Today it's important for advisers to act in order to overcome the challenges associated with increases in intergenerational wealth transfers and ageing client banks. Our experience suggests that advisers are looking for ways to retain the funds they currently have under management and introduce new clients into their customer base. Introducing an outsourced, fixed fee estate administration service to your current business model can help you to achieve this.
In the next thirty years, it is predicted that £5.5 trillion will be passed down through the generations, which presents the financial services industry with a huge opportunity.
Estate administration is the process of handling a person's affairs after they've died. It is traditionally thought of as a legal service, though it can now be utilised as a financial support service. As an adviser, you are responsible for advising your clients throughout their lifetime but this shouldn't change when they pass away. Their assets still need to be managed effectively and distributed to the next generation; that's where estate administration comes in.
Kings Court Trust are the UK's leading specialist provider of probate and estate administration. In this article, Kings Court Trust will explore how introducing estate administration into your service offering will enhance the value of your proposition, give you a significant opportunity to protect funds under management, and provide you with the chance to add new clients to your customer base. This can be achieved with minimal impact on the day-to-day running of your business.
Benefits of outsourcing estate administration with Kings Court Trust
1. Add value to your service proposition
By including estate administration as a key part of your service offering, you are in the best position to offer your clients and their families support and care during a difficult time. Kings Court Trust works with businesses to develop mutually beneficial partnerships, with a common goal of providing support for your clients.
We can offer your clients a market-leading estate administration service that removes the stress, effort and liability of dealing with their loved one's affairs themselves. You can, therefore, enhance your proposition and provide your clients with a fully holistic service.
2. Protect funds under management
The UK's wealth is concentrated in the hands of the older generation. If a proportion of your clients are in the older generation and you don't have a strategy in place to support their families when they pass away, you could end up losing assets under management if these beneficiaries do not become clients. With every referred estate Kings Court Trust administer, we will refer beneficiaries back to your practice. Therefore, you can open the conversation about ongoing advice in a natural and professional way.
3. Gain new clients
On average, there will be three or more beneficiaries named in a Will. Our introduction to the beneficiaries of the estates we administer presents you with an opportunity to gain new clients and reduce the average age of your client bank. Additionally, you have the chance to retain the funds from your deceased client and gain new money from the beneficiaries' own wealth.