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Seamlessly Integrating Estate Planning and Building Client Trust · The Perfect RIA

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  Amber Kuhn: Hello TPR nation. This is Amber Kuhn. Thank you
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  for joining me on today's Follow up Friday, where I'll be
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  recapping this week's episode highlights an actions items. On
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  Monday, Matt was joined by Danny Lohrfink, the co founder of
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  wealth.com which is an estate planning tool to help clients
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  get their estate documents done. Danny shared how they don't
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  spend a lot of money on marketing. Instead, they focus
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  on a brown game approach and word of mouth. He said they like
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  to meet people and marry their technology with a white glove
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  and personal touch. Matt brought up one of the biggest questions
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  that comes from advisors when they're talking about estate
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  documents with their client, and where's the line being crossed
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  to legal advice? Danny said that an advisor's role is to think
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  about their clients holistic wealth picture, and that an
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  estate plan is a book into any good financial plan. So with
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  legacy planning, he said, You need to be talking to your
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  clients about their goals, objectives and concerns.
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  Wealth.com puts advisors in that quarterback position to be able
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  to have those meaningful conversations with clients, and
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  then they take the responses and the liability to translate it to
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  a legal function, and they provide the optimal way to
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  implement it. He said advisors need to understand the line and
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  where they can't cross, such as drawing up legal documents or
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  even going into wealth.com and typing things in for your
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  clients. He said there's no room within the advisor community to
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  go outside the bounds. Nothing shared that after talking with
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  an Eno provider at conferences, how they talked about that you
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  can be liable for not advising on taxes and estate planning so
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  advisors can't just turn a blind eye to helping their clients in
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  these areas, he pointed out that there are still issues outside
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  of the ultra high net worth clients that every one of Your
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  clients and their family members needs a state document. Danny
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  shared some of the success stories that he's seen with
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  advisors, such as implementing an estate planning checklist as
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  a part of their onboarding process, and how they have a
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  network of trust and estate attorneys in every state. He's
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  also seen advisors monetize this, where they charge clients
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  for legacy planning sessions, and where they use this as a
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  part of their prospecting. This is another area and way that
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  advisors can deliver more value to their prospects and clients.
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  Let's get into action items. Visit wealth.com to get a demo
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  and learn more about them and how they can help your practice.
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  Have a way to keep track of your clients and where they are in
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  their estate planning journey and how you can help them in
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  their needs. And unless you've done this in the last 12 months,
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  for your next quarter, value add, go through every single
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  client's estate plan. On Thursday, Jamie was talking
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  about professionalism and the authority principle and why it
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  matters. Now, when you're done, Jamie recommends that you go out
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  and get credentials, because if you're older in the industry,
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  you have that experience, but when you're younger, you just
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  don't have that until getting credentials can help establish
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  some level of authority. However, she cautioned against
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  getting too many things after your name, because there's a
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  point where it just won't mean anything to your client. It'll
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  disappear that all you do is take tests. Jamie then shared
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  the authority principle, which says that people tend to follow
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  and trust the opinions of perceived authority that signals
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  to someone that this person is trustworthy because they have
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  the privilege of knowing something that you don't or that
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  you're restricted from being able to do. So when you hire
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  someone, they're the person you're looking to provide the
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  advice so you can make a decision, and you're
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  transferring the responsibility to the professional. People need
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  this because they don't like risk or uncertainty. They want
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  to be safeguarded. Jamie then talked about why this is so
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  important to constantly revisit the estate planning
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  conversation, because things change. So they are going
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  through beneficiaries every couple of years. The reason they
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  want to have that hard conversation with clients while
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  they're both still alive is that it provides emotional relief,
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  and they typically work hand in hand with the estate planning
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  attorney because they know questions will come up and they
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  want to have documentation that any other professional needs.
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  And through this, Jamie said, You stitch yourself into the
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  fabric of your client's life. It creates earned trust, and it
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  allows your clients to feel more and more confident about working
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  with you. That wraps up this week's recap. So TPR nation, if
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  you're looking for more resources, or if you have a
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  question, be sure to email us at lifestyle@theperfectria.com
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  thank you for joining me, and please share this or any of our
• 4:53
  episodes with another advisor or team who you think might benefit
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  from listening. And be sure to subscribe to The Perfect RIA
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  Podcast so you don't miss an episode. Until next time, happy planning.