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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.
Stay educated, stay ahead.
On a busy adviser's list of priorities professional education can often fall to the bottom, however, Brian Knight of Kaplan Professional Education insists that advisers need to keep addressing gaps in their knowledge.
Specialisation, education and technology key to year ahead
As the end of the financial year fast approaches, advisers must look ahead to what changes and improvements can be made in the coming year. On this weeks' Wealth Professional TV we catch up with Ben Kingsley of Empower Wealth and Graeme Colley of SPAA for their insights into things to come.
Growing need to attract more female advisers
Discussion around the gender imbalance in financial services is a mainstay on the agenda. However, with a growing number of women in the space, many believe the industry should be doing more to attract female advisers.
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Financial services in 2013 is seeing the broking and planning professions increasingly converge. This week Wealth Professional caught up with Mark Woolnough of ING Direct for his insights into how this convergence can produce opportunities for planners.
Budget 2013-14: What advisers need to know
The 2013-14 Budget was announced by Treasurer Wayne Swan on Tuesday night, and as the dust settles for another year, there are mixed feelings on just how financial services will be affected.
ASIC warns advisers to be vigilant in SMSF advice
A report released by ASIC in April reaffirmed the regulator’s commitment to ensuring advisers offer quality SMSF advice to investors.
Graeme Colley from the SMSF Professionals Association of Australia agrees that advisers must be diligent in the quality of advice when advising clients to establish their own fund.
The difference between average and high performance
The launch of the Association of Financial advisors white paper looking at the consumer-advice relationship offers rare insights into where exactly financial planners need to target improvements to service. Brad Fox of the AFA talks to Wealth Professional about the key differences between average and high performance.
How your vote will affect your business
As the Federal Election looms, many financial planners are considering how their vote will impact their business. We speak to Shadow Minister for Financial Services and Superannuation Mathias Cormann about what the Coalition's policies will mean for financial advisers.
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