They say there are two things guaranteed in life; death and taxes. Neither of which you can control.
As the baby boomers move closer to that life expectancy age, the reality is now more and more people are going to need a trusted professional to help work through the difficult maze that is the process after someone passes away.
We know that majority of the time; Executors of an estate are normally the partner or child of the deceased. Nine times out of ten, they are not usually an estate specialist who understands all the ups and downs and potential traps of administrating an estate.
The Executor is the one who needs to navigate the world of the tax department, share brokers, super funds and insurance companies; not to mention the endless forms and case managers. On top of this, they have to deal with a solicitor and accountant who both bill in six minute increments, so they have no time to be compassionate. Throw in the possibility of dealing with a real estate agent and tell me honestly, who really wants to be an Executor of an estate.
This is where a trusted financial planning professional, who has built the confidence with the deceased partners or family members, can step up and take control.
Introducing - The Good Adviser.
The Good Adviser will have a solid relationship with the deceased, and will know their super fund and insurance providers. The Good Advisers’ team has contacts in the fund manager/insurance company adviser’s services department, who can take ownership and make their clients a priority. That’s why The Good Adviser selected these companies when recommending them in the SOA the Executor has now found.
The Good Adviser will also know who the Executor is, as they would have met them previously in readiness for this exact event.
The Good Advisers’ professional colleagues are the accountant, mortgage broker and solicitor, whom they referred the deceased to for their Mortgage, Tax and Will which is current. As they ensured 12 months ago, to book in the Estate Planning review meeting.
The Good Adviser knows all of this information about the deceased because they are not just good listeners who can show compassion and trust; they also have invested in valuable efficiencies for their team and their business. They have developed a set process, which has everything documented for each team member to follow, when this kind of event occurs.
Nothing gets missed in The Good Advisers’ team. The Executor can talk to anyone in their team and within two minutes, they are up to speed with where the Estate is at. The Executor will receive constant communication, which keeps them and the beneficiaries in the loop.
The Good Adviser also understands that when the client passes away, there is a massive risk that the client’s FUM (Funds Under Management) and insurance payout will exit their practice, impacting their income. Not to mention, there is a potential loss of two or three easy prospects, which having had existing contact with, cost very little to market to.
At Enzumo, our team have seen both sides of this situation; working in the financial practice and some having been an Executor in the past themselves. For this reason, we have built tools needed for financial planners to become The Good Adviser who can deal with all of the client’s ups and downs.
There are a number of tools within Xplan that can be used to become this efficient in estate management including;
o A structured file note system.
o Automated workflows of your practice processes.
o A Review Wizard and Template which pushes the focus onto the items a trusted professional and their client can control.
In particular, our Review Builder ensures the regular important conversations around tax, superannuation, insurance, estate planning and professional advisers are held at least yearly, in an effective and efficient manner. All of the Enzumo solutions are designed to enhance your client’s experience, whilst still ensuring your practice is productive. It is important to remember that in these crucial times of the client’s life, the way you run the practice and service is a true reflection of your business.
This simple guaranteed life event shows the financial industry, that with the right tools and effective practices, any adviser can become The Good Adviser.
Garth Longhurst - Operations Manager
Would you like to learn more about the Review Builder and becoming a Good Adviser? Contact us at 1300 720 276 or firstname.lastname@example.org.