Chief Evangelist at FMG Suite | Marketing + Finance+ Tech | Investment News 40 Under 40 | WealthManagement.Com “10 to Watch” | ThinkAdvisor Luminary. Follow me for marketing strategies to grow your advisory firm 🚀
For the first time since 2020, the number of Americans with an estate plan has DECLINED. Today, just 32% of Americans have an estate plan, down from 38% a year ago Why? The Top reasons for NOT having an estate plan: 🔸 Procrastination (43%) 🔸 Believing they didn’t have enough assets (40%) ^ And this misconception of "not having enough assets" has RISEN from 33% in 2022 to 35% in 2023. At the same time, estate planning is highly desired by families of all income levels. The Spectrem Group found: 🔸 While Almost ALL clients (93%) expect to receive estate planning assistance from their advisor, 🔸 Less than 1/4 report receiving it (22%) *Data comes from Caring.com’s 2024 Wills and Estate Planning Study. 👉Record numbers of baby boomers and business owners are retiring. 👉An estimated $30 trillion in wealth will transfer between generations. 👉The Gift and Estate Exemption Clock Is Ticking for 2 Million Families as the generous exemption limits from the 2017 Tax Cuts & Jobs Act will sunset at the end of 2025. 🚨Right now is the perfect time to create messaging and actively market your estate planning services to clients. Tomorrow at 2 PM Eastern, I'm hosting a workshop with FMG and Tim White and Danny Lohrfink of Wealth.com on "The Biggest Marketing Opportunity for Advisors: How to Capitalize on the Growing Demand for Estate Planning" You'll learn: 1. How new technology like Wealth.com is enabling advisors to incorporate much more robust estate planning into their practices - in a way that is memorable and marketable 2. How to market your estate planning services in a way that helps differentiate your firm and attracts the types of clients you most want to serve All who register will also get a 4 part estate planning email drip campaign that you can use (with any email system) to send to both prospects and clients: Register: https://lnkd.in/e2y8c9d4 #estateplanning #wealthmanagement #financialplanning
Kevin C. Dinino
2mo
A lot of this has to do with how the industry markets to "wealth and high-net worth" families etc. Using the word wealth in general in any marketing doesn't connect with a lot of people. Many people don't know what an estate plan even is - and again, the word estate is often associated with rich/wealthy. There's a big time messaging delta. The biggest marketing opportunity for advisors might actually be having advisors speak a language that connects with prospects. And there's also firms like Trust & Will that are starting to lead that charge where your typical advisor needs to start speaking more this language. Look at their website's CTA vs an advisory firm and the specific connection to a family, etc.
As a charitable gift planner, it's not surprising to see only 32% of Americans have an estate plan based on my gift conversations. As Samantha Russell notes, procrastination and thinking they don't have enough assets are the top reasons. With $30 trillion in wealth about to transfer and tax changes coming in 2025, it's crucial to start estate planning now. Let's help our clients understand its importance and get them the guidance they need. #estateplanning #wealthmanagement #financialplanning
Unfortunately, a lot of clients, who have worked hard their entire lives to amass their wealth, would rather take the risk that their loved ones will "do the right thing" than to spend a little bit on a trust to ENSURE that their wishes will be honored.
Flint Jamison
2mo
Yikes! - I also believe a majority of people don't know what an estate plan is, and as you mentioned "it's only for the wealthy".
Ben Tuscai, CFP®
2mo
#2 on reasons they don't have an estate plan is the one I hear the most. As soon as I mention establishing a trust, I get a look. Then the comment, "aren't trusts for rich people?"
That is alarming! 😧
Steve Gresham
2mo
Strong - as always Samantha Russell - relevant and guiding.
Tim White
2mo
To say I'm excited for tomorrow's webinar would be a massive understatement!
Cyndie Smith
2mo
Samantha Russell, so much important information here. Can't wait for this workshop. 👏
Owner and Fee-Only Financial AdviCER at PlanFirst., LLC
2moI saw a post the other day…and it raised a good question. If advisors use tech to help their client’s obtain these documents…to what extent are ‘we’ liable when/if things go wrong or are wrong within that plan? How can we mitigate that risk?