Estate Planning is Today’s Can’t-Miss Opportunity for Elite Advisors

93% of clients expect estate planning services but only 22% are getting it.

I don’t need to belabor the importance of the impending wealth transfer – that is, the $84 trillion set to change hands by 2045 – but I do think a few key points are worth addressing.

First, of that $84 trillion, 86% is expected to be passed between generations. Financial advisors who aren’t thinking about how to retain those assets by building relationships with the next generation are at a very real risk of losing them.

Second, Cerulli projects that transfers of wealth between families will happen much more quickly than the 2045 estimate. According to their 2023 report, children of high-net-worth and ultra high-net-worth households, who on an annual basis collectively inherit greater than $500 billion currently, will likely be inheriting more than $1 trillion annually as early as 2032.

Generational wealth is transferring in massive volumes, and quickly. How are advisors helping clients prepare while also future-proofing their firms?

The truth is that many aren’t. Research tells us that even though 93% of clients expect estate planning services from their advisors, only 22% are actually getting it. The next logical question is “why?,” considering the massive opportunity estate planning represents.?

I’ve spoken to plenty of advisors interested in but apprehensive about offering estate planning guidance to clients because of a lack of confidence in their ability to do so effectively, efficiently, and most importantly, legally, without the unauthorized practice of law.

But at Integrated Partners, we’re in the business of empowering our advisors to quarterback their clients’ financial lives, which means meeting challenges like roadblocks to estate planning head-on.

We’re forming strategic partnerships with technology solutions like Wealth.com that help lower the traditional barriers to estate planning for advisors by automating much of the associated heavy and complicated lifting, including summarizing existing documents, turning complex plans into digestible visuals, and identifying when updates are required.

Just like our long-tenured CPA Alliance program enables advisors to help clients obtain tax planning assistance from trusted partners, this collaboration with Wealth.com is representative of our commitment to providing elite advisors with the tools they need to meet evolving client expectations, navigate the high-net-worth complexity curve, and ultimately drive sustainable growth for their firms.

If you’re interested in what Integrated Partners has to offer, I’d love the chance to learn more about your firm. Let’s set up some time to talk.