Tag: Estate Planning

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Asset Retention & The Benefits of Modernized Estate Planning

estate plan software to retain assets

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.

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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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! 

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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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6 Ways to Accelerate Your Financial Advisor Marketing Plan

6 Ways to Accelerate Your Financial Advisor Marketing Plan

As a financial advisor, you know that the industry is highly competitive. To stand out in this crowded marketplace, it’s essential for you to create a strong financial advisor marketing plan that sets your firm apart from its competitors. This article will explore six creative and innovative ways to help attract more clients while providing exceptional value to your customers and your firm.

1. Host a Podcast: 

Podcasts are becoming an increasingly popular way to reach audiences and establish yourself as a thought leader in the industry. By creating a podcast that covers relevant financial topics and features expert guests, you can provide valuable insights and advice to your listeners while showcasing your expertise as a financial advisor.

2. Create Interactive Content: 

Interactive content, such as quizzes, calculators, and assessments, can be a fun and engaging way to educate your audience and generate new leads. By creating personalized and creative content that speaks to your client’s specific needs, goals, and challenges, you can further demonstrate your commitment to providing tailored solutions that benefit your clients.

3. Use Video Marketing: 

Video marketing is a powerful tool for anyone looking to connect with their potential buyers on a more personal level. By creating and promoting video content that showcases your services and expertise in a way that’s easy to understand, you can build trust and credibility with your viewers long before meeting them. 

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4. Leverage Benefit of Services: 

Embrace your new or more modern style of service offerings and how they are designed to benefit your clients. After all, there are numerous benefits to working with an advisor, and helping your clients achieve long-term financial success is only the beginning. For example, financial advisors who incorporate estate planning services into their offering stack enable their clients to create a will, trust, or other estate planning documents from the comfort of their homes. This expands their reach while providing clients with a simple and effective way to secure their financial future.

5. Engage on Social Media: 

Social media platforms like LinkedIn, Twitter, and Facebook, can be incredibly valuable for reaching potential customers and building awareness around your brand. By creating a solid social media presence, engaging with your followers, and sharing industry news and insights, you can increase visibility, expand your reach, and establish yourself as a reputable and trustworthy advisor.

6. Offer Free Workshops: 

Hosting a free workshop or seminar is a great approach to providing value to your clients and prospects while showcasing your expertise. By offering educational and informative sessions on relevant financial topics, you can attract qualified leads and foster stronger relationships with your clients. Using a video conferencing software solution enables you to simplify the meeting process and create a personalized experience from start to finish. 

Popular Video Conferencing Software Solutions

How a Strong Financial Advisor Marketing Plan Benefits You and Your Clients

By creating a financial marketing plan that targets key audiences with engaging and creative content styles, provides multiple avenues to engage, and promotes your new selection of services, you can accelerate your success, boost revenue, and provide your clients with the benefits they deserve. 

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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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. 

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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What you should do to protect a loved one with dementia

The problem:

Dementia is a type of cognitive difficulty that inflicts a person and affects their ability to perform everyday activities in an independent fashion. Mild cognitive impairment is a classification for individuals who may be showing early signs of dementia.

The statistics reveal that dementia is surprisingly pervasive. One in 10 older Americans suffer from dementia. According to 2022 research, by Columbia University (Irving Medical Center) about 22% of U.S. adults 65 years and older have dementia and another 22% have mild cognitive impairment.

As a country, the U.S. population is getting older, and fast. Consider this fact: by the next 30 years the population of individuals who are 65+ years old will increase by a whopping 70% (from 54 million people to 95 million people).

As our population ages, you can bet that the total number of people with dementia will increase by quite a lot and is likely to be 2 times more pervasive in 15 years than it has been thus far.

Concrete actions to safeguard loved ones.

One does not have to wait until signs of mild cognitive impairment or dementia start to become evident in order to take action. It is best to consider that it is mandatory for all adults in the U.S. who are 55+ to have a comprehensive set of estate plan documents in place. The importance and need is pronounced for individuals who are 65+ and do not (yet) have this important protection in place.

If a loved one is showing signs of cognitive decline or worse; there is much that will be needed to be done to support and care for the individual as the disease progresses. But, a critical action is to have certain (legal) estate planning documents in place to ensure that their wishes are recorded and will be fulfilled long after the cognitive impairment renders them unable to make their own decisions.

These documents are:

1. A Will (or a Revocable “Living” Trust)

This document expresses how the assets owned by the individual will be distributed among the heirs when they are gone. The will must be presented to a court so it can be validated and thereafter probated to ensure that the distribution is in accordance with the wishes contained in it. In the case of a “living” trust, a Trustee is appointed to ensure that the individual’s assets are used optimally for the benefit of the individual for as long as they are alive and then, distributed to the named heirs after they are gone.

2. Health Care Power of Attorney

This document names a specific person to serve as the representative of the individual when they are incapacitated and unable to make health care decisions for themselves. This is a particularly critical document in the case of a loved one afflicted with dementia. Having this document makes it easier for the healthcare representative to do what is needed to provide the best quality of life for the loved one.

3. Financial Power of Attorney

Much like the Healthcare Power of Attorney, this document names a specific person to serve as the representative of the individual to take financial decisions and handle such matters. Again, a particularly critical document in the case of a loved one afflicted with dementia. Having this document makes it easier for the financial representative to do what is needed to provide the best quality of life for the loved one.

The OneDigitalTrust™ platform is designed to help users to take concrete steps to safeguard loved ones who are showing signs of cognitive impairment or dementia. The service is designed to step a user through a simple experience to generate ALL THREE of the above documents – easily and effortlessly.

Ensure that no one can say that something is wrong with the documents

What makes this complex is that every state (court) in the U.S. maintains its own statutes (rules) regarding estate planning, and financial institutions as well as medical / hospital facilities maintain their own standards. Only a trusted platform like OneDigitalTrust™ can ensure that the details and nuances at the state level have been adhered to for each document such as – proper captioning and labeling, statute citations, references and correct notarization blocks. This level of precision ensures that when the document is presented, it will be recognized by local courts, financial institutions and medical facilities as bonafide, if the printed instructions (for each document) to execute the document are followed

The best part is that the service is available at a highly-affordable price of $199 for the first year and $39 each year thereafter (unlimited updates) and may be available from your financial institution for a lower price.

The OneDigitalTrust™ platform provides so much more than just legal documents. Users can catalog their assets and liabilities to ascertain their probate exposure to take specific action on certain assets, utilize the smart digital document vault, visualize how their estate will be distributed in graphical form, create a pet trust, bequeath items of sentimental value to loved ones and write bite-sized “memoirs” on the most important experiences of their lives for loved ones to read and draw inspiration from…and so much more.

To create an account:

https://app.onedigitaltrust.com/odt/intro/register

Or reach out to us for a demonstration to explore how we may augment your institution’s product & service offerings:

https://onedigitaltrust.com/connect/

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Inheritance Planning Crossword Puzzle #1

Estate IQ

Inheritance Planning Crossword Puzzle #1

First off, thanks for taking the time to engage with our crossword puzzle.

OneDigitalTrust is committed to increasing knowledge about estate and inheritance planning. We’ve designed our platform to make users more educated and knowledgeable about the inheritance planning process and terminology so they’ll be better informed about their choices.

Bottom line: the 65+ population in the U.S. is growing at an unprecedented rate. Between 2020 and 2060 the number of older adults will increase by 69% (from 54 Million to 95 Million); during the same period, the 85+ population is projected to TRIPLE (from 7 Million to 19 Million)1.

We believe that at some point you’re likely to serve as an executor (or a support role) in the estate plan of a loved one or a friend in some way, so learning more about estate & inheritance planning makes sense. We’re motivated to think of creative ways to spread awareness about this topic and share important tidbits of information.

Source: Population Reference Bureau (www.prb.org)

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If you are a trusted provider-institution serving your customer’s financial needs, why not add inheritance planning to your range of offerings? Fill out the form on this page and we’ll show you how you can empower your customers to complete essential end-of-life planning, using our customizable, white-label platform. We offer several flexible pricing options for your institution to make the platform available to your customers, branded as yours.

INSTRUCTIONS:

– Click on a clue (Across or Down) and the word will highlight in the puzzle – Type in the correct word to solve; click enter – If correct, a green check will appear; else a red cross will appear The puzzle is below – good luck completing it!

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Why Prioritizing Personal Wellness Can Be A Win For Institutions, Customers, And Employees

The following is an abstract of an article that was originally published in Forbes on April 18th, 2022.

The Covid-19 crisis spawned severe and synchronized economic scarring worldwide, leaving a $16 trillion price tag in its wake. But it is the human scarring that has been its most sizable consequence—the disappearance of over 3 million lives translated as 20 million years of life lost. The impacts of such an unprecedented crisis on personal wellness are here to stay.

The Challenge

  • How firms can be more responsive to the needs of their employees
  • How employee well-being can potentially impact organizations
  • Understanding the lasting impact the pandemic will have

The Opportunity

  • Similar to the role organizations played in the stimulation of demand for health & life insurance and retirement plans, they can also positively influence customer and employee well-being factors
  • There are many ways organizations can encourage and support employee self-care, that also improve the organization’s growth goals
  • The boundaries between work and personal continue to blur and opportunities exist to transform relationships from transactional to relational
  • Employees are looking to employers to help them find resources that make their lives easier including personal and family wellness elements

The pandemic has upended many old transactional conventions, and businesses are up to the task of selecting and implementing relational replacements that are better suited to do both—deliver a societal impact while also enhancing the economic performance of the firm.

About The Author:

Sonny Kapoor is CEO of OneDigitalTrust – it offers a B2B estate planning platform for firms to offer to their stakeholders.

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How Estate Planning Can Help Institutions Win the Loyalty of Customers & Employees

Deliver More for Your Customers and Employees with Affordable Access to Estate Planning

Estate planning is an essential part of planning for the future, though many people fail to plan for this eventuality. As an institution, helping your customers and employees create an estate plan isn’t just a perk; it says that you care about them and their family. It’s a simple way to show them that you care about their personal and family wellness. While estate planning options are not mandated, it is important for you to offer it to your customers and employees. It’s about wanting to go above and beyond and provide that extra service. In reality, estate planning is essential, because the unintended consequences of not having any plan can be rather painful.

Here’s why offering estate planning to customers and employees is good for them and good for institutions.

Build Trust With Your Clients By offering estate planning, you can build upon the trust you already have with your customers and employees. On one hand, offering an added benefit of estate planning solutions is a natural fit with clients who already trust you with one part of their life’s planning. If someone has already converted to a customer and trusts you with one item, it’s much easier to provide another complementary service. On the other hand, offering this added benefit like legacy and estate planning is a simple way to establish even more trust. Customers subconsciously understand that you have a comprehensive focus, and care about the holistic picture of someone’s financial life, not just the bottom line. It also shows that you truly care about them and the future of their family even when they are gone.

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Improve Your Customer Service Estate planning is an added benefit and a way to augment the high caliber customer service you already offer your clients. It’s a natural extension that gives your clients that extra feeling that you care and are looking out for their best interest, while delivering an experience they would get nowhere else. It Increases Long-Term Wellness Estate planning isn’t just about designating where wealth goes, but improving the long-term wellness of the family. When customers are gone, an estate plan designates where their wealth goes, making the process of dealing with a loved one’s death easier and less stressful. When a person does not have an estate plan, this can cause confusion and indecision (and the laws of the state (probate court) will take control and decide who gets what), further upsetting an already grieving family. When you offer estate planning as an institution, it shows that you truly care about your customers and employees as actual people with lives and families outside of the company. It Stems Attrition Employees want more out of work than just a paycheck. They are looking for organizations that share the same values as them and care about them as people, not just as warm bodies filling a position. By offering benefits such as estate planning, you show that you care about your employees as people and that you hold the same values as them, like the importance of family. This can also lead to increased employee loyalty, which can stem attrition and instead, improve employee retention. It’s an Extension of Your Services You are already helping your client plan for things like retirement and asset strategy. Estate planning is an integral part of the financial planning conversation and an extension of your services. You are already having these types of conversations with your clients, so incorporating estate planning is a natural fit. Naturally, your customers will look to you for the trusted choice in building their estate plan, and we know that OneDigitalTrust is a simple way to offer a solution they will trust. Prioritize Relationships Over Transactions We’ve touched on this throughout this article, but finally, offering estate planning to your clients and employees brings a relational side to your business. Estate planning isn’t about your bottom line; it’s about the human lives of the people who do the planning and their loved ones. It allows you to move past the business side of your interactions with customers and employees and create deeper, trusting relationships that build loyalty. At OneDigitalTrust, we have reinvented personal legacy and estate planning, helping users create and maintain their plan through all life states and events, and helping advisors and institutions provide an even better customer experience. Life moves too fast for old-school estate planning approaches. Get your customers and employees an “always on” capability right in their pocket. Trust us, they will thank you for it!
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