  • Added value for existing customers
  • Better brand awareness
  • Building brand trust

5. Offer Educational Resources:

Position yourself as an expert who manages clients’ finances and educates and empowers them. Create informative content, such as blog posts, videos, or podcasts, that address common financial concerns and offer valuable insights. By positioning yourself as a trusted source of information, you can attract potential clients seeking financial guidance.

6. Expand Your Service Offerings:

By offering supplementary services such as estate and legacy planning, you will create an opportunity for your firm to expand its client base and enhance the overall value you provide to your existing clients. Whether your clients possess a modest estate or substantial assets, the reality is that individuals from all financial backgrounds will benefit from a will or trust. Furthermore, assisting your clients in planning to distribute their wealth and preserve their legacies can foster a stronger sense of trust and loyalty. By incorporating all-digital estate and inheritance planning into your practice, you can instantly expand your digital footprint, showcase your expertise, and establish yourself as a trusted advisor for your clients’ long-term financial requirements. 

Marketing Strategies for Financial Advisors

Expanding your client base as a financial advisor is a continuous process that requires a strategic approach. By leveraging online platforms, referrals, networking, partnerships, educational resources, and informative events, you can attract new clients and position yourself as a trusted financial advisor. Remember, growing your clientele is not just about numbers; it’s about building long-term relationships based on trust and expertise. If you’d like to learn more about how we’re helping financial advisors grow their client base, contact our team today! 

Looking for more ways to solidify client relationships, increase revenue streams, and establish yourself as an essential part of your client’s financial future? 

Download our free financial advisor marketing guide! 

Financial Advisor Marketing Guide

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Untapped Potential: The Importance of Attracting Gen X Clients for Financial Advisors

How to get clients as a financial advisor

As a financial advisor, tapping into different client demographics is crucial for building and maintaining a successful financial practice. While most firms’ primary focus is on Millennials and Baby Boomers, there is a significant untapped market that is often overlooked: Generation X. In this blog post, we will explore how to get clients as a financial advisor with strategies to effectively attract Gen X clients and grow your financial advisory firm.

Generation X | Financial Terrain

Born between the mid-1960s and early 1980s, Gen X represents a sizable demographic with unique financial needs and opportunities. To successfully target Gen X clients, you’ll need to develop a clear understanding of their financial landscape, long-term goals, and challenges. Unlike the preceding Baby Boomers and the succeeding Millennials, Gen Xers have faced unique economic circumstances, including three economic recessions, increased financial responsibilities, and constantly changing employment dynamics.

Key insights to consider:
  • Financial Priorities: Many Gen Xers juggle multiple financial responsibilities, such as saving for retirement, funding their children’s education, and caring for aging parents. Recognize their need for comprehensive financial planning that addresses these various priorities.
  • Tech-Savvy and Self-Reliant: Gen Xers grew up during the rise of technology and are familiar with digital tools and platforms. They appreciate self-service options, online access to information, and on-demand, digital platforms for financial planning.
  • Seeking Long-Term Stability: Having experienced the results of economic volatility, Gen Xers value stability and long-term financial security. They seek retirement planning, investments, and risk management guidance to achieve their financial goals.
  • Generational Wealth: Experts predict that Gen Xers and millennials will control 47% of the total wealth in the United States by 2030.

Generational Wealth Gap 2022

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How to Get Gen-X Clients as a Financial Advisor

Now that we have insights into Gen X’s financial landscape, and have a clear understanding of the importance of this dynamic generation, let’s explore effective strategies to attract and engage this cohort.

1. Tailored Marketing Messaging:

Create and promote marketing content that resonates with Gen X’s financial aspirations, long-term life goals, and challenges in today’s economic climate. Emphasize the benefits of comprehensive financial planning, wealth preservation, and end-of-life planning. Highlight your expertise in addressing their unique needs and concerns.

2. Leverage Digital Marketing Channels:

Tech-savvy and independent, 68% of Gen Xers rely on digital platforms and online reviews for information and decision-making. Establish a strong online presence through a professional website, active social media profiles, and engaging content. Utilize targeted digital advertising to reach Gen X clients actively searching for financial advisors.

3. Embrace Personalization:

Customize your marketing approach by delivering content demonstrating an understanding of their financial goals, life stage, and unique circumstances to provide Gen Xers with a more personalized experience. Leverage comprehensive technology to collect and analyze client data, enabling you to provide tailored recommendations and solutions.

4. Provide Comprehensive Financial Planning:

Gen Xers often have complex financial situations and diverse priorities. Position yourself as a trusted advisor who can address all aspects of their financial lives. Offer comprehensive financial planning services that prepare your Gen X clients for the future. Create and maintain their life legacies with an affordable, easy-to-use, all-inclusive, service.

5. Networking and Referral Programs:

Leverage your existing client base and professional networks to expand your reach – encourage your satisfied customers to refer their Gen X family members and friends to your services. 

6. Emphasize Technology and Convenience:

Gen Xers appreciate streamlined, tech-driven solutions. Offer online client portals for account access, financial tracking, and document sharing. Provide mobile apps for easy portfolio monitoring and goal tracking. Utilize video conferencing for remote meetings and consultations to accommodate their busy schedules.

Generation X – Conclusion

As a financial advisor, recognizing the untapped potential of Gen X clients can significantly contribute to the growth and success of your firm. By understanding Gen X’s financial landscape, adopting tailored marketing strategies, leveraging digital channels, and providing augmented service offerings, you can capture the trust and attention of this valuable demographic. 

Take the time to understand the unique needs of this dynamic generation, build long-lasting relationships with Gen Xers, and establish a strong foundation for your financial advisory business. Contact our team today to learn more about estate planning solutions and how your firm can benefit.

Looking for more ways to solidify client relationships, increase revenue streams, and establish yourself as an essential part of your client’s financial future? Download our free guide! 

Financial Advisor Marketing Guide

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How to Sell Estate and Legacy Planning to Your Financial Advisory Clients

Estate and Legacy Planning Image

As a financial advisor, you hold a unique position of trust, ensuring your client’s current and future financial health. Yet, as the US moves towards its most significant wealth transfer in history, over 70% of Americans are without a valid estate plan –leaving families at risk and potential wallet share at the door. In this article, we’ll explore five strategies to sell estate and legacy planning to your financial advisory clients and increase revenue streams for your business. But first,

Why Estate and Legacy Planning?

Caring.com recently released its Wills and Estate Planning Study for 2023, and while the numbers have not changed significantly since 2022, the results are, nonetheless, quite shocking. The percentage of U.S. Adults with a Will increased by only 1% from 2022, totaling 34.1%. Caring.com also took to understanding why more Americans do not have an estate plan. The survey showed procrastination and a lack of knowledge or understanding about estate and legacy planning contributed heavily to the results.

And while the nation’s financial health continues to decline, J.D. Power noted a significant increase in business for banks that offered sound financial advice, noting that “Advice has been hard to come by, as just 21% say they received advice or guidance in the past year. However, banks that have effectively guided their customers have reaped the rewards.”

As a financial advisor, you understand the importance of a clearly defined offering stack and the benefits that come with it, including higher customer satisfaction and increased wallet share. 

Five Strategies to Offer Estate Planning Solutions to Your Financial Advisory Clients

1. Addressing Pushback

Whether your clients struggle to see the immediate value, find the idea uncomfortable to discuss, or are unsure about when to start, the reality is that no one enjoys preparing for the inevitable transition – leaving it up to you to alleviate their concerns about end-of-life planning. Instead of addressing each issue head-on, you can foster an open discussion that emphasizes the key components of an estate plan and how your client and their families will benefit.

“Let’s talk about protecting your assets.”

Your clients have spent a lifetime accumulating and protecting their financial and personal assets. Creating an estate and legacy plan will aid in securing those assets for future generations.

“We’ll create a financial plan that changes with you.”

In life, one thing is constant – change. Marriage, divorce, birth, death, and life experiences, in general, can trigger the need for a revised estate plan. Utilizing the right estate planning solutions will help minimize the amount of time spent recreating their legacy plan and reduce the costs associated with hiring an attorney. 

2. Put Common Misconceptions to Rest

Offering estate planning solutions to your clients can be difficult when they come to the table with misconceptions and inaccurate information. 

Common misconceptions about estate planning:

  1. It’s only for the wealthy
  2. I’m too young
  3. My will is good enough
  4. I can do this later
  5. My estate plan was completed years ago

Whether you’re an insurance broker, a financial advisor, or work at an estate planning firm, it’s important to address financial planning myths and move clients toward understanding that estate and legacy planning is essential, regardless of wealth, health, or age.,

3. Discuss The Alternative —No Plan Is in Place

Estate planning is more than your client’s assets; it’s about the loved ones they leave behind. Families left without a carefully crafted legacy and estate plan can suffer the consequences. 

Financial Burdens

Millions of dollars are lost annually to attorney and court fees associated with inheritance tax and probate proceedings upon the death of a loved one. Explain the potential financial burdens and how proper estate planning can help heirs avoid unnecessary costs and fees.

Probate: Probate proceedings can take up to two years, and assets are typically “frozen” until the courts decide on the distribution of the property, costing families between 3% and 8% of the estate’s total value.

Taxes: Reduce or avoid estate and inheritance tax liabilities associated with property transfers upon death.

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Family Strife

Estate and legacy planning covers not only the client’s monetary and physical assets but also their goals, wishes, and life plans for loved ones. Without it, their family could be left to make decisions that can inadvertently add emotions of jealousy, spite, and guilt to their already profound feelings of grief.

Encourage Unity: In-fighting over an estate and assets can result in turmoil in even the closest families. Items as simple as a tea set or living room furniture can cause disagreements. Thorough planning, especially with family involvement, can aid in the avoidance of future conflict.

4. Estate Planning as Part of the Financial Planning Process

One of the most effective ways to offer estate planning services to your clients is to include them as part of your overall financial planning process. Including estate and legacy planning as a core component of your financial services will help clients realize the value of establishing an estate plan early. Additionally, by discussing estate and legacy planning alongside other financial planning topics, you can help your clients envision how estate planning fits into their broader financial picture.

5. Use Technology to Streamline the Planning Process

Offering your clients a quick and convenient estate and legacy planning process is essential and equally vital for you as the advisor. By incorporating estate planning software integrated with your digital banking platform, through a referral, or a gift, you’ll streamline the planning process — creating an environment that is accessible and attainable for your mass affluent clients. Use digital estate planning software to enable clients to create a will, trust, or other estate planning documents from the comfort of their home while providing advisors with real-time data about their clients and financial position—thus, expanding your reach, increasing wallet share opportunities, and, ultimately, your client base.

Estate and Legacy Planning Made Easy

Selling estate and legacy planning to your financial advisory clients requires a strategic mix of hands-on and hands-off approaches. By highlighting the benefits, addressing misconceptions and potential implications, and incorporating cutting-edge, turn-key technologies as part of the financial planning process, you can guide your clients to an easily accessible and effective way to plan for their families futures. Contact our team today to learn more about estate planning solutions and how your financial planning firm can benefit. 

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