The next 15 years or so will bring about the largest transfer of wealth from one generation to the next in history, making the estate planning market a difficult one to ignore. But you shouldn’t tap into this market based on sheer size alone. Offering estate planning on a regular basis helps cement your client relationships by giving you the opportunity to discover all of your clients’ assets and start bringing more of them under your management. Other positive results include stronger client loyalty, more referrals, and the opportunity to meet and begin working with your clients’ heirs while networking with estate planning attorneys and CPAs.
Try to think of estate planning in terms of steps a client needs to take to ensure the proper handling of his or her affairs. People generally go to an estate planner for three reasons: they fear losing their wealth, they want to show their love and affection for their heirs, or they have a desire to leave their mark on society by making a difference in the lives of loved ones or in a community. Keeping this information in mind, try to identify which of your clients need special attention concerning these services. To help you, concentrate on clients who are at least 60 years of age and have young grandchildren or other heirs that they care about, are actively involved in the community via charitable organizations, or clients who face a large federal estate tax liability, such as those who own a business or have a high net worth.
Your main goal in the estate planning process is to become the head of the professional team, which may include attorneys and accountants, to coordinate the project. By establishing client trust and confidence in you and your services, you gain insight to their wishes and it becomes your responsibility to carry them out and delegate them to the proper individuals.