Investing in the age of AI

When you ask someone what first might come to mind when thinking about Financial advice services, they might picture discussions about investments, pensions, repayment strategies, the list goes on. However, one of the most critical aspects of protecting a clients wealth and securing their families future often gets overlooked: Estate Planning and Will Writing.

As you of course know, as an adviser your role goes much further than just facilitating transactions- you also help clients make great long-term decisions which will in turn help shape that financial security. Estate Planning is, or should be, considered a natural extension of that role, to help ensure that your clients assets are protected and aligned with their wishes.

There are a number of reasons briefly outlined below as to why Estate Planning completes the financial picture.

Firstly if a client was to pass away without a Will and their Estate Planning in place, the distribution of assets falls under the intestacy laws, which may not of course reflect the clients wishes. By having the correct planning in place this ensures that the wealth that you’ve helped them grow is safeguarded and passed on efficiently.

Clients have gained that trust with yourself with their most significant financial decisions – adding Estate Planning to your services deepens that trust and provides them with a more holistic service, and by guiding them through topics such as, inheritance, guardianship and asset distribution you’re demonstrating a long-term commitment to their financial wellbeing.

At an already emotional time when a loved one has passed away, not having a valid Will in place can cause families to face delays, legal disputes and potentially unnecessary tax bills. As an Adviser helping clients put a clear plan in place reduces this risk and most of all provides that peace of mind and security.

Estate planning creates a bridge to the next generation. By helping clients and providing this service to structure their Estate, it also allows you to build up a relationship with their beneficiaries-potentially even becoming their trusted adviser in the future. This intergenerational link can create long-lasting business value.

Effective Estate Planning can also minimise Inheritance Tax and can protect assets from being eroded by unnecessary costs or creditors. Even simple Estate Planning can make a significant financial difference to a clients estate.

So how can you ensure that you are protecting your clients and providing the most holistic service. At APS Legal we allow associates to add Estate Planning and Will Writing along with the option of Probate services onto their existing business, to provide a more holistic service to clients and with the added benefit of an extra income stream. Our unique business model allows the associate to have full control of their clients but with APS completing the time-consuming back-office work, you are able to charge clients as you feel suitable and pay APS a set documentation fee.

Join APS Legal & fight this taboo together

We understand that the same membership doesn’t work for everyone as we are all different and have different needs and priorities, so we currently offer three different types of membership:

Referrals

To be able to assist your clients with getting a will or Lasting power of attorney put in place without having to undertake the additional work yourself, we would just need your clients’ details and then one of our Estate Planning only associates (non-IFA) would be able to deal with this for you with you receiving a 15% referral fee on completion of the case.

Training Needed – None
Costs – None
Advantage – No fees, additional service to offer clients
Disadvantage – Not keeping all the clients work inhouse. Missing out on a bigger income stream.

Full Associate

This route gives you full control of advising your clients on all aspects for Wills, Lasting Powers of Attorney and Trusts. You would meet the client as you would as usual, advise them on their specific situation and take instructions from them; we then draft all documents in house, all of course which is covered under our PI insurance and who is better to advise your clients on their future finances than you.

Training Needed – 3 Day Training course, with examination
Costs – Monthly Associate fee of £85.00 p/m for the first 12 months, dropping to £40.00 p/m from month 13 onwards, documentation fees on each
Advantage – Full range of additional service to offer clients, enhances relationship for future engagement, increased income stream.

Probate Associate

This route enables you to offer Estate Administration services to your clients. You would meet the executors and advise them on the specific situation then take information from them on the estate; we provide a fixed quote, all of course which is covered under our PI insurance. You are essentially the client contact, and all the work is provided through APS Legal and our panel solicitors.

Training Needed – Two 45-minute webinars and multiple-choice test (can be done at any time, no need to wait for a course date)
Costs – £150.00 per year (Just one case a year would more than cover this fee)
Advantage – Additional service to offer Clients and opportunity to provide financial advice to the beneficiaries.

For further information, please watch our Introduction to Will Writing & Estate Planning webinar.

Get in touch:

aps-legal.com
01909 531751
enquiries@aps-legal.co.uk