estate planning...•new ways to re-engage with clients •new ways to add value to clients...

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Take the plunge

Estate Planning

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Why bother?

Revenue opportunities

Tell me about your family

Some housekeeping

Invest

Program

• Deeper, richer client engagement

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• New ways to re-engage with clients

• New ways to add value to clients

• Deeper, richer referral relationships

• Opportunity to re-brand YOU!!

Sticky Clients!

Build a more valuable business

Profitable retainer fees

New revenues and referrals

More revenues and referrals

More referrals

Ditch damaged brand

Sticky Clients

More valuable business

Why Bother?

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Future proof your business

Why Bother?Traditional Families

• Heterosexual married couples with children

Modern Families

• Blended family: family with children from a previous marriage

• Same-sex couple: with or without children

• Multigenerational families aging parents or adult children at home

• Older first-time parents

• Others

Families/households without children

• Heterosexual couples without children• Single with no children

UBS “Beyond the Picket Fence” Report 2016

Who Will Be your clients?

Blended families lead more complicated lives?

Blended5

Future proof your business

Why Bother?

My life overall

Filing Taxes

Finances

TraditionalUBS “Beyond the Picket Fence” Report 2016

Retirement Planning

Inheritance planning is more complicated for Blended Families?

Blended6

Future proof your business

Why Bother?I’m still deciding how to pass on my wealth

There are conflicts among potential heirs

There are open topics related to my

investment plan

TraditionalUBS “Beyond the Picket Fence” Report 2016

Legalised Same-Sex Couple have issues as well

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Future proof your business

Who WILL BE your clients

Why Bother?“I would like guidance to

understand how the ruling affects benefits

“There are still open issues in my family finances due to being

part of a same-sex couple”

“There is not enough financial guidance designed for my

family type”

UBS “Beyond the Picket Fence” Report 2016

72% 60% 53%

Client Multiplier Effect

Some clients have money Most clients have families

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Client multiplier effect

Revenues

Entry level Clients

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• Stable family relationships

• An SMSF and Family Trust

• Simple succession path

• Australian only connections

Complicated Clients

• Unstable family relationships

• Blended / Same-Sex families

• Dependents with special needs

• Multiple structures with X ownerships

• Australian and overseas connections

• Complex succession paths

• Family business succession

Client Segmentation

RevenueClient Segmentation

• Traditional family • Blended families

One off Fees

• Entry level

• Complicated

• Uber Complicated

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Estate Situation Reviews

$1,200 - $3,000

$3,000 - $10,000

$10,000 - $30,000

Fee for Service

Revenue

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$500 - $1000

$1000 - $2000

$2000 - $5000

Fee for Service

RevenueEstate Administration Services

Monthly Retainer fees

• Entry level

• Complicated

• Uber Complicated

Engage your client where they live…

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…not where you do.

• Multiple wives / kids

• Family Business

• Mistresses

• Idiot child

• Gold digging in-laws

• Terminal illness

• Overseas Asset

Tell me about your money?

OR

Tell me about your family?

What would be a good outcome for you?

EngagementTell me about your family

• SMSF

• Contributions

• Pension drawdown

• Risk tolerance

• Asset allocation

• SOA’s

• Investments

Don’t start unless your serious!

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Owner stakeholder engagement

Compliance framework

Adviser training

How to…Stakeholders and compliance

• Process design

• Pricing

• Monitoring

• Marketing

• Promotion

• Understand the risks

• Risk management plan

• Templates and Fact Find

• Monitoring

• Audits

• Training

Don’t….

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Do’s and Don’ts

HowAdviser up-skilling

Do

• Give legal advice

• Draft ANY legal documents

(Legal practicesuniform Act)

• Invest in an EP course

• Learn about trusts

• Learn about estates

• Learn about wills, PoA’s and Guardianships

• Find a TEP from STEP

It will take a leap of faith!!

It takes courage to ask a question that you may not know the answer to.

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In you

Your clients

Your business

Invest

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Take the plunge and get wet

Estate Planning