Latest / The Perfect RIA / Streamlining Estate Planning with Technology with Guest Danny Lohrfink [Episode 268]

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Streamlining Estate Planning with Technology with Guest Danny Lohrfink [Episode 268] · The Perfect RIA

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  today.
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  Danny Lohrfink: Thanks for having me.
• 1:21
  Matthew Jarvis: Hello everyone, and welcome to another episode
• 1:23
  Matthew Jarvis: Now, if you guys haven't met Danny yet, it's
• 1:23
  of The Perfect RIA podcast. I'm your co host, Matthew Jarvis,
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  and with me today, special guest Danny Lohrfink, who is the co
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  founder of wealth.com if you're not familiar with wealth.com it
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  is a phenomenal estate planning tool for getting clients to
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  actually get their estate documents done. It's something
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  that I use in my practice. We've been proud to partner with Danny
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  because you're not at conferences. Because I swear
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  and wealth.com at the Retirement Tax Services Summit last year
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  and again this year, Danny, thanks so much for coming to the
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  show.
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  that Danny and his team are at every single conference I see.
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  And did I gotta confess, I feel like I'm pretty good on
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  efficiency, like I feel like I really have this dialed in. But
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  when you came to the RTS tax summit last year, we got done,
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  and you said, Hey, Matt, do you want to have this TV? And it was
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  a, it was a team. We were in Vegas, my hometown, TV that was
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  on your your your table, and it's what, even though I want to
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  have this TV. And he said, when I go to conferences, I don't try
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  to ship a TV. I just buy one there and I find someone to give
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  it away to. And at first I thought, man, these guys, these
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  startups, wealth.com, like they're just blowing money. But
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  then you help me understand, like, what was the TV? Like, 100
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  bucks at Best Buy. There's no way it would have shipped. It
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  would have for sure, bro. So I was just impressed at that, that
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  little hack there.
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  Danny Lohrfink: Well, you know, it's a little bit of a don't
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  miss the forest for the trees type moment. I mean, it's a very
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  small thing, but, yeah, you're right. It's a 250 TV, 55 inch
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  CV, and to ship it, to ship it back, it would actually cost
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  more money than to leave it or give it to someone that it could
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  really help them in their life, right? And so offering it a lady
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  or whoever, but that's actually the way that we approach. You
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  mentioned a conference circuit, yeah, attending, attending
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  conferences. I mean at wealth.com, we don't really
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  spend a lot of money on marketing. You're not really
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  going to see us a ton on LinkedIn or on Google ads. It is
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  a ground game approach, and it's a word of mouth, really gross
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  story that we've seen here at wealth.com where we like to meet
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  people, and we like to marry the technology with this really
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  white glove personal touch. And so typically, if you're looking
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  at a wealth tech company, they're probably going to
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  conferences, and they're thinking to themselves, man,
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  like that's a big check to cash to write to to go to one of
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  these conferences and to sponsor. But for us, it's
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  everything, because getting to actually look somebody in the
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  eye and explain to them, the philosophical approach to how
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  we've designed a solution specifically to meet the needs
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  of advisors and their clients downstream. I mean, you just
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  can't really replace that, that in person component.
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  Matthew Jarvis: Yeah, I love that. And for advisors
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  listening, who might be tempted to think, Well, wait a second,
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  I'm not doing a FinTech company. I'm not doing this thing. But
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  the same principle applies, like we could all, like Danny in his
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  office, me and my office. We could sit here and wait for the
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  phone to ring or for an email to come in, or we could try to play
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  around on social media and hope that someday someone's impressed
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  enough to call us. Or we can get out and just just beat the
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  streets and say, I gotta get in front of as many people as I
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  can. I need to look at as many eyeballs as I possibly can.
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  Deliver as much value as I can at the end of day. It's always
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  going to pay off. Now it's not just you. Danny, who's this way,
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  Annie, who's, what's Annie's Chief, Chief guru. She's like,
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  goddess of legal everything.
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  Danny Lohrfink: And wrote she's our chief legal officer. And
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  she, I mean, she's incredible. Her like her resume, she always
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  blushes when we talk about it, but if she's Yale undergrad. JD,
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  from Columbia, went to the premier trust in estates from
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  the country to cut her teeth at McDermott Will & Emery, and
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  worked on some of the most complicated estates on the West
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  Coast when she went to Perkins Coie. So I mean, she's got a
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  disteller resume that's only telling one side of Anne. Anne
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  is a concert pianist. She speaks four different languages,
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  Mandarin, French, Spanish and English, and she's a gamer.
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  Matthew Jarvis: That's too funny. No way.
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  Danny Lohrfink: She's a big, big time gamer.
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  Matthew Jarvis: I didn't know that last piece I've met at a
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  bunch of times well, and the reason I wanted to bring up and
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  obviously, she's a great resource on the team. But when I
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  see Anne at conferences, we saw each other at conference
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  recently, always looking to deliver value, right? So when I
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  meet and she says, Hey, how can I help you? How can I help your
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  team? How can I help you do estate planning, random estate
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  planning questions, right? I can reach out to Ann, and she's
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  helpful there. And I just, again, I want to highlight this
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  mindset of, how can I deliver as much value as possible to the
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  industry and and to consumers? And you're all talking, let's
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  jump into a big question that surfaces anytime we're talking
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  about wealth.com which is, does this put advisors on a spot
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  they're giving legal advice to clients, right? Like, this is
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  the number one. I feel like this is where the attorney trolls
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  come out. You guys are more delicate than I am. Like, the
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  attorney trolls come out on this thing. And I'm like, give you a
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  break, but, but let's talk about this kind of elephant in the
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  room. If an advisor is telling a client, Hey, you don't have a
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  state document, you need to have them. And wealth.com is a great
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  resource. Where is the line being crossed?
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  Danny Lohrfink: Yeah, honestly, it's a question that needs to be
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  asked, a question that you should shy away from. And anyone
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  that does shy away from this question like, be wary of it,
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  right? First and foremost, an advisor's role. They think about
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  their clients, holistic, wealth, fiction and so you think about
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  that family office like experience that's coming
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  Matthew Jarvis: That's a great distinction, right? And maybe to
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  downstream. Clients expect you to be thinking about their
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  wealth holistically. And of course, the estate plan is the
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  bookend any good financial plan. How do you build a financial
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  plan without knowing what the end game is? And you think about
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  the modules of the CFP, well, like there's an entire estate
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  planning module in the CFP, right? Why is that? Well,
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  because legacy planning is critical, critical, critical for
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  advisors to be on top of now, what should advisors be doing?
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  Legacy planning? Yeah, you should be absolutely talking to
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  your clients about their goals, their objectives, their
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  concerns. Do you do you have any charitable inclinations? Do you
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  want to potentially give money to charity upon your death? Do
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  you get along with all these different children of yours
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  without nieces and nephews? Who might you want to serve as the
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  guardian for your kids? Here's some things to think about when
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  thinking about who to nominate as a guardian for your children,
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  what happens to your pets, your little puppy that you love? Do
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  you want it ending up in a shelter like these are like
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  these are very, very clean conversations for advisors to
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  have totally now where it starts to tip over the line is when an
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  advisor starts to say, Okay, you should have a marital sub trust
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  in your documents. Sure. You should have a trust for your
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  descendants that should terminate at the age of 25 or
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  even, you should have a will, right? And so there are some
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  solutions out there that allow advisors to literally select the
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  types of documents and the underlying constructs of the
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  documents for their clients. Wealth.com actually doesn't
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  allow that. What we do is we put advisors in that central
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  quarterback position to literally have all those
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  meaningful, meaty conversations around the legacy planning,
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  global objectives and concerns. But then wealth.com takes those
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  responses and we we take on a liability to translate it into
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  the legal function. So we will ingest those goals and
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  objectives, and we will then say, All right, then you should
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  have a trust based estate plan that is a joint revital trust
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  between the two spouses. And because it's a blended family
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  and it's a second marriage. Maybe you want to have a marital
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  sub trust in there. Oh, you have, you have kids that are on
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  the age of 15. You worry that if you pass away too soon, they are
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  going to have a huge windfall too early, and you're self at
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  the age of 18, and you inherit money at 18 years old. You want
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  to have different distribution breakdowns, great wealth.com
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  takes that into consideration. It says you should have a
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  descendants. Here's the optimal way to implement it. So that's
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  kind of the fine line. There is talk about the goals, the
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  objectives, the concerns, but then leave it to the experts
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  like wealth.com to translate that instantly, of course,
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  because we're leveraging technology, but translate that
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  into that into legal clarification.
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  draw a couple of more lines around that, right? So
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  obviously, talking about estate planning, like not a problem.
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  It's actually something you literally need to be doing as
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  part of the CFP curriculum. But if you cross lines, like, if you
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  were drawing up documents, you're gonna have a big problem.
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  If you were logging into wealth.com Before clients and
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  typing this stuff in, that's a that's a big problem.
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  Danny Lohrfink: Which, by the way, Matthew, we've actually
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  fired a partner of ours because we found out that they were
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  doing you
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  Matthew Jarvis: Absolutely cannot do that. You can't do
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  that.
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  Danny Lohrfink: And there's no room within our advisory
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  community to go outside the bounce. I mean, we work with
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  over 400 Wealth Management institutions today, 1000s of
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  financial advisors, and the reason why we've been successful
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  is because you really only work with the financial advisory
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  community all this thinking for you to, like, let us do that
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  please, because you're bad at like, don't, yeah, it's not a
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  good idea from a legal standpoint.
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  Matthew Jarvis: And you're as an advisor, I'm going to be bad at
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  that. You don't, don't, don't go down that path to you. Danny,
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  this is something that advisors, we need to remember. You have to
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  have hard lines in the sand. You have to say, hey, there's things
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  I'm not going to turn a blind eye to. So I mean, wealth.com
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  could say, like, Well, hey, listen, we're not the ones in
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  there typing in, you know, we're just not going to say anything.
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  But she said, No, like, that's not acceptable. That's a
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  problem. Get off the system. Interesting. Dana, I didn't
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  mention this to you before we hit record. When I was at FBA
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  NorCal and Ann Rhodes and I were chatting, I went later and
• 10:41
  talked to the ENO provider that was there. I always like talking
• 10:44
  to the ENO providers. And I was like asking, Hey, where are you
• 10:47
  seeing ENO claims? And so they tell me some horror stories. And
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  I say, have you seen any EO claims on people giving tax
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  advice or people giving legal advice, like crossing that line?
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  And they sat back, and they said, they get this is not
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  official. This is when I was chatting with them. They said,
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  No, we actually see the opposite. They say, we've been
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  paying a huge amount of claims out on advisors who did not
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  advise on taxes and who did not advise on estate planning.
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  Specifically, the ENO providers are having to pick up the income
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  and estate tax bills for advisors who did not advise
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  their clients so did. We'll see like, the opposite extreme.
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  We're seeing like, Hey, listen, like, I don't want to get
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  involved in legal planning. You can be liable for that. This
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  isn't something you can turn a blind eye to.
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  Danny Lohrfink: I mean, think about it this way. Matthew,
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  yeah, you have all this portfolio alpha that you're
• 11:36
  trying to generate, right? You're trying to find the best
• 11:39
  managers, the best whatever, but then you're just going to
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  completely ignore the tax alpha, right? Like, how does that make
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  any sense? Especially if you're Do you have any high net worth
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  or ultra high net worth clients? With the sunset at the tax cuts
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  and Jobs Act, it's taking the estate exemption threshold from
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  an all time high where it is today, at 13.6 1 million per
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  individual, and it's cutting it in half, which means if you have
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  clients that like, might end up passing away with a total
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  taxable estate that's like, $7 million or more, which like, if
• 12:12
  they have $4 million today and they're in their 40s or
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  something like, very likely that they will, they're going to,
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  yeah, right, then you have to be thinking about Taking advantage
• 12:20
  of the all time high exemption thresholds today, starting to
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  move some money outside of their taxable estate, because you can
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  actually fully erode the entirety of the portfolio alpha
• 12:30
  that you generate because you didn't think ahead to the fact
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  that, hey, if the client passes away post sunset with $8 million
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  taxable estate and the threshold is 7 million, well, they're
• 12:40
  above by a million, and Uncle Sam is going to hit them with a
• 12:44
  40% tax bill on that 1 million over writing a $400,000 check to
• 12:49
  Uncle Sam. Well, client ain't going to be too happy with your
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  negligence there.
• 12:53
  Matthew Jarvis: Yeah, especially when their estate planning
• 12:54
  Unknown: Well, I love that you guys do that, Matthew, because
• 12:55
  attorney says, Hey, listen, you could have avoided this $400,000
• 12:58
  tax if you had called me earlier, right? So you know,
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  there's, there's a bus to be, to be backed up there, yeah, well,
• 13:03
  and Danny, let's step even a different level, kind of the
• 13:06
  massive fluid, even if you're listening to you're saying,
• 13:06
  the way that we price our solution is not per client, it's
• 13:08
  Well, hey, my clients aren't at that level. We still have these
• 13:11
  not per document. It's a subscription cost where you guys
• 13:11
  issues with Power of Attorney documents. We still have
• 13:13
  buy a subscription to wealth.com and then you're able to get
• 13:14
  community property agreements. There's such an illusion that
• 13:17
  estate planning is for, like, the ultra high net worth or
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  whatever that, whatever that means, every client of yours
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  needs estate documents and all of their children, which is
• 13:23
  whoever within your book of business, even if it's not in
• 13:25
  something I've really enjoyed with wealth that comes out.
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  Saying to clients like, Hey, listen, have your adult kids got
• 13:31
  their estate documents done? And most clients tell me, I don't
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  know, but I suspect the answer is no, young people haven't done
• 13:36
  it. Great news. We have this great resource you can use, and
• 13:39
  it's been really positive with clients to say, even if your
• 13:42
  documents are taken care of, or if your level of complexity is
• 13:45
  beyond what can be through wealth.com. Greeners use this
• 13:48
  resource for your family.
• 14:01
  your book business, use it as a prospecting tool to go to the
• 14:07
  local church and say, hey, I want to get everybody here
• 14:11
  within the congregation set up with estate planning documents
• 14:15
  at no cost, and use it as a prospecting tool to bring in. I
• 14:18
  love that you get with kids of your clients, because it goes
• 14:22
  back to that old adage, like you do something for me when you're
• 14:24
  paying me and like, I expect that, but if you do something
• 14:27
  for my family or for my friends, like now, I'll remember that
• 14:30
  forever. I love that you do that because, I mean, again, there's
• 14:33
  no additional cost per document or per client to be able to do
• 14:37
  it. I mean, it's all included in that subscription cost.
• 14:39
  Matthew Jarvis: I love that it's priced away. I was recently
• 14:41
  talking to a FinTech provider who won't be named here in a in
• 14:44
  a different, adjacent space, and we were kind of going through
• 14:48
  the offering. It was pretty cool. But then I was doing the
• 14:50
  math. I said, Hey, if I do this for all of my clients, it's
• 14:52
  going to cost me $70,000 yeah, it's not that great. I can't pay
• 14:56
  $70,000 for this. He says, Well, just do it for your favorite
• 14:59
  clients. Cool. That one will be great. You know, like, finds out
• 15:03
  that I didn't do it for all my clients, or something like that.
• 15:05
  So I love how the model is set up. Well, Danny, you you've
• 15:08
  worked with a lot of advisors. I mean, this is exclusive
• 15:10
  wealth.com does works with financial advisors and their
• 15:13
  clients. What are some of the real success stories you've seen
• 15:17
  with advisors, either specific to wealth.com in general,
• 15:20
  because, again, you're working with hundreds of advisory firms.
• 15:22
  You're seeing a lot of things that the average person has not
• 15:24
  seen.
• 15:24
  Danny Lohrfink: I'll give you a few examples. One firm, they've
• 15:27
  instituted, you know, through their onboarding checklist of
• 15:30
  any new clients, estate plan checkup. And so you're a new
• 15:34
  client, you are onboarding with the financial advisory
• 15:37
  institution. And the question is asked, Do you have an existing
• 15:41
  estate plan? If the answer is yes, then they get the estate
• 15:45
  planning document, they upload it to wealth.com system, run it
• 15:48
  through our AI extraction technology, and then bring it to
• 15:51
  life through a visual report showing the client how their
• 15:54
  existing trust or will looks now, if the answer is no, then
• 15:57
  they embed as part of that process a 40 minute session to
• 16:01
  think through the legacy planning goals, objectives, and
• 16:04
  then they go ahead and the client creates document in
• 16:08
  conjunction with the advisor. Kind of walk through each step
• 16:10
  along the way. And so literally, within six months, they've
• 16:13
  gotten 50 of their new clients through the door and set up with
• 16:17
  estate planning documents. So that's that's one way to do it,
• 16:20
  through wealth.com you also, we have a network of trusting
• 16:23
  estate attorneys that are barred in every single state. So like,
• 16:26
  if at the end of the process you have that document, you have
• 16:29
  this instantly generated, you know, pretty visual report, but
• 16:32
  you're like, look, I would just rather have an attorney that
• 16:34
  barred in in my state give it a once over. Like, no problem.
• 16:37
  Like, we have that plug and play as well. So some advisors, they
• 16:40
  actually mandate as part of the process that, okay, we're going
• 16:43
  to go through this, we're going to create the document, but
• 16:45
  before you sign it, meet with one of those attorneys. Now,
• 16:49
  another example of a great success story that we've seen is
• 16:52
  advisors that are monetizing this. So Cambridge, for
• 16:56
  instance, Cambridge broker dealer, they have wealth.com
• 17:00
  approved for advisors to use, but also for advisors to charge
• 17:04
  clients for legacy planning sessions. So what we find is
• 17:08
  that advisors are making wealth.com not just a value add
• 17:12
  and be able to deliver estate planning solutions to their
• 17:16
  clients, but it's actually a profit center for them. And so
• 17:20
  what they do is they pay the subscription license to
• 17:24
  wealth.com and then they will then host these legacy planning
• 17:28
  sessions with their clients, talking through goals and
• 17:31
  objectives. Because again, like you're spending your time,
• 17:34
  you're spending like your expertise to help your clients
• 17:36
  think through this stuff. And they're charging anywhere
• 17:39
  between $750 up to $2,000 for these legacy planning sessions.
• 17:44
  And so after just like reliance, not only is the money made back,
• 17:47
  but it starts to become a profit set.
• 17:49
  Matthew Jarvis: Yeah, it really is. I want to draw out something
• 17:51
  here for our advisors listening. It's fun. We have listeners
• 17:54
  standing across the entire spectrum, right from Ras to
• 17:56
  Edward Jones guys to Merrill guys to everything in between.
• 17:59
  Yeah, if you are on a more compliance restricted platform,
• 18:02
  and they say, Hey, listen, I don't know if we're going to
• 18:04
  offer wealth.com or allow that to happen. What I like to do in
• 18:06
  that situation, you need to do this very gently, is pull on
• 18:09
  wealth.com website the list of all the firms they're working
• 18:12
  with, including Cambridge, reach back out to your compliance
• 18:15
  officer. Say, Hey, I really appreciate this. Supporting is
• 18:17
  important. I really appreciate you trying to keep us in line
• 18:19
  with the rules. Can you help me understand these firms are able
• 18:22
  to offer this, and we're not right? Can you help me
• 18:26
  understand so this is a good framework. You're not trying to
• 18:28
  be the first firm to use wealth.com there's all these
• 18:30
  other groups using it. So that's always a great approach. Now, if
• 18:33
  you go to compliance and say, Hey, that's not fair, and I
• 18:35
  don't like you, you're going to get nowhere. But again, that
• 18:38
  approach of help me understand how all these other firms are
• 18:41
  using it and charging for is great, great approach on
• 18:43
  compliance. Danny, other examples, I love this Cambridge
• 18:46
  group that they're charging for it as part of their financial
• 18:48
  planning process. That's incredible. The group that's
• 18:51
  gotten their last 50 clients set up with it also incredible. Any
• 18:55
  other examples that come to mind?
• 18:56
  Danny Lohrfink: Yeah there's a firm called LifeWorks. They have
• 18:59
  embedded estate planning joined by a gentleman by the name of
• 19:03
  Ron bolas. He's fabulous super tech. They had embedded estate
• 19:07
  planning as part of their prospecting practice. And so
• 19:10
  they said, Look, we're going to give away estate plans for free
• 19:14
  to prospects to bring them in the door. And so they pay a
• 19:17
  subscription to wealth.com of course, they're getting all of
• 19:19
  their clients set up. But then they're going around and
• 19:22
  thinking, Hey, do you need to get set up with any estate
• 19:25
  planning documents? Let me take care of you. And then they buy
• 19:28
  you that process. Start to understand what actually is in
• 19:32
  the client's estate Right? Like your estate plan is a plan for
• 19:36
  your estate which is like everything that you own, like
• 19:38
  everything that, like you have oversight over while you're
• 19:41
  still alive, and so it allows you to start to get insights
• 19:44
  into like the client's assets or the prospects asset retirement
• 19:48
  accounts, to what are in their their brokerage accounts. Are
• 19:51
  there any advisory accounts? Where do they live? Do they have
• 19:54
  multiple homes? And by uncovering that all of a sudden,
• 19:57
  you can not only move forward with the estate plan, but you
• 20:01
  can also start to trickle in some Hey, have you thought about
• 20:04
  this on the financial planning or on the tax planning side? And
• 20:08
  all of a sudden, the doors bust wide open, and that prospect
• 20:11
  becomes a full time client. So this firm Life Works, I think,
• 20:15
  Danny Lohrfink: Well. I mean, you talk about all the time,
• 20:15
  Matthew Jarvis: Yeah, yeah, that's incredible. I mean, I use
• 20:15
  does a fabulous job.
• 20:15
  Matthew Jarvis: That's an incredible strategy, because
• 20:17
  it's it focuses on this key point of what's in it for them,
• 20:20
  right? If we lined up 10 financial advice or 1000 all but
• 20:20
  deliver value like Well, are you talking about value that might
• 20:24
  one would sound like, Hey, I think I'm the best. So you
• 20:27
  should come talk to me like that's really the extent of
• 20:29
  almost every advisor's marketing. I think I'm the best,
• 20:31
  therefore come talk to me and life works. Your point is
• 20:34
  saying, let's not even talk about if I'm good or not. Let me
• 20:37
  just help you in this area, like it's so important to me that
• 20:40
  everyone I know has a state documents we've actually
• 20:40
  that in my prospect process. In that I say, hey, this process is
• 20:42
  created, bought this service. It's available to you to have
• 20:45
  been in our community, our niche, or whatever the case may
• 20:47
  be. Now that one advisor is not just head and shoulders. They're
• 20:50
  playing a completely different game, and so anywhere,
• 20:53
  especially in prospecting, where I can play a different game,
• 20:55
  hands down, that's where I'm going to win. So that's an
• 20:57
  incredible story. Dan, I appreciate
• 21:04
  manifest itself 10 years down the road, right? Or are you
• 21:08
  talking about value right now? If you're working with a
• 21:10
  prospect and you're like, look, my investment philosophy is
• 21:13
  going to pay dividends in 10 years or 15 years. Like, that's
• 21:16
  a pretty hard sell. But if you're working with a prospect,
• 21:19
  you're like, Hey, I'm gonna get you set up with a trust
• 21:21
  tomorrow.
• 21:31
  designed to help you make an educated and informed decision
• 21:34
  about our firm. And great news, you can take the same process
• 21:36
  and evaluate any other firm, but I'm thinking Danny from this
• 21:39
  angle of wealth.com. Right? I can say, hey, in this process,
• 21:43
  you are actually going to end this process with your estate
• 21:45
  documents completed, whether we decide to work together or not.
• 21:48
  So, worst case scenario, you're going to have these documents
• 21:50
  done. It's been on your list for years. And if you decide to hire
• 21:53
  another firm, and we're not a good fit, like, that's awesome,
• 21:55
  but you're going to leave with a tangible deliverable, versus,
• 21:58
  like in almost every other shop is saying, like, hey, I'll hand
• 22:00
  you 100 page Monte Carlo illustration. You won't know
• 22:02
  what it means, but please work with me for sure.
• 22:04
  Danny Lohrfink: For sure. I mean, all kind of been on the
• 22:07
  other side of it in some degree with other services that we came
• 22:10
  to it. But, like, think about it from the from the perspective of
• 22:13
  the end client. Like, you can only talk about the Sharpe ratio
• 22:16
  so many times before they're like, Dude, I get I get it.
• 22:19
  Matthew Jarvis: I don't get I just don't hear about it
• 22:20
  anymore. Yeah, exactly, exactly, that is awesome. Well, Danny,
• 22:24
  it's okay. Appreciate wealth.com as a part as a great, valuable
• 22:28
  resource to members. Of course, your team will be at the
• 22:30
  retirement Tax Services Tax summit in Tempe, Arizona,
• 22:33
  September 25 the 27th excited to see you there. But this podcast
• 22:37
  is, of course, about taking action. So in addition to
• 22:40
  visiting wealth.com and doing a demo, what are some action items
• 22:43
  that come to mind for you?
• 22:46
  Danny Lohrfink: Yeah, some of the best advisors, they in their
• 22:48
  Salesforce or wealthbox or rental, whatever CRM system that
• 22:52
  they're using, they will actually segment their book of
• 22:55
  business and start to create little widgets that say, all
• 22:58
  right, which clients do not have estate plans. Which clients do
• 23:01
  have estate plans? Now, if the clients do have estate plans,
• 23:04
  when's the last time that we reviewed it? That's a very
• 23:07
  simple widget, but allows you to really keep track of your
• 23:10
  clients and where they sit on their estate planning journeys.
• 23:14
  Of course at wealth.com, you can do all that through our advisor
• 23:17
  portal, and we have direct API integrations directly into
• 23:20
  Salesforce and Microsoft Dynamics and Redtail and wealth.
• 23:23
  So we can do that for you, but even if you don't use wealth.com
• 23:27
  I recommend doing that because it allows you to actually take
• 23:30
  the first step of thinking about your clients and starting to
• 23:33
  think about their different needs. If they do have estate
• 23:36
  plans, how can we approach it and embed it as part of our
• 23:39
  annual portfolio review process, and if they don't have estate
• 23:43
  plans, how can we start getting them set up? Because, again,
• 23:46
  that's the point that we discussed earlier. It's almost
• 23:49
  negligence to allow your client to continue to operate without
• 23:52
  the end to their financial plan.
• 23:54
  Matthew Jarvis: Yeah, I'm gonna even for an action. I'm gonna
• 23:56
  take that, take that one step further, unless you've done this
• 23:59
  in the last year, the last 12 months. Take this calendar
• 24:02
  quarter and go through as your value add. Take this quarter
• 24:05
  from every single client's estate plan. Danny, to your
• 24:07
  point, if they don't have one, or you don't have a record of
• 24:10
  it, great news. Time to reach out if they do have one. Great
• 24:13
  news, time to reach out, let them know. Hey, it still looks
• 24:16
  current, or if it's way out of date, great news. We need to
• 24:19
  update this. But yeah, Danny, I'm 100% on board every advisor
• 24:22
  CRM needs to have in there. What estate documents do we have when
• 24:25
  they last updated? This is not an optional area. Well. Danny,
• 24:28
  hey, thank you so much for being on the show. I appreciate all
• 24:31
  the great stuff that you and your team are putting out in
• 24:34
  industry. I look forward to seeing you in September and for
• 24:37
  all of our listeners until next time, happy planning.
• 24:39
  Amber Kuhn: TPR nation. You know that it's a competitive market
• 24:46
  out there, so how are you standing out as an advisor while
• 24:53
  still having a streamlined process? If you're looking for a
• 25:00
  way to provide value and help your clients with estate
• 25:07
  planning, then it's time for you to download our Estate Planning
• 25:15
  Guide help your clients document their final wishes to ensure
• 25:22
  peace of mind. Visit theperfectria.com/estateguide to
• 25:29
  get your access today.