estate planning...•new ways to re-engage with clients •new ways to add value to clients...
Post on 04-Oct-2020
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Take the plunge
Estate Planning
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Why bother?
Revenue opportunities
Tell me about your family
Some housekeeping
Invest
Program
• Deeper, richer client engagement
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• New ways to re-engage with clients
• New ways to add value to clients
• Deeper, richer referral relationships
• Opportunity to re-brand YOU!!
Sticky Clients!
Build a more valuable business
Profitable retainer fees
New revenues and referrals
More revenues and referrals
More referrals
Ditch damaged brand
Sticky Clients
More valuable business
Why Bother?
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Future proof your business
Why Bother?Traditional Families
• Heterosexual married couples with children
Modern Families
• Blended family: family with children from a previous marriage
• Same-sex couple: with or without children
• Multigenerational families aging parents or adult children at home
• Older first-time parents
• Others
Families/households without children
• Heterosexual couples without children• Single with no children
UBS “Beyond the Picket Fence” Report 2016
Who Will Be your clients?
Blended families lead more complicated lives?
Blended5
Future proof your business
Why Bother?
My life overall
Filing Taxes
Finances
TraditionalUBS “Beyond the Picket Fence” Report 2016
Retirement Planning
Inheritance planning is more complicated for Blended Families?
Blended6
Future proof your business
Why Bother?I’m still deciding how to pass on my wealth
There are conflicts among potential heirs
There are open topics related to my
investment plan
TraditionalUBS “Beyond the Picket Fence” Report 2016
Legalised Same-Sex Couple have issues as well
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Future proof your business
Who WILL BE your clients
Why Bother?“I would like guidance to
understand how the ruling affects benefits
“There are still open issues in my family finances due to being
part of a same-sex couple”
“There is not enough financial guidance designed for my
family type”
UBS “Beyond the Picket Fence” Report 2016
72% 60% 53%
Client Multiplier Effect
Some clients have money Most clients have families
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Client multiplier effect
Revenues
Entry level Clients
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• Stable family relationships
• An SMSF and Family Trust
• Simple succession path
• Australian only connections
Complicated Clients
• Unstable family relationships
• Blended / Same-Sex families
• Dependents with special needs
• Multiple structures with X ownerships
• Australian and overseas connections
• Complex succession paths
• Family business succession
Client Segmentation
RevenueClient Segmentation
• Traditional family • Blended families
One off Fees
• Entry level
• Complicated
• Uber Complicated
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Estate Situation Reviews
$1,200 - $3,000
$3,000 - $10,000
$10,000 - $30,000
Fee for Service
Revenue
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$500 - $1000
$1000 - $2000
$2000 - $5000
Fee for Service
RevenueEstate Administration Services
Monthly Retainer fees
• Entry level
• Complicated
• Uber Complicated
Engage your client where they live…
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…not where you do.
• Multiple wives / kids
• Family Business
• Mistresses
• Idiot child
• Gold digging in-laws
• Terminal illness
• Overseas Asset
Tell me about your money?
OR
Tell me about your family?
What would be a good outcome for you?
EngagementTell me about your family
• SMSF
• Contributions
• Pension drawdown
• Risk tolerance
• Asset allocation
• SOA’s
• Investments
Don’t start unless your serious!
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Owner stakeholder engagement
Compliance framework
Adviser training
How to…Stakeholders and compliance
• Process design
• Pricing
• Monitoring
• Marketing
• Promotion
• Understand the risks
• Risk management plan
• Templates and Fact Find
• Monitoring
• Audits
• Training
Don’t….
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Do’s and Don’ts
HowAdviser up-skilling
Do
• Give legal advice
• Draft ANY legal documents
(Legal practicesuniform Act)
• Invest in an EP course
• Learn about trusts
• Learn about estates
• Learn about wills, PoA’s and Guardianships
• Find a TEP from STEP
It will take a leap of faith!!
It takes courage to ask a question that you may not know the answer to.
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In you
Your clients
Your business
Invest
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Take the plunge and get wet
Estate Planning
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