Should I Incorporate Estate Planning Into My Insurance Practice?

Are you looking for innovating ways to attract new clients and retaining existing ones as an insurance professional?

 

With increasing competition and shifting client expectations, many advisors are looking for ways to differentiate themselves; a powerful and proven way to do this is by incorporating estate planning into your practice. Now, more than ever, clients want financial security, and that includes planning for the future of their assets and protecting their loved ones from hardships after they pass. By expanding your services to include estate planning, you can position yourself as a trusted, full-service advisor who can help clients protect their wealth across generations.

 

With the Great Wealth Transfer underway (where trillions of dollars are expected to shift from aging clients to their beneficiaries) advisors who integrate estate planning will have an opportunity to establish stronger relationships with the next generation. Engaging with heirs now helps solidify trust, ensuring that when wealth transitions happen, the business remains with you instead of moving elsewhere.

 

If you’ve ever wondered how estate planning fits into your insurance practice, this guide will walk you through the key considerations, benefits, and steps to get started.

 

What Should I Look for in an Estate Planning Company?

Choosing the right estate planning partner is critical to ensuring seamless integration into your practice. Here are key factors to consider:

• Comprehensive Services: Look for a company that offers wills, trusts, power of attorney documents, and advanced estate planning solutions like an outsourced estate planning team. 
• Compliance & Legal Support: Ensure they stay up to date with legal requirements and offer support for state-specific regulations. 
• Ease of Integration: The process should be straightforward, with minimal learning curves for you and your team.
• Technology & Tools: Access to digital document creation, secure client portals, and automated workflows can make your job easier. (CAK)
• Reputation & Support: Look for testimonials, industry recognition, and a company that provides ongoing training and support.

 

 

What If I’ve Never Sold an Estate Plan Before?

Many insurance professionals worry about their lack of experience in estate planning. Here’s how to get started confidently:

• Leverage Your Expertise: You already help clients protect their financial future. Estate planning is a natural extension of that service.
• Partner with Experts: Work with an outsourced estate planning team that provides education, marketing materials, and client support with a keen focus on client acquisition for your business. 
• Use a Collaborative Approach: Position estate planning as part of a holistic financial strategy alongside insurance, retirement, and wealth management.

 

What’s the Benefit of Offering Estate Planning?

Integrating estate planning into your practice offers several advantages:

• Increased Client Trust: Clients appreciate a one-stop-shop experience and are more likely to trust advisors who offer comprehensive financial solutions.
• Stronger Client Retention: By addressing estate planning needs, you can create deeper, long-term client relationships.
• Competitive Edge: Few insurance professionals offer estate planning, making it a differentiator in your market.
• Additional Revenue Streams: Estate planning services can generate new income opportunities through consultation fees, service packages, or referral agreements.
• More Referral Opportunities: CPAs and attorneys may be more likely to refer clients to you when they know you provide estate planning solutions.
• Building Relationships with Beneficiaries: Engaging with clients' heirs before wealth transfers allows you to establish trust, educate them on financial strategies, and increase the likelihood that they continue working with you after inheriting assets.
• Locking in Future Business: Estate planning creates touchpoints with families that open doors for ongoing financial planning, life insurance, and wealth management conversations.

 

 

At the end of the day, estate planning isn’t just for attorneys, it’s a valuable service that can complement your insurance and financial planning business. You might have some hesitations of how to go about adding this as a service, but by partnering with the right outsourced estate planning provider you can position yourself as a holistic advisor, better serve your clients, boost client acquisition, and scale your business- all within 90 days.

 

Remember, with wealth shifting to the next generation, now is the time to build relationships with beneficiaries, ensuring that your advisory services remain relevant for years to come. As Warren Buffett famously said, “Someone’s sitting in the shade today because someone planted a tree a long time ago.”.

 

If this was helpful and you'd like to learn more, reach out today to see how our team of estate planning experts can help you implement estate planning into your practice, and take the first step toward a more comprehensive service offering.