Matt Morris, CEO of EncorEstate Plans, joined Julie Cooling, Founder and CEO of RIA Channel, to discuss the benefits of advisors assisting clients with the creation of estate planning documents.
Encore partners with advisors to create documents for estate plans, including wills and trusts, in just 20 minutes. The software can also create a visual summary of a client’s existing estate planning documents. The program can create documents for business assignments and can prepare and file property deeds to fund trusts. This overcomes a key issue, as many trusts are being created without being funded.
Encore doesn’t place the advisor in the situation of providing legal advice, but facilitates the advisor working with clients to prepare their own estate planning documents. Advisors can use the platform to help clients avoid the procrastination that has left two-thirds of Americans without estate planning documents. Encore doesn’t just offer software that prepares documents; every document is reviewed by Encore’s experienced estate planners for quality control purposes. This team of estate planners is a back-office partner to advisors to facilitate the process for their clients.
Because the client is preparing their own documents, they don’t need to pay an estate planning attorney to oversee the process. Morris notes that offering estate planning services differentiates advisors who can earn higher revenue while retaining clients and increasing referrals.
Encore doesn’t offer subscription-based services, allowing clients to purchase one document package at a time.
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