Latest / Financial Planner Life Podcast / The Kinvault From Kinherit - Revolutionising Wealth Transfer for IFAs and their Clients

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The Kinvault From Kinherit - Revolutionising Wealth Transfer for IFAs and their Clients · Financial Planner Life Podcast

• 0:00
  SPEAKER_01: Welcome to the Financial Planner Life podcast.
• 0:03
  SPEAKER_01: I'm your host, Am Oaks, of course, and today I'm really proud to announce the beginning of a brand new segment on the Financial Planner Life called Financial Planner Life FinTech, where we talk to some of the most innovative technology companies within the financial planning space, improving the way financial planners deliver advice and hopefully improving the client experience.
• 0:29
  SPEAKER_01: And today I'm really pleased to announce our first guest is Ben Mason, who is the CEO of King Herit.
• 0:37
  SPEAKER_01: They are a willed and trust company, and they've developed a unique piece of technology called the King Volt.
• 0:46
  SPEAKER_01: Now, the King Volt is designed to reduce the stress of life admin upon the death of a financial advisor's client.
• 0:56
  SPEAKER_01: They're also solving a problem with the great transition of wealth is that upon death, assets are leaking out of the back door.
• 1:06
  SPEAKER_01: More often than not, the financial advisor, believe it or not, is the last person to hear about the death.
• 1:12
  SPEAKER_01: And when that happens, of course, monies might already have left that client and not gone through the IFA.
• 1:20
  SPEAKER_01: And the kin vault solves this problem.
• 1:23
  SPEAKER_01: I hope you enjoy the podcast.
• 1:24
  SPEAKER_01: Ben goes into deep detail about it.
• 1:26
  SPEAKER_01: If you're interested in using these services, please do click the link in the comment section or reach out directly to myself or Ben Mason.
• 1:35
  SPEAKER_01: I hope you enjoy it.
• 1:38
  SPEAKER_01: Welcome to the Financial Planner Life Tech, where we talk about some of the most fantastic technology within the financial planning space or tech that's designed to help financial planners.
• 1:51
  SPEAKER_01: And today I'm joined by Ben Mason from Kinherit, and he's going to share with us the Kinvolt, a revolutionary piece of tech to simplify and improve the great transition of wealth and that big problem that financial advisors have: leaky buckets, assets going out the back door.
• 2:19
  SPEAKER_00: So, Ben, what's happened since the last time we spoke?
• 2:23
  SPEAKER_00: Well look, nothing much in society's happened the last two and a half, three years.
• 2:27
  SPEAKER_00: It's been very quiet, isn't it?
• 2:28
  SPEAKER_00: But no, all jokes aside, um it's been a very big three years for us.
• 2:35
  SPEAKER_00: When we first met, I think it's 200, 220 advisors we're working with, we're now at 1200.
• 2:41
  SPEAKER_00: The growth's been absolutely fantastic.
• 2:43
  SPEAKER_00: It's been challenging, scaling, hiring the right staff, getting the right people in the right quality.
• 2:48
  SPEAKER_00: But we've really enjoyed that, and that's something we've knocked out the park and we're really proud of how we've done that.
• 2:53
  SPEAKER_00: Um, and we're just building that that bank of people that work with us from mortgage advisors, mortgaging protection advisors, IFAs, accountants, as we build up our referral network and the people who work with us and their clients who we support.
• 3:06
  SPEAKER_00: It's it's been brilliant.
• 3:08
  SPEAKER_00: We've really enjoyed it, and I think that the thing I would draw on most of all is seeing how the world has moved, and actually, I think COVID was instrumental in seeing how people of all generations embrace technology.
• 3:23
  SPEAKER_00: So all of the advice we do, all of our clients that we speak to, doing Wills, Trust, Powers Atoony, being an estate planning firm, every single one is done via Zoom, Teams, or the phone.
• 3:33
  SPEAKER_00: Now I think four years ago that wouldn't have happened.
• 3:36
  SPEAKER_00: I think but society's changed massively where Mr.
• 3:39
  SPEAKER_00: and Mrs.
• 3:39
  SPEAKER_00: Smith don't want to take time out of work to go to an office in town between 10 and 4 to pay for parking and have holiday.
• 3:48
  SPEAKER_00: They want to be able to use a firm that can do an appointment eight till eight Monday to Friday, embracing technology and teams, recording the call, having all of it there for people.
• 3:59
  SPEAKER_00: I think that's been a big thing.
• 4:00
  SPEAKER_00: And I think the wheels and trust industry has really, really changed and embraced that.
• 4:05
  SPEAKER_00: Fantastic.
• 4:06
  SPEAKER_01: I mean, the last time we spoke was pre-COVID, so it was a good sort of two and a half years ago.
• 4:10
  SPEAKER_01: And at the time, I think the numbers of advisors that you were working with, offering your services to, and those that were interested and using your Kin Vault, that fantastic piece of technology we're going to get into detail about uh soon, um, has that changed?
• 4:24
  SPEAKER_01: Have you has your customer base of financial advisors grown since the last time we spoke?
• 4:29
  SPEAKER_00: Yeah, so it's gone from about, as I say, about 210, 220 to around about 1200, which has just been fantastic.
• 4:36
  SPEAKER_00: And you you've introduced people to us behind the curtain, you've been a fantastic supporter of IFAs that you've worked with and financial planners, introducing them to Kinheriton.
• 4:46
  SPEAKER_00: I know that the reports you've had have been fantastic and they work with us, and they themselves have made further introductions.
• 4:52
  SPEAKER_00: I think the Kin Vault piece will come on to it and I'll talk about it.
• 4:56
  SPEAKER_00: I'll bore people to death about it.
• 4:58
  SPEAKER_00: But it's for me, it's a will is so much more than just a piece of paper, it should be a handover.
• 5:03
  SPEAKER_00: And what's a handover look like?
• 5:04
  SPEAKER_00: We'll talk about it.
• 5:05
  SPEAKER_00: But having the kin vault tech in the background that allows the next generation and the IFA to know what is where it is, how it's done, who's getting it, where it might have to be found from, who owns what, in what way, but all in one centralized piece of tech has been fantastic.
• 5:22
  SPEAKER_00: And the words that we get from all the time from the IFAs and financial plans we work with is that not only is the estate planning service brilliant, every one of my guys is STEP.
• 5:32
  SPEAKER_00: So we've got 11 people who give advice in the company, and every single one is step qualified.
• 5:37
  SPEAKER_00: That's the premier qualification in our country for estate planning.
• 5:42
  SPEAKER_00: But the the advisors, the other piece of feedback is that they're able just to connect on death with the family that are left behind, and it's really curing wealth transfer.
• 5:53
  SPEAKER_00: Wealth transfer is a huge issue in financial planning.
• 5:56
  SPEAKER_00: It's the leaky bucket, isn't it?
• 5:58
  SPEAKER_00: Someone passed away, someone's taken 50 grand from here, someone's taken 100 grand from there, another IFA that's nothing to do with the family is the the deceased has somehow got involved, all these different things, and we've cured that, and we'll talk, I know we'll talk about it more, but it's just what I'm so passionate about giving really good advice in the right way, but also linking in that technology piece that just sort of it's a bit of a wanky phrase, but it's sort of the keystone in that bridge of linking the deceased family and the IFA and getting them all together in the middle and making sure it's done properly.
• 6:31
  SPEAKER_01: Fantastic.
• 6:32
  SPEAKER_01: So a huge piece of technology that's connecting advisors, you know, with the trustees' beneficiaries.
• 6:38
  SPEAKER_00: Well, we'd say officers, officers in the IFA, and officers in the wealth manager, whatever it might be, stat officer being executive trustees, and linking those.
• 6:47
  SPEAKER_00: And evidently, and a lot of the time, some most of the officers are are beneficiaries or family members.
• 6:53
  SPEAKER_00: Sometimes they're not, but it's having the ability to pull that and keel that together.
• 6:57
  SPEAKER_00: Okay, great.
• 6:58
  SPEAKER_01: And for those that missed that piece of work that we did so many years ago and may not have heard.
• 7:03
  SPEAKER_01: I was so much slimmer.
• 7:05
  SPEAKER_01: Well, I I'm not even going to comment on that.
• 7:07
  SPEAKER_01: Um, but for those that missed that, um, can you just give us an overview of who Kin Herit are and what what it is you actually do, just briefly?
• 7:17
  SPEAKER_00: We're an estate planning firm, Wills Trust, Powers of Attorney as a as a as a as an overview umbrella of what we do.
• 7:24
  SPEAKER_00: Of course, there's lots of other products that we do around there.
• 7:27
  SPEAKER_00: Um we're in business relief, around cross-option agreements, um, around uh deeds of severance, um, deeds of variation, so lots of the legal work, and I said there are products I'm not going to list now that just I could be here forever.
• 7:44
  SPEAKER_00: But we offer those services, and then it's the way in which we dispense advice that works very much in what I'd call like the IFA model, where we do it as a fact-find.
• 7:54
  SPEAKER_00: We do a full fact-find, dynamic fact-find, produce our report.
• 7:57
  SPEAKER_00: We then can we then complete a suitability report for the client, for the for the person to have a look at, and then we then have a follow-up call to see if they want to proceed.
• 8:06
  SPEAKER_00: We do all that for free.
• 8:08
  SPEAKER_00: Full fact-find, full suitability report, full options call to discuss what it is, discussing price, and if they want to proceed, great.
• 8:15
  SPEAKER_00: If they don't, that's on canherit.
• 8:18
  SPEAKER_00: If they if we haven't built trust and and wanting to work with us at that point, of course there are people that don't want to proceed because they looked at three or four different companies, they decide not to go ahead because there's something in their life that's saying they can't do it at the moment, maybe worried about a house sale or a job or whatever it might be.
• 8:34
  SPEAKER_00: But our conversion rate's really, really excellent because we allow people to have this whole conversation where they're not watching the clock because we don't charge by the hour.
• 8:44
  SPEAKER_00: Those days, those days should go.
• 8:46
  SPEAKER_00: Hopefully, they're going to be disappeared completely.
• 8:48
  SPEAKER_00: But we don't charge by the client relaxes into the process and it gives us the ability to do that, and then it's all supported by the Kin Vault and our handover services.
• 8:57
  SPEAKER_00: Ben, fantastic overview.
• 8:59
  SPEAKER_01: Um, I want to go and talk about handover, but perhaps we'll do that later on.
• 9:04
  SPEAKER_01: Or or it'll never end.
• 9:05
  SPEAKER_01: This this this video will never end if I talk about it now.
• 9:08
  SPEAKER_01: Oh, really?
• 9:09
  SPEAKER_01: Okay, so we come to that later on, but why is step so important?
• 9:14
  SPEAKER_00: Look, every industry has got good things and bad things about it.
• 9:18
  SPEAKER_00: Now, one of the worrying things about the wheel writing industry is that it's unregulated.
• 9:24
  SPEAKER_00: Which, frankly, when I tell people that, they're, oh my god, they this yeah, it's it's shocking.
• 9:31
  SPEAKER_00: So, what what can you do in an unregulated uh environment?
• 9:35
  SPEAKER_00: What you can do is get the best qualification you can get from the best brand of qualification.
• 9:40
  SPEAKER_00: So without any doubt, there's no one in the there's no one in the legal sector in the United Kingdom that would not not agree that STEP is the number one qualification for estate planning will writing trusts.
• 9:53
  SPEAKER_00: So we as a business where there's no regulation, thought let's self-regulate.
• 9:57
  SPEAKER_00: So many of our business practices emulate and copy the FCA from our complaints procedures through to the way in which we deal with clients.
• 10:05
  SPEAKER_00: It's very, very similar to the FCA.
• 10:07
  SPEAKER_00: We try to fund like a structure that works, and the qualifications, we will not let anyone give advice on behalf of Kinherit unless they're STEP qualified.
• 10:17
  SPEAKER_00: So the our base level of qualification is the is the top, is the pinnacle of it, and that's really important.
• 10:23
  SPEAKER_00: But STEP permeates through our company, and I and I can be a bit like a broken record, but it's because I'm so proud of our team and I respect the STEP qualification, the STEP organization so much that I harp on about it.
• 10:36
  SPEAKER_00: An example is that we have become one of the few companies in the country that proactively talk about business relief.
• 10:44
  SPEAKER_00: I'm not going to do a business relief press CPD session now.
• 10:48
  SPEAKER_00: It's 30 minutes, we do it once a week.
• 10:49
  SPEAKER_00: If anyone wants to attend, then go on our website and look at Kinherit CPD session and come and attend.
• 10:54
  SPEAKER_00: And I maybe you can pass out some links for it.
• 10:57
  SPEAKER_00: But essentially, there was a very, very, very common misconception about how business relief worked, about how you qualify for it and how you claim business relief, and they're two completely different things.
• 11:07
  SPEAKER_00: Section 39A of the 1918 and Four Inheritance Act speaks about how that piece works, and I think it's because we're so ingrained in STEP and ever more learning that's allowed us allowed us to produce a white paper or technical guide, whatever you want to phrase it.
• 11:24
  SPEAKER_00: I've had 830 IFAs and accountants attend our business relief CPD session.
• 11:32
  SPEAKER_00: Because we're the only people, say the only people, that's not fair, we're one of the only firms proactively talking about this little wrinkle in wheel writing and financial planning, where the financial planners don't really, it's not their job to understand the death process of claiming business relief.
• 11:48
  SPEAKER_00: That's not their job.
• 11:49
  SPEAKER_00: And solicitors don't often understand how the wealth part of it works with advising.
• 11:55
  SPEAKER_00: So we're bringing together that step qualification, understanding both sides of the fence and and leading with that, and leading with that sort of information, that upskilling, that knowledge, and helping professionals, advisors, financial advisors, accountants, whatever it may be, to give that.
• 12:09
  SPEAKER_00: And that's one of the growth areas we've had as a business is accountants.
• 12:13
  SPEAKER_00: So I think when we met, I probably had two accountants working this.
• 12:16
  SPEAKER_00: We probably got a hundred, hundred and ten accountants working this now because they found a firm who can do the wills, do the trust, but also really understand the technical side around things like business relief.
• 12:30
  SPEAKER_00: We also do cross-option agreements for people who've done shelter protection.
• 12:34
  SPEAKER_00: So they can come to us like a one-stop shop, they can get their business will.
• 12:37
  SPEAKER_00: It's it's a loose term, there's no such thing really as a business will, but I use the terms to catch all as a business owner.
• 12:44
  SPEAKER_00: We can do a will that's going to incorporate your business assets, your business relief.
• 12:48
  SPEAKER_00: Have we looked at any cross-option agreements you might have for shelter insurance?
• 12:51
  SPEAKER_00: Have we looked at your LPAs?
• 12:53
  SPEAKER_00: Have you got business LPAs?
• 12:54
  SPEAKER_00: And that's sort of a piece that comes together, and that's been a big growth area is accountants and IFAs who deal with businesses.
• 13:01
  SPEAKER_01: So my market is financial advisors, IFAs, mortgage advisors, etc.
• 13:08
  SPEAKER_01: And two-thirds of your clients are that market.
• 13:12
  SPEAKER_01: So why so many financial planners are using your services?
• 13:15
  SPEAKER_01: Why is that?
• 13:17
  SPEAKER_00: It's it's difficult.
• 13:18
  SPEAKER_00: And I I think I I'm a big believer in talking about what you do well rather than what others don't do well.
• 13:26
  SPEAKER_00: But I have to caveat that with one of the most common things we hear about why people don't want to work with someone they've worked in the past, or why they've stopped even referring to people, is things like, oh, I used to use a wheel writer, but they never got back to my client, or um I never heard back from them, or something that maybe lacks what you and I might call a bit of joined up professionalism.
• 13:51
  SPEAKER_00: So I think one of the things they get is from the very day they work with us, they get a very, very tight professional outfit that works across, and I mentioned it earlier, we work across six of the top ten networks in the country.
• 14:06
  SPEAKER_00: We have advisors working with us from.
• 14:08
  SPEAKER_00: We've got sole panel position with um a network in our this country, it's got 600 advisors.
• 14:13
  SPEAKER_00: We've got sole panel position with a mortgage and protection network that's got 300 providers, advisors.
• 14:19
  SPEAKER_00: No, not all of them work with us, but we're we're working with more of them, getting more of them on each week as they come to us and learn our services.
• 14:27
  SPEAKER_00: So, one of the things that's been really big for we're getting people in is getting some of these head office deals that have allowed us to maybe start with five or six firms, but then more of them find out, we attend their roundtable events.
• 14:38
  SPEAKER_00: So there's been a part of just doing some really good BD around a company that's got a good position because of the product they offer.
• 14:47
  SPEAKER_00: But as a loads of things, it's word of mouth, and we we get so many RFAs that come to us saying, so-and-so's been using you and told me about this, and it's always around the Kin Vault and handover services, and that's completely unique.
• 15:01
  SPEAKER_00: We're the only firm that offers that in the way that we offer it.
• 15:04
  SPEAKER_00: No one else does.
• 15:05
  SPEAKER_00: We've built this piece of tech, cost us seven figures, we own the tech, and we've built a handover service that underpins everything we do that leads into this bit of tech to cure the wealth transfer.
• 15:17
  SPEAKER_00: So it's a roundabout way of saying it's it's it's kind of what we do and how we do it as helped grow that side, has helped grow that business, that IFA market.
• 15:26
  SPEAKER_01: Well, you know, I've made recommendations to you over the years, and I hear nothing but good things about the level of service that you're offering and delivering to financial planners, but also the amount of um assets under management that they are um unearthing by using this great piece of kit, the you know, the kin vault.
• 15:46
  SPEAKER_01: So let's lead on to that.
• 15:47
  SPEAKER_01: Let's talk about actually what the kin vault is and what benefit it actually has for a financial advisor and their clients.
• 15:56
  SPEAKER_00: So I think it's very easy to be blasé about it, and it's it's and and how this problem's so massive is that you talk to financial advisors, you talk to head offices, and I you and I know these firms, we talk to them regularly, and one of the big problems is the leaky bucket.
• 16:18
  SPEAKER_00: So for financial advisors, they they have a client die, they might not find out for a while the client's dead.
• 16:24
  SPEAKER_00: If they if they do know early, brilliant, and they may be able to do something, but that it's not just always enough.
• 16:32
  SPEAKER_00: There might be an IFA who's the IFA of one of the sons or daughters who might try and get themselves in there.
• 16:37
  SPEAKER_00: There might be a son or daughter that doesn't understand what's going on, they cash in this or they cash in that, whatever it might be.
• 16:43
  SPEAKER_00: And what we're trying to do is solve that wealth transfer piece by ensuring that that when I'll kill you off for this, when you pass away, your wife and child are being supported almost immediately by the IFA because we made that introduction to our handover services, and your wife, your child, and your IFA know all of your assets and all of your personal information because it sits in the kin vault.
• 17:07
  SPEAKER_00: From uh a tenancy agreement you might have on a rent or property through to a copy of your will, through to divorce statement, whatever it might be, right through to who's getting the cats if both you and your partner die.
• 17:21
  SPEAKER_00: All of that information, and then including on there what bank accounts do you have, what houses do you have, how are they owned, who owns what percentages, what was the purchase value, what's the equity in the house, what investments have you got, ISES, pensions, insurance, life insurance, we've got an IHT calculator in there that helps you auto-populate the IHT 400 form on death.
• 17:41
  SPEAKER_00: All of this is built within the Kin Vault, which we give to every single client for free.
• 17:45
  SPEAKER_00: Because we own it, we built it, it's ours, we're not paying any third parties, it's our proprietary tech.
• 17:50
  SPEAKER_00: And as a result, we can give that for free to any client who can herit.
• 17:54
  SPEAKER_00: And I think while that sounds great, it's also the handover surface that happens, which is that on your writing of your will, we're going to write to officers and say, Sam has done some estate planning, we can hear it.
• 18:08
  SPEAKER_00: And while we can't tell you the contents of the will, we can tell you, Jenny and Charlie, that you have been listed as an officer.
• 18:15
  SPEAKER_00: There's a little video about what their officer role is, executor, whatever it might be, that it goes into that link.
• 18:22
  SPEAKER_00: They can watch that video, then it comes back into the email.
• 18:24
  SPEAKER_00: It says how they contact us, when they contact us, what they might need to do.
• 18:28
  SPEAKER_00: And then there's a little piece at the bottom which says Jenny and Charlie, please do not worry about Sam's personal financial affairs.
• 18:33
  SPEAKER_00: On Sam's death, we'll introduce you to his trusted financial advisor, who will help you understand all the assets they managed for Sam and all those that they didn't, and bring those together to help you understand what can be done moving forward.
• 18:45
  SPEAKER_00: We'll also give you access to Sam's Kin Vault.
• 18:47
  SPEAKER_00: And while I can't give you access now, here is a 90-second video explaining what the Kin Vault does and how it works.
• 18:54
  SPEAKER_00: We send that every year so that clients, family and officers and executors, whatever they might be, are completely and utterly understanding of their role, an understanding of what's going to happen when you die.
• 19:08
  SPEAKER_00: And people are paralyzed by death through grief and through confusion and through emotion and all these other things.
• 19:15
  SPEAKER_00: Well, let's not paralyze them financially and through paperwork.
• 19:20
  SPEAKER_00: We can aid with that.
• 19:21
  SPEAKER_00: You then pass away, and oh let's let's call your let's call your RFA Tristan.
• 19:26
  SPEAKER_00: I'm so sorry, Jenny and Charlie, I'm so sorry to hear about the death of Sam.
• 19:30
  SPEAKER_00: But as as mentioned in our annual emails, here's the introduction to Tristan.
• 19:34
  SPEAKER_00: Tristan was Sam's trusted financial advisor and is now on hand to help you understand all the assets Tristan advised on and those he didn't.
• 19:41
  SPEAKER_00: Welcome there are not financial advisors, we'd always recommend that you speak to Tristan before trying to access any of these assets as it could have adverse effects regarding CGT, IHT.
• 19:51
  SPEAKER_00: Well, at that point, you've really, really given the IFA everything.
• 19:56
  SPEAKER_00: I you that keystone I talk about on that bridge and my never-ending moving hands.
• 20:01
  SPEAKER_00: We're taking your family at the moment of need and executors, the officers, over to Tristan to meet in the middle and start to work everything out.
• 20:09
  SPEAKER_00: No one does that.
• 20:10
  SPEAKER_00: It's just us, our piece of tech, our hand over the whole system.
• 20:15
  SPEAKER_00: Why wouldn't you want to have a will and estate planning written by a firm that A is step qualified and gives great advice, and B gives this incredible handover service that just sorts everything out for you?
• 20:29
  SPEAKER_01: Okay, so great, you've covered IFAs and financial advisors, but let's talk about mortgage advisors, protection advisors.
• 20:36
  SPEAKER_01: How come you're seeing so many of those using your services there at Kinherit?
• 20:41
  SPEAKER_00: Well, I I think that there are so many different segments or demographics of clients.
• 20:45
  SPEAKER_00: God, I hate the way I speak sometimes.
• 20:47
  SPEAKER_00: And um I think it's the fact that these mortgage advisors, they're doing such a great job with a mortgage, and look, it's gonna be trying times.
• 20:58
  SPEAKER_00: We've the time we're filming this, we all know it's gonna be trying times over the next 12, maybe 18 months in the in the mortgage market with rates where they are, and equity release advisors speak to a lot of those, and there's a lot of stuff going on.
• 21:11
  SPEAKER_00: But I think that many of these people they speak to either aren't in the typical IFA client bracket, maybe they don't have the same mass affluent wealth, they haven't got that same wealth bracket, and they are maybe a couple with two kids, they're in their late 30s, early 40s, they're saving, they're they're they're trying to do what they do, but maybe they're not already suicide RFA.
• 21:33
  SPEAKER_00: So a lot of these mortgage advisors, they are understanding that A, there is always more you can be doing.
• 21:41
  SPEAKER_00: And we talk about client care and consumer outcomes all the time.
• 21:45
  SPEAKER_00: And I think one of the great consumer outcomes is have you got a will?
• 21:49
  SPEAKER_00: If you're a mortgage advisor, you just you just they always joke, don't they?
• 21:53
  SPEAKER_00: You don't sell them a mortgage, you're getting the keys to their dream home.
• 21:56
  SPEAKER_00: So let's make sure we can get that dream home in the right family where it's meant to be.
• 21:59
  SPEAKER_00: And I think that's a really big thing that we see is a lot of mortgage advisors really care about ensuring that's done, and it's such an easy add-on to their conversation.
• 22:08
  SPEAKER_00: So for them, it's a case of they can pass the lead to us very easily, they can work this really cleanly, their client is getting a um a really good service, and of course for them it's an extra service in which they can signpost in their business.
• 22:24
  SPEAKER_00: I think remember the days when mortgage advisors a lot didn't sell protection.
• 22:28
  SPEAKER_00: And now obviously more and more do sell protection.
• 22:30
  SPEAKER_00: So if you're a mortgage advisor and you're doing protection, asking that quick question of, do you have a will?
• 22:35
  SPEAKER_00: Yes.
• 22:35
  SPEAKER_00: Well, would you like it reviewed for free by Kinherit?
• 22:38
  SPEAKER_00: Seems very easy.
• 22:40
  SPEAKER_00: Do you have a will?
• 22:41
  SPEAKER_00: No.
• 22:41
  SPEAKER_00: Well, look, you've just got your dream house.
• 22:43
  SPEAKER_00: I think you need to have a chat with our with our partner from Kinherit, we can have a little chat with you.
• 22:47
  SPEAKER_00: And I reckon just under a third of the people that work with us and mortgage and protection advisors, like standalone, they don't do any IFA work.
• 22:56
  SPEAKER_00: Maybe just under a third, but yeah, it's certainly been a growing demographic for us.
• 23:00
  SPEAKER_01: It's a really great opportunity to open up the questions: do you have a will?
• 23:05
  SPEAKER_01: What are you doing about your will?
• 23:07
  SPEAKER_01: Especially when you're making probably the biggest purchase of your life, right?
• 23:10
  SPEAKER_00: We've got a couple of firms, I you know, I can't say their names, but have made it like they've made it BAU, they've made it business as usual.
• 23:16
  SPEAKER_00: They do their fact funds, do their thing, and say, have you got a will?
• 23:19
  SPEAKER_00: Yes.
• 23:20
  SPEAKER_00: Right, well, can we refer to you to a company called Kinherit who are going to review it for free if you make sure it's accurate, make sure it's legally correct?
• 23:25
  SPEAKER_00: You'd be amazed how many wills we see that aren't legally valid.
• 23:30
  SPEAKER_00: It's really concerning.
• 23:33
  SPEAKER_00: And maybe they've their circumstances have changed.
• 23:37
  SPEAKER_00: We've seen wills where people haven't rewritten them since they got married, and it's like, oh gosh, there's there's loads of reasons why they're wrong, why they're not valid, or or things that have changed, they've had another child.
• 23:48
  SPEAKER_00: It's one of the most common, they've had another child, and they're not mentioned in their will, and or they've had or their ch their children have had grandchildren.
• 23:55
  SPEAKER_00: So it's a really common way of getting that review in place.
• 23:57
  SPEAKER_00: And then the other one is just that as a mortgage advisor, have they got a will?
• 24:00
  SPEAKER_00: You say it's their biggest purchase.
• 24:02
  SPEAKER_00: So for a mortgage advisor, it's a great way of getting another another service or product in with their clients that isn't selling something bizarre and unassociated and unrelated.
• 24:13
  SPEAKER_00: A will couldn't be more related to a mortgage and protection.
• 24:17
  SPEAKER_00: Your house, you want it to go to your wife, your husband, your children, and you just bought some life insurance.
• 24:21
  SPEAKER_00: Well, if you're talking about death and big things, let's let's get the will in there.
• 24:26
  SPEAKER_01: So, Ben, thank you so much uh for joining us today, sharing um this amazing piece of technology, the Kin Vault, and the great work you guys are doing there at Kinherit.
• 24:35
  SPEAKER_01: Of course, if anybody is listening to this podcast or watching it, loads of watches out there.
• 24:41
  SPEAKER_01: If they are and they're super interested in finding out more, perhaps they want to have a demonstration, we're going to put some links into the comments where people can book in a time that suits them to have that conversation with you and perhaps a demonstration.
• 24:55
  SPEAKER_01: Brilliant.
• 24:55
  SPEAKER_01: Thank you, Sam.