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Visual estate planning tool increases engagement
On this week’s Wealth Professional TV, Hans Egger, founder and creator of the Astute Wheel explains how new software will help engage clients with the importance of the estate planning process.
Video transcript below:
Reporter: Engaging clients with the estate planning process is a common challenge for most financial planners, often with limited success. Hans Egger of Astute Wealth Advice says most clients are confused right at the start.
Hans Egger: Well estate planning is one of the subjects that financial planners study and makes that part of the advice that we offer to our clients. But for too long it’s been put in the too hard basket and most financial planners limit their advice to, if you don’t have a will and a power of attorney in place at the moment then maybe you should get one and that’s a conversation that’s repeated every year.
I think most of our clients don’t know where to start in the process. They are concerned about the cost, they are concerned about finding a lawyer that they can trust to take them through the process and who can blame them because estate planning is complex and to do it properly requires the collaboration between your accountant, your lawyer and your financial planner.
Reporter: Egger believes financial planners are very well positioned to assist.
Hans Egger: Well financial planners are well placed to assist in the process. We typically understand what assets you hold and where, in what entities, we understand what life insurance is in place and how superannuation and pension are treated in estate planning. We also typically have a very good relationship with our clients and we are able to ask the more personal questions to find out if maybe the estate planning solutions required could be a bit more complex. For instance, you may not want your 25 year old daughter in her first de facto relationship to receive a million dollars in her own hands, because that relationship may not last and that, those funds would be at risk.
Reporter: Egger explains that Astute have added an estate planning section to their Astute Real Solution, an online tool that simplifies the process in the eyes of the client.
Hans Egger: Well the Astute Real Solution provides a series of online steps to guide the financial planner and the client through the process. First we build a family tree to identify all the related parties and then an entity diagram to identify any companies, trusts or super funds. We can then visually display to the client what assets are held in various entities and how they would be treated if no will existed. We can identify potential problems and determine possible solutions. Finally the system generates various options for the clients to consider and produces a briefing paper for the client to take to their solicitor to confidently work through the process and get those documents in place, their will, powers of attorney, powers of guardianship and anything else that needs to be considered.
Reporter: Egger believes the new software will help more planners and clients alike engage with the vital process of estate planning.
Hans Egger: Yes I think financial planners finally have an easy to use suite of tools that can add real value to their clients and as a result of going through the process, clients can understand the importance of estate planning to their circumstances and there are no more obstacles for them to engage a solicitor to implement their estate plan.
'Ride the Wave': SPAA conference takes SMSF sector into 2014
On this week’s Wealth Professional TV, Graeme Colley of SPAA discusses their upcoming National Conference and the year ahead for the SMSF sector.
AFA urges advisers to continue on education path
As the industry spotlight moves on to adviser education, the AFA teams up with education partner Kaplan Professional to release refreshed postgraduate options for advisers, creating a clearer continued education path.
Estate planning not just for the wealthy
Peter Townsend of Townsends Business and Corporate Lawyers tells Wealth Professional why and how advisers should be helping all their clients with their estate planning.
Know the power of social media
AFA Adviser of the Year, Jenny Brown, on how she uses social media to increase client engagement.
Best practice will help to keep best advice promise
Dan Powell of Actuate Advice Solutions says that cracking the best practice puzzle will help advisers better fulfil their clients' needs.
Top female adviser warns: "A man is not a plan"
Wealth Professional talks to Christine Hornery of Financial Management Solutions about the importance of more women practicing financial advice, and why now more than ever women should be seeking financial advice.
FPA Congress looks 'beyond FOFA'
This Thursday and Friday saw the inaugural Financial Planners Association of Australia Congress at Sydney's Convention Centre, bring together delegates from all over the country.
Wealth Professional took the chance to speak with CEO, Mark Rantall, who believes strongly in the importance of events like this.
Advice on re-engaging under FOFA
Hans Egger, co-founder of the Astute Wheel Client Engagement Platform, talks to us about how advisers can reach out to their disengaged client-base under the new FOFA regulations.
AQUA II dividing opinion
The Australian Securities Exchange's new AQUA II platform has received a mixed reception from financial institutions. On this week's Wealth Professional TV we speak to Matt Lawler of Yellow Brick Road and Connie McKeage of OneVue for their opinions.