The Problem with Estate Planning

Prospective clients do not understand what true estate planning is until they experience it. True estate planning is not simply writing a Will.

Many people know they need a Will but are unfamiliar with the planning requirements to get them to the stage where their Will is perfect for their unique circumstances.

The challenge for private client lawyers or Will writers is how to get new clients to commit to, and value, an ongoing bespoke service if they do not understand what estate planning is?

Overcome this obstacle and there are huge benefits for professional estate planners and their clients.

First, it fosters deeper, longer term client relationships because clients appreciate guidance on complex issues like the distribution of their estate and the tax implications.  Also, by providing an ongoing service, recurring income is created which can reduce cash flow volatility, increase profits and the equity value of the legal practice.

Providing true, ongoing estate planning often leads to referrals (the most cost-effective and best method of marketing) because satisfied clients share their positive experiences and by becoming a trusted expert in a niche area of advice, professional advisers can differentiate themselves from competitors and enhance their professional reputation, leading to increased business opportunities.

David Lamb, a Certified Financial Planner™ and Affiliate of STEP, with over 30 years’ experience, specialising in estate planning (including the decumulation of capital, either by gifting or spending to reduce inheritance tax) was frustrated that people didn’t understand his role, confusing him with more transactional-based financial advisers.  He wanted prospective clients to understand the potential of genuine financial and estate planning along with a method of measuring the value for money his service provided for his clients. 

This led to the creation of ScoreMy, a system which helps build deep, long term, valuable and measurable relationships between professional advisers and their clients.

ScoreMy can attract new clients, using a simple process, to assist them in understanding the limitations in their current financial planning.  It encourages deeper conversations between professional advisers and their clients, which helps discover issues that they may not have considered. It also provides a method of quantifying the value of the professional advice, leading to higher fees, and turns financial advice from an event into a long-term process of financial planning.  Changes in client’s circumstances can be quickly identified to get them back on track as swiftly as possible.

The ScoreMy Financial Planning app was launched last year and has enthusiastic users in the UK, South Africa, Canada, the USA, Australia and the Philippines.

Advisers are saying that they are having far more in-depth conversations with their clients leading to increased detailed financial planning.  Their clients really appreciate this new method of working as it helps quantify the value of the advice they are receiving.

Eldon de W stated that ‘ScoreMy has really helped me. It really has. I do not need to try to articulate my value because ScoreMy does that for me. It allows me to easily differentiate myself because nobody else is communicating financial planning in this way. So, I’m not having to try too hard. I’m not trying to sell. I’m not trying to convince. I don’t have to. They are seeing my value immediately; I’m not having to do any convincing.’

Scott A said ‘My experience with ScoreMy, so far has been amazing! Clients love it and any low scores have opened up some amazing conversations about what really matters to them that I can help address. I’ve also seen in an uplift in referrals from these clients as they are telling people about us and how we are different!’

ScoreMy Estate Planning uses these same proven methods, but with the focus on specific estate planning issues that will help private client lawyers and Will writers take the focus away from the transaction trap of purely writing a Will to the more holistic process of true estate planning.

For the professional adviser, ScoreMy Estate Planning provides benefits including:

• It helps build strong client relationships.
• Improved and regular communication.
• A structured process tailoring estate planning to individual clients.
• A simple, automated review process to easily identify changes in client’s circumstances.
• It is flexible and scalable, no matter what the size of the practice.
• It provides a simple and powerful process, for inter department cross selling.
• Benchmarking provides an effective management tool to monitor the value clients perceive they are receiving from their professional adviser either at an individual or firm level and compares scores with other ScoreMy Estate Planning users.

The system also provides clients with the following benefits:

• Estate planning specific to their own individual circumstances.
• Improved communication with their professional adviser.
• Clarity and transparency.
• Ongoing support.
• Deeper, longer-term committed relationships with their estate planner.
• They can personally measure, and quantify, and appreciate the value they receive from their professional adviser.

The problem with estate planning is that many clients underestimate its complexity, often viewing it as merely drafting a Will, which can hinder their understanding of the benefits of ongoing professional advice. ScoreMy offers a solution by enhancing communication, fostering deeper client relationships, and providing measurable value, ultimately helping advisers differentiate themselves and create lasting connections with their clients.