“An investment in knowledge pays the best interest.” Benjamin Franklin
For new financial planners, building a strong client base starts with understanding the concerns and questions your clients will have and being prepared to help answer them.
Estate planning, in particular, can be a complex and sometimes intimidating topic for clients.
Many will be looking for guidance and reassurance as they navigate through unfamiliar territory.
And you need to be ready to give it to them.
- Many people have questions about estate planning and are looking for a financial planner to help address them in a thoughtful and knowledgeable way.
- While free estate planning tools might appeal to clients with simple needs, they rarely account for unique or complex circumstances that tend to surface over the course of a person’s life.
- As a financial planner, you’ll want to invest in good estate planning software in order to help your clients with this important part of their financial planning journey.
- 1. “Should I Try the Do-It-Yourself, Free Software Platforms?”
- 2. “Do I Even Need an Estate Plan? I’m Still Young.”
- 3. “I’ve Heard Estate Planning is Expensive. How Much Will It Cost Me?”
- 4. “Can I Make Changes to My Estate Plan?”
- 5. “How Do I Talk to My Family About My Estate Plan?”
- 6. “How Do I Know if My Estate Warrants Working with a Financial Planner?”
- The Best Estate Planning Conversations Start with Holistiplan
It’s common for a new client to come to your financial firm with a list of questions pertaining to their estate planning, and how your services can help address their needs.
These questions often cover a range of topics, such as the creation of estate documents, tax strategies, naming beneficiaries, and more. New clients may also be curious about the tools and technologies you use, the cost of your services, and how you tailor estate plans to fit their unique circumstances.
As a financial planner, being prepared to address these questions with clarity and confidence is key to establishing trust and building strong client relationships.
Let’s look at some common questions many new clients have surrounding estate planning and how you can best answer them.
1. “Should I Try the Do-It-Yourself, Free Software Platforms?”
It’s no surprise that free online estate planning software has become a go-to for individuals just beginning to think about their future plans.
After all, the promise of creating a legal will, revocable living trust, or other estate planning documents at no cost can seem appealing, especially for those seeking a quick solution.
As a financial planner, it’s important to acknowledge the benefits that some of these tools may have for certain clients while also helping them to understand their limitations.
Consider This Response:
A free online will or other estate documents can be a helpful starting point for individuals with simple estates, but it’s often not robust enough to handle the complexities of most financial situations.
These tools lack the ability to account for unique circumstances, such as blended families, business ownership, or large estates with specific tax concerns.
In contrast, a comprehensive estate plan crafted by professional legal counsel ensures that a person’s wishes are legally binding, tax-efficient, and tailored to personal goals. By working together, we can create a plan that not only meets your needs today but evolves as your life circumstances change.
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Get Started Today2. “Do I Even Need an Estate Plan? I’m Still Young.”
Many younger clients may feel that estate planning is unnecessary for their stage in life.
They assume that estate planning is something to address later, perhaps closer to retirement when they may need things like health care directives, a living will, or other documents pertaining to their advanced age.
However, estate planning is about more than just distributing assets after death—it’s about protecting loved ones and preparing for the unexpected.
Consider This Response:
Estate planning isn’t just for older generations or those with significant wealth. It’s about protecting your assets, making sure your loved ones are cared for, and ensuring that your wishes are honored—no matter your age or financial standing.
Life is unpredictable, and having an estate plan in place, even a basic one, can bring peace of mind.
For example, designating guardians for children, naming healthcare proxies, and establishing beneficiaries for life insurance policies are all essential components that apply to everyone, regardless of their life stage.
3. “I’ve Heard Estate Planning is Expensive. How Much Will It Cost Me?”
Cost is often a significant concern for clients, particularly those who are budget-conscious or just beginning their financial planning journey.
Many will want to know if working with a financial planner is worth the expense when compared to do-it-yourself options.
Consider This Response:
While the cost of estate planning often depends on the complexity of your financial situation and the level of expertise required, many financial planners have their own estate planning software as part of their tech stack of services.
Finding a financial planner who offers estate planning as part of their comprehensive suite of services can be a great way to ensure you receive both expert guidance and access to advanced tools tailored to your needs.
Estate planning software integrated into a financial planner’s practice can simplify processes, minimize errors, and provide customized solutions—making it well worth the investment.
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Start Your Free 7-Day Trial4. “Can I Make Changes to My Estate Plan?”
Life is dynamic, and clients often worry that creating an estate plan today will lock them into decisions that may no longer be relevant as their circumstances change in the future.
Consider This Response:
You can absolutely make changes to your estate plan. Your estate plan is a living document that should evolve as your life does. Major life events—like marriage, divorce, the birth of a child, or the purchase of a home—are all reasons to update your plan.
Financial planners who have the right estate planning software are able to help you adapt your will-based estate plan as your circumstances change.
With advanced estate planning software, financial planners can quickly identify areas that need updates, streamline the process, and ensure that your plan remains legally sound and effective.
Whether you need to revise beneficiary designations, change your durable financial power of attorney, or adjust asset allocations, professional guidance ensures that your estate plan continues to reflect your goals and priorities.
Regular reviews and updates are an integral part of maintaining an estate plan that evolves with your life, providing peace of mind for both you and your loved ones.
5. “How Do I Talk to My Family About My Estate Plan?”
Clients may struggle with initiating conversations about sensitive topics like estate planning. As their financial planner, you can offer strategies for tackling these discussions.
Consider This Response:
Talking to family about how estate planning can be challenging, but it’s an important step in ensuring that everyone understands the wishes of everyone else. It also means that your estate won’t have to go through a lengthy probate process, something that can be incredibly time-consuming and emotional for loved ones who are grieving a loss.
Start by focusing on the practical aspects and explaining the purpose of the plan. Emphasize that the plan is designed to protect all parties involved and avoid confusion later. Make sure that it’s clear the role you can play to help make these conversations go smoothly.
6. “How Do I Know if My Estate Warrants Working with a Financial Planner?”
Ultimately, clients may wonder what value a financial planner brings to the table, especially if they feel that their assets are minimal and there are so many DIY tools available for creating their own documents.
Consider This Response:
Working with a financial planner means that a person has a trusted partner who understands the complexities of estate planning and can tailor solutions to each individual’s unique needs.
A financial planner can provide the expertise, attention to detail, and personalized support that software alone can’t offer.
The Best Estate Planning Conversations Start with Holistiplan
For clients seeking peace of mind and personalized strategies, tools like Holistiplan can make all the difference.
Estate planning is not a one-size-fits-all process, and professional guidance ensures that every detail is addressed with precision and care.
Holistiplan’s advanced software simplifies the complexities of estate and tax planning, providing you with the ability to adapt their plans as life evolves.
This ensures that your clients receive a comprehensive estate plan tailored to their goals and circumstances.
When it comes to helping your clients come up with a solid estate plan, turn to Holistiplan for help.
Holistiplan is the most simple answer to your firm’s tax and estate planning needs!
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