Estate planning to build your book

Estate planning to build your book

Estate planning to build your book

Another hot topic is the role of the executor, likely someone the client knows well and trusts implicitly. With this role comes various liabilities and risks, which should be outlined to the client. Protecting this individual through appropriate insurance may be the next step, while this individual could be another client for the advisor down the road, suggests Neufeld.

“…Within that discussion the advisor has an opportunity to open a whole lot of doors that they are not opening with simple asset and liability discussions,” he says. “Any shrewd advisor is going to find opportunities in those discussions that they didn’t know existed for life insurance and for other planning information opportunities.”

It could be construed as a touchy way to generate business, but as Saskatchewan advisor, Kathy Waite, points out, the estate-planning discussion is a necessity and critical to the retirement planning process. The onus is on the advisor to make sure the conversation happens, and that a comprehensive plan is in place, she believes.

“I think it’s really important because it is part of the bigger picture,’ she says. “If you don’t have that conversation, you are really failing them (clients). People don’t need good news all the time, they need the truth.”

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