In this series we are featuring financial advisors that have teamed up with Trust & Will to offer estate planning products and tools as an important value-add to clients.
Spotlighted in this case study is Wealth Planning by Bob Chitrathorn of Simplified Wealth Management. Keep reading to find out how Trust & Will’s premier estate planning platform has enabled them to be more proactive about their clients’ estate plans.
Wealth Planning by Bob Chitrathorn: Who We Are & What We Do
At Wealth Planning by Bob Chitrathorn, we pride ourselves in offering comprehensive financial planning services that are tailored to meet the unique needs of each client. Our unique value propositions lie in our personalized approach, deep expertise, and commitment to client success.
Our target clients are individuals and families who seek to build, preserve, and transfer wealth efficiently. This includes professionals, business owners, retirees, and anyone looking to secure their financial future. We also cater to high-net-worth individuals who require sophisticated planning and investment strategies.
We offer a full suite of financial services, from investment management to retirement planning, tax strategies, and estate planning. This holistic approach allows us to address all aspects of our clients' financial lives.
Why Estate Planning Is Important
Estate planning is a critical component of our services. It involves creating a plan to manage and distribute a client's assets in the event of their death or incapacitation. Effective estate planning ensures that a client's wishes are honored, their loved ones are provided for, and potential tax liabilities are minimized.
Asset Protection: Proper estate planning protects a client's assets from creditors, legal challenges, and other risks, ensuring that their wealth is preserved for future generations.
Minimizing Taxes: Strategic estate planning can significantly reduce the tax burden on an estate, maximizing the value passed on to heirs.
Peace of Mind: Knowing that their affairs are in order and their loved ones are taken care of provides clients with peace of mind.
Before Trust & Will: Client Estate Planning Challenges
Before we teamed up with Trust & Will, the estate planning process was often more cumbersome and less accessible for our clients.
Here are some insights into the estate planning challenges we faced and how these issues adversely impacted our clients:
Financial Strain & Complex Fee Structures: Traditional estate planning often involved significant legal fees, which could be a deterrent for many clients, especially those with smaller estates or those just starting their planning journey. Unexpected costs also made it difficult for clients to budget for estate planning services.
Lengthy Processes: The traditional process of estate planning was often lengthy, requiring multiple in-person meetings, extensive paperwork, and prolonged waiting times for document preparation and approval. The inconvenience and time commitment required discouraged busy clients from engaging in the estate planning process, often resulting in delayed or inadequate planning.
Geographic Limitations: Clients who lived in remote areas or had limited mobility found it challenging to access reliable estate planning services, as they often had to travel considerable distances to meet with legal professionals.
Legal Jargon: The complexity of legal terminology and the intricacies of estate laws made it difficult for clients to fully understand and engage with the estate planning process. A lack of clear, concise, and easily understandable information about estate planning options and strategies is a common block.
Rigid Solutions: Providing highly customized solutions that met the unique needs of each client was challenging, as traditional methods were less flexible and adaptable.
Educational Barriers: Educating clients about the importance and benefits of estate planning was an ongoing challenge, as traditional methods did not always facilitate effective communication and learning.
Missed Opportunities: Clients without effective estate plans risked missing opportunities for tax savings, asset protection, and ensuring their wishes were carried out accurately.
The inconvenience and time commitment required by traditional estate planning modalities discouraged busy clients from engaging in the estate planning process, often resulting in delayed or inadequate planning. The complexity and inaccessibility of the process left many clients feeling confused, frustrated, and overwhelmed, reducing their overall satisfaction and confidence in their estate plans.
Enter Trust & Will: The Estate Planning Solution that Resolves Client Pain Points
The introduction of Trust & Will into our estate planning process has revolutionized our approach, significantly mitigating challenges such as cost, inconvenience, complexity, and accessibility. Their streamlined, cost-effective, and user-friendly solutions have made estate planning more accessible, understandable, and efficient for our clients. By leveraging technology and simplifying the process, Trust & Will has enabled us to better serve our clients, ensuring their estate planning needs are met with greater ease and confidence.
This partnership has allowed us to provide a more seamless, affordable, and effective estate planning experience for our clients.
Trust & Will’s Innovative Seat-Based Pricing Model
The specific product that sold me on partnering with Trust & Will was their innovative seat-based pricing model. This model allowed us to offer estate planning services at a predictable and manageable cost, making it accessible to a broader range of clients.
The seat-based pricing model provided several key benefits:
Affordability: By offering estate planning at a fixed price per seat, we could include these services in our packages without causing financial strain to our clients.
Scalability: This model allowed us to scale our services efficiently, providing estate planning to more clients without incurring prohibitive costs.
Flexibility: The seat-based pricing gave us the flexibility to offer customized solutions based on the number of clients and their specific needs.
A Deeper Look Into Our Trust & Will Integration
With the help of Trust & Will, we have seamlessly incorporated estate planning into our business by making it an integral part of our comprehensive financial planning services.
Here’s how we’ve done it:
1. Client Onboarding
Early Introduction: We introduce estate planning and Trust & Will’s services early in the client relationship, often during the initial consultation. This ensures clients understand the importance of estate planning from the outset.
Educational Materials: We provide educational materials and resources to help clients grasp the benefits and necessity of estate planning.
Holistic Planning: Estate planning is presented as a crucial component of our holistic financial planning approach. We ensure that clients see how it fits into their overall financial health and legacy planning.
Inclusive Pricing: We have adjusted our fee structure to include the cost of estate planning services. This approach ensures that clients receive comprehensive services without the need for separate billing.
Transparent Costs: We maintain transparency in our pricing, clearly communicating the inclusion of estate planning services and the benefits they provide.
2. Tools & Collaborations
We also utilize some additional resources to further enhance our estate planning services:
Legal Partnerships: We collaborate with estate planning attorneys for complex cases that require specialized legal expertise. Trust & Will also offers members the option to add Attorney Support to any estate plan for just $300.
Technology Tools: We use advanced financial planning software to integrate estate planning with other financial strategies, providing clients with a cohesive and comprehensive plan.
3. Holding Clients Accountable
To ensure clients complete their estate plans, we implement several strategies:
Regular Follow-Ups: We schedule regular check-ins and follow-up meetings to monitor progress and address any questions or concerns clients may have.
Milestone Tracking: We set clear milestones and deadlines for each stage of the estate planning process, helping clients stay on track.
The Positive Impact of a Trust & Will Partnership
Partnering with Trust & Will and adopting their seat-based pricing model has enabled us to integrate estate planning seamlessly into our business. By introducing these services early, bundling them into our comprehensive financial packages, and using various tools and strategies to hold clients accountable, we ensure that estate planning is an accessible, essential, and completed part of our clients' financial journeys.
Clients that have been meaning to get a Trust done for months are now getting started and getting them done in weeks! Interested in partnering with Trust & Will to enhance your own clients’ estate planning needs? Learn more about our partnership program for financial advisors and schedule a free demo today.
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