At the start of every year, people have the best of intentions for themselves. They’re going to go to the gym regularly and lose that 30 pounds that has been haunting them. They’re going to meditate and eat healthily. And while some people put in the effort and stick to achieve their goals, 80 percent of people quit going to the gym quickly.
As Alan Gorlick, chief executive officer of Gorlick Financial Strategies, jokes, “January is the time that people join health clubs and worry about their money and they kind of forget both things by March.” Financial advisors don’t want to see the same falling off the wagon happen to their clients.
With that in mind, Domenick D’Andrea, co-founder of DanDarah Wealth Management, says while it’s important to mark January as financial wellness month, “we try to pride ourselves on educating our clients every month.
As part of educating his clients, D’Andrea uses materials from the Trust & Will Learn Center to explain some of the seeming complexities of estate planning.
Financial Wellness Gives a Peace of Mind
When Chitra Patel, founder of WealthWorth, discusses financial wellness with her clients, she emphasizes the peace of mind that comes from having your finances organized.
“Getting it down on paper and documented gives a huge peace of mind and relief once it’s completed,” she said. “At WealthWorth, we emphasize that financial wellness isn’t just about accumulating wealth – it’s about protecting it and ensuring it serves future generations. Estate planning is a cornerstone of this strategy… we highlight how having a clear plan for one’s legacy alleviates stress and provides clarity for loved ones.”
The deep breath a person can take knowing that if that proverbial imaginary bus hits them that their family is well taken care of is invaluable.
Approximately 70% of Americans don’t have a will or estate planning documents.
Tim Woodward, CFP, co-founder of Blend Wealth, agrees that estate planning provides peace of mind to his clients.
“It’s no surprise that most of our clients come to us without a will or any estate planning documents,” Woodward said. “This gap is a significant risk – not just to wealth preservation but to the peace of mind of our clients and their families. We educate our clients on the critical importance of estate planning documents, emphasizing the stewardship responsibility we all have to care for our families. This process also provides a meaningful opportunity to reflect on and plan for passing down wisdom and values to future generations.”
It’s Not Just About Accumulating
While many advisors educate their clients about the various ways of accumulating wealth, D’Andrea notes it needs to be about more than just that.
“To truly help clients is to educate them on not just how to accumulate wealth but to also show them how to properly transfer wealth to the next generation,” D’Andrea said. “The only way to do this is to bring estate planning into all conversations with clients and prospective clients. This can help the next generation to receive the assets in a more tax efficient manner and to simply the disbursement of all of the assets.”
Incorporating Financial Wellness Into Your Practice
While financial wellness may sound woo woo to some, it’s a critical part of the work that financial planners and advisors do with their clients.
“We host regular discussions, like our Friday Financial Garden Talk, to demystify estate planning and empower clients to make informed decisions,” Patel said. “Estate planning isn’t just for the wealthy. We encourage clients to think of it as a self-care tool for their finances, creating a holistic sense of wellness.”
Sometimes injecting a healthy dose of fear can help financial advisors get their point across. Vinee Mehta, founder of Truly Unbiased explained that for clients who can’t grasp the importance of estate planning, sometimes he’ll share what can happen when families don’t have an estate plan in place. The pain of probate can help people snap their finances into good shape.
Interested in partnering with Trust & Will to enhance your own clients’ estate planning needs? Learn more about how you can join over 17,000 financial advisors and firms who are delivering peace of mind to their clients by offering a comprehensive estate planning solution. Schedule a free demo today.
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