The process can also be revealing and can help build a more holistic picture of all a clients’ assets, which may help advisers deliver better, more comprehensive financial planning.
For example, estate planning is often done in conjunction with the transfer of other assets (the sale of a home or business), which can often result in advising on new assets.
This makes it a win-win-win situation for advisers. There is the opportunity to add significant value to clients at a time when they are at risk of not achieving their goals.
Advisers can preserve wealth for the next generation, building stronger ties with new, younger clients. It adds value for clients and for financial planning businesses.
Nick Bird is head of strategic growth for Octopus Investments
