Getting down to the nitty-gritty of a client’s estate can help the financial advisor land new business, according to one industry veteran.
With more than 20 years in the insurance business, Myron Neufeld, president of ERAssure – which provides insurance coverage under the trademark Estate Risk Protection Plan Inc. – outlines key ways an advisor can build their book by tackling that untouchable topic – estate planning and the will.
“One of the things I find surprising is how few financial advisors see the will,” he says. “Many times they don’t ask if one is in place. Most of them don’t know if it is current, nor do they read its contents.”
According to Neufeld – once you get past that ‘awkwardness’ pervasive whenever broaching the topic of death – the estate planning and risk discussion can deepen and lead to a more holistic relationship with the client. With the estate plan and will out on the table, inevitably the beneficiaries – such as children – are introduced – a potential client that should already be on the advisor’s radar, says Nuefeld.
“I find it interesting when an advisor wonders why they didn’t get included in the transfer of wealth when they spent no time building a relationship with the children,” he says. “Well why didn’t they spend time building a relationship? …Because the 30 year olds don’t have any money. They are not of interest to a financial advisor. But they need to be of interest to them.” (continued.)