Key takeaways:
- Financial advising and estate planning have historically been seen as separate industries, but consumer preference has shifted toward more holistic services.
- A recent survey by Trust & Will reported that 70% of clients surveyed said they believe financial professionals should offer estate planning services, and 40% would switch to one that offers them.
- Leverage this opportunity for growth and client retention by integrating estate planning services and focusing on proactive, personalized service.
The historical separation between insurance, financial services, and estate planning is rapidly dissolving. Today’s consumers demand a more holistic approach, seamlessly integrating legacy planning with investment and retirement income strategies.
A recent Trust & Will survey confirms this trend: 70% of clients surveyed believe financial professionals should offer estate planning services as a core service or an add-on. Crucially, 40% of clients stated they would switch to a financial professional offering these services from one that doesn’t, signaling a clear competitive advantage for professionals prioritizing comprehensive planning.
The retention and acquisition imperatives
For insurance and financial professionals, the results of this study demonstrate a natural opportunity. Estate planning is often about incapacity planning (medical directives, powers of attorney) — a direct complement to life and health coverage discussions. Your existing client relationships may even provide the foundation; the survey found that 43% of clients already discuss complex family dynamics with their financial professionals. This level of trust naturally positions you to introduce and facilitate estate planning discussions since you’re already familiar with their family and unique financial needs.
- Deepened retention: Providing this expected service fortifies existing client relationships, directly mitigating the potential 40% churn risk identified in Trust & Will’s survey.
- Competitive acquisition: Offering holistic solutions that include estate planning attracts high-value prospects, positioning you as a comprehensive and strategic partner.
- Increased value proposition: Moving beyond transactional advice toward legacy protection to transform your role from transactional salesperson to indispensable source of trusted financial guidance.
Best practices for estate planning integration
Incorporating estate planning doesn’t require becoming an attorney, but a facilitator. That’s where you can be creative with how you integrate estate planning into your existing sales and customer service processes:
- Identify the gaps: During client reviews, introduce the topic by asking about goals for wealth transfer and family protection, not just retirement accounts. A simple, “Do you have an up-to-date will or trust?” can open the door to other necessary conversations.
- Leverage strategic partnerships: Partner with technology platforms or established legal firms to handle document preparation and technical execution, allowing you to focus on managing the client relationship and providing the most personalized guidance possible for your licensure.
- Highlight security: Center the conversation on protecting their financial legacy and their family’s future. By providing solutions to that very real problem, you further reinforce your value as an all-in-one resource.
Meet client demands for holistic strategies
What the Trust & Will results say about the demand for estate planning is the clearest signal yet of the industry’s evolution. Embracing this shift toward the holistic approach is the most decisive way to future-proof your practice. Consumers’ desire for estate planning services isn’t going away. Integrating them into your business can improve your existing and future client relationships and ensure you remain the comprehensive financial resource they seek. Don’t wait — secure your legacy by helping them secure theirs.
Each state may have different requirements for qualifications needed to provide estate planning and legal services. Ensure your activities remain in line with your licensure and qualifications or those of your business. Technology platforms are not a replacement for specific legal advice. Encourage clients to consult an attorney if their estate planning needs could benefit from legal advice that is specific to their personal needs.
