Kara Mondoskin, Chief Operating Officer of Trucendent, joined Keith Black, Managing Director of RIA Channel, to discuss how estate planning services can help grow an advisor’s business.
Over $70 trillion is likely to be inherited in the next 25 years. Unfortunately, only about half of advisors reach out to anyone in the family other than the client’s spouse. Currently, over 90% of children leave their parent’s advisor once they receive their inheritance. This provides an opportunity for more advisors to connect with the next generation, who will need expert advice to help navigate these transitions. Advisors can grow their practice if they can engage the next generation and maintain these relationships after the passing of their beneficiary’s parents.
Advisors can expand their practice by offering estate planning services and building trusted relationships with the next generation. Trucendent provides estate planning experts, including corporate trustees and estate planning attorneys, to help advisors stay at the center of the relationship with their clients. Trucendent is integrated with the estate planning tools that advisors are already using in popular software platforms.
The choice of individual vs. corporate trustees is an important one. Individual trustees have many responsibilities, including accounting, regular statements, and money management, to a very high standard. A corporate trustee offers many benefits, including professional oversight of all of these tasks and the ability to navigate family dynamics. A corporate trustee also allows an advisor to continue managing client assets.
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