How you can offer your clients the holistic inter-generational advice they need
Something has become increasingly apparent to us here at Stellar. No matter how good an adviser, they cannot offer a complete financial planning service on their own. In other words, most clients will need a more holistic offering.
They will need legal services for wills, Power of Attorney, probate and tax advisory services for end-of-life estate administration. There are many elements that enable advisers to facilitate the smooth transfer of wealth for their clients to their beneficiaries. It is easy to overlook one.
Stellar’s holistic approach to IHT
Here at Stellar we have a solution to help advisers. Our award-winning service – Stellar ICENI – widens the breadth and scope of advice that a financial adviser can offer. In order to do this, we collaborate with other specialists in estate planning. These experts range from tax advisory and legal services to insurance and later life administration. As a result, by utilising these connections, advisers can now unlock new opportunities within their existing client base.
Remember: every client will have children, parents or grandparents, so who is advising them?
Over the coming decades, the baby boomer generation are set to lead the largest ever transfer of wealth to their children. Above all, advisers have to ensure that they can maximise client legacies by reducing or removing Inheritance Tax wherever possible.
For financial professionals, this creates a unique opportunity to build lasting relationships with clients and their extended families. This in turn generates a range of benefits from the extensive legacy planning that will be needed.
Offering a holistic, inter-generational service, whilst facilitating communication within the family can be what sets your approach apart from the competition. This approach places IFAs in the best position to advise a client’s other family members – transforming the role of the financial adviser into the family adviser.