Why Estate Planning should be part of the conversation for all advisers

Written By Emma Lowe

With an ageing population, a future inheritance value of more than £1.2trn over the next 30 years*, a growth in more ageing people seeking support for mental health issues and more multi-generational families living under one roof (a 38% increase since 2009**), the question being raised by Amy Peters, Head of Operations at BTWC Ltd, is why isn’t Estate Planning part of every conversation an adviser has with their client?

The client need is there; from Lasting Powers of Attorney to Property Trusts, Wills and IHT planning it could be argued that every adult in the UK needs at least one service provided through Estate Planning, and yet the number of advisers and professionals offering this service is still deemed to be low.

Amy comments ‘We understand that advisers and IFAs already have an extensive product portfolio to offer a client, yet what is being missed is that Estate Planning can be offered to clients in a way that suits advisers own business methods. They don’t need to fulfil the service themselves. They can draw upon the knowledge of experts to pass referrals onto, or they can create a space for it within their portfolio to provide Estate Planning directly. There are options in the marketplace that suit the adviser’s way of working and fulfils a need for the client.”

With 20 years in the sector, BTWC have seen a huge amount of change, both in regards to products but also in regards to the public perception of Wills, LPAs and trusts. Whilst Later Life planning can still be a sensitive subject, people are increasingly aware of the need for some sort of protection, and once the conversation starts are more inclined to want to protect their family’s future. But a trusted service is still essential, with a growth in online will providers for example, then it’s still essential the client feels there needs are being handled sensitively with the right solution being offered.”

Amy continues “Customers have more awareness now of how important it is to consider what happens if they lose capacity to make decisions, what will happen to their children if something happens to them, and what about all the wealth they have built up? They know there are solutions, just not which is the right option for them. Advisers have the opportunity to at least point them in the right direction whilst maintaining their relationship and strengthening their client loyalty.”


*Sanlam Generation Game report

**National House Building Council

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