The Process and Benefits of the Financial Advisor Relationship with an Estate Planning Attorney Presented by Michael J. Wittick Attorney & Counselor at Law 1
Process Why Pursue a Relationship ? • Many Benefits to Advisors including : • Third Party Credibility • Your message is tainted • Leverage of Time & Expertise • Strong Relationships add value • Trust is better built vicariously 2
Process Traditional Obstacles • Attitude • Key to Life • Are you willing to work harder and smarter as part of a team ? • 80/20 Rule 3
Process Traditional Obstacles • Expectations Define the Relationship • Advisor wants • Documents • Stamp of Approval • To be Kept in the Loop • Reciprocity • Attorney wants • Clients 4
Process Traditional Obstacles • Fears Drive the Relationship • Advisor fears • Lack of Control • Lack of Value • Attorney Fees • Attorney fears • Lack of Control • Client Expectation of Fees 5
Process Traditional Obstacles • Expectations & Fears Driven by the Type of Advisor & Attorney • Experienced vs. Inexperienced • Personable vs. not personable • Counseling oriented attorney vs. transactional attorney • Counseling oriented advisor vs. product driven advisor 6
Process Most Traditional Relationships do NOT work because: • No Stable Process or System • Struggles over Lack of Control & Lack of Structure lead to Poor Results 7
Process New Paradigm for Team Approach • Based upon training by Wealth. Counsel, LLC and Sun. Bridge • For Advisors and Attorneys who are • relational, not transactional or product driven • For Advisors and Attorneys who seek • Lifelong relationships with clients • Predictive Positive Results 8
Process New Paradigm for Team Approach • Change in Expectations • Advisor wants: • Full time counseling oriented attorney with process for client’s lifetime • Third Party Credibility • To be involved in EP Process • Clearly communicated Process with Attorney that produces results 9
Process New Paradigm for Team Approach • Change in Expectations • Attorney wants: • Counseling oriented advisor with process for client’s lifetime • Third Party Credibility • Clearly communicated Process with Advisor that produces results 10
Process New Paradigm for Team Approach • Example of Attorney Process : • Three Step Strategy • Counseling oriented attorney as opposed to a word processing attorney • Formal Updating Program including a Trustee Training Program • Settlement Process 11
Process New Paradigm for Team Approach • Examples of Advisor Integration: • Attorney fact finder requires disclosure of client’s existing advisors • Ongoing Advisor/Attorney dialogue as to EP & FP needs and goals • Participation in meetings to “shine the spotlight” on each other 12
Process New Paradigm for Team Approach • Examples of Advisor Integration: • Advisor written into EP • Advisor’s corporate trustee utilized • Sales coincide with EP stages • Updating opportunities • Settlement opportunities including multi generational planning 13
Process New Paradigm for Team Approach • Process of Client Service • Traditional • Method: Mind • Main Focus: Money • Vision: Quick Fix • New Paradigm • Method: Heart • Main Focus: Meaning • Vision: Connection 14
Process New Paradigm for Team Approach • Process of Client Service • Value to Most Clients is • Relationships, connection, understanding, perspective, dialogue, significance, vision, fun and long term solutions • What Attorneys & Advisors Offer is • Transactions, documents, products, techniques, short term solutions 15
Benefits • Third Party Credibility • Leverage of Time & Expertise • Increased Trust to justify perception of you as trusted advisor vs. product salesman • Retain Clients for Life • Systemized Approach to address needs of your clients through the attorney 16
Benefits • Uncover all financial/insurance needs • Save hundreds of thousands, if not millions, of dollars to justify more planning • Additional professional service to become distinguished in the marketplace • Prequalified referrals 17
Benefits • Sale of Product Coincides with Stages of Estate Planning Process: STAGE SALE Alive & Well Life Ins. before bad health P&C & Umbrella cov. Investments Retirement Planning Funding Kids by prior marriage Long Term Care Ins. 18
Benefits • Sale of Product Coincides with Stages of Estate Planning Process: STAGE SALE Disabled Dis. Ins. for well spouse Health Ins. for well spouse Business Intervention Ins. Special Needs Planning Buy/Sell Agreements 19
Benefits • Sale of Product Coincides with Stages of Estate Planning Process: STAGE SALE First Death Life Ins. on survivor Buy/Sell Agreements Investments with LI proceeds Funding 20
Benefits • Sale of Product Coincides with Stages of Estate Planning Process: STAGE SALE Second Death 2 nd to Die Life Ins. , least expensive way to pay Est. taxes Investments with LI proceeds Funding Educational Expense for kids 21
Benefits Attorney Assistance in Sale of Life Insurance: • EP client is seeking plan for death which makes advice from attorney persuasive • EP presents “pain” of estate tax calculation and LI is least expensive and/or most leveraged way to pay tax • Attorney comparison of LI to Roth IRA • ILIT doubles death benefit • Permanent LI sustains SOL for SS=EP goal • Business Continuity is EP goal cured by LI 22
Benefits Attorney Assistance in Sale of LT Care Ins. : • EP client is seeking plan for disability which makes advice from attorney persuasive • EP presents “pain” of paying for body outliving mind, more likely now than ever, and LTC Ins. is most leveraged way to pay • EP doesn’t pay for the care needed • My testimony regarding my interviews of managers of LTC facilities 23
Benefits Attorney Assistance in Financial Planning: • My course on Retirement Planning shows : • proper designation of beneficiary can save • personal planning, income tax, estate, and different advisor goals can either create conflict or one common goal if all advisors work together • My testimony of how my financial planner helped me 24
The Process and Benefits of the Financial Advisor Relationship with an Estate Planning Attorney Thank you for your attention ! 25
Скачать презентацию The Process and Benefits of the Financial Advisor
8351683eb76a49fbd9511f8b67828cf7.ppt