Planning for the worst
“In this world nothing can be said to be certain, except death and taxes.” Benjamin Franklin Nov 13th, 1789.
We expect you’ve got your clients’ taxes under control but how well have you planned for the death of your clients?
It’s an important subject that can be tricky to deal with but it fits in to a planner’s responsibility and once covered will add to your client’s peace of mind.
Given Covid many of us have probably given it more thought over the last few months than we would normally, so it is probably a good time to check everything is in order.
One of the key things is to get all the appropriate paperwork into one place that’s easily accessible to the next of kin. This is where your client portal can help.
Add a folder to your client’s portal called In Case of Emergency (ICE).
In this folder store a template document with contact details for the client's advisers and other important contacts including all family members.
Put in this folder any documents you already have access to such as Wills, Trust Deeds, Lasting Power of Attorney, Life Assurance, Property Insurances and any other related contracts which will be required by the executors.
The benefits once the information has been pulled together are obvious. Not least the financial peace of mind for your clients of knowing that everything is organised, in one place and accessible.
Your client can then let their loved ones know how to get hold of the information. This will simply be “Talk to my adviser and your contact details.”
You are putting yourself in a role to provide the family with all the information and paperwork to calculate the estate, supporting the executor and speeding-up the process of probate.
Most importantly, you can make it less painful for your client’s loved ones if everything is in place and to hand.
Getting things organised now, will make you a key adviser to those inheriting from the estate. Useful to stop those assets going to another adviser. 
Your portal can also help you to build a relationship with the next generation by helping them to manage their finances even before they become wealthy enough to be a client in their own right.
And through their social media networks, the children of your clients could be your best advocates in attracting new clients as they will naturally share a job well done with their friends.
With 300,000 millennials set to inherit £327bn and millennials becoming the biggest group in the workforce within the next ten years can you afford not to build a relationship with your clients’ children?
To find out how moneyinfo can help you supercharge your business please arrange a personal 1:2:1 consultation with me using the link here.
Sim Sangha is Business Development Director at moneyinfo limited.
03303 600 300
