Estate planning isn’t just a bundle of documents: it’s the antidote to clients’ worries. Advisors looking to deepen relationships with existing clients while diversifying their revenue stream and attracting new clients are pulling a new lever: estate planning as a service. Adding another high-value service module that addresses clients’ deepest anxieties head-on can serve as both a business development and stabilizing force.

Why Volatility and Conflict Drive Demand for Estate Planning

Kitces. com points out that in turbulent times, clients seek certainty beyond portfolio performance, and that advisors must proactively guide them through uncertainty. Kitces. com also reported that “according to a recent survey, 40% of financial advisory clients would switch to an advisor who offers estate planning services. ” Smart advisors see this as a great opportunity. Those who offer holistic financial and estate planning modules in tandem stand to deepen trust, attract new clients, and retain existing clients.

In volatile times, a complete estate plan (e. g. , living trust with pour-over will, power of attorney (POA), and healthcare directives) gives clients a sense of control and peace of mind. For clients, that sense of control and assurance from their trusted advisor is key to helping them feel like they have their bearings despite everything going on around them. For advisors, estate planning strengthens their role as the shepherd and guardian of their clients’ life stories and legacies while leading to stronger relationships, better retention (especially with clients’ entire families), and more assets uncovered. Still, some advisors might worry about bringing up the topic of estate planning with clients.

Here’s How to Wade into the Water with Current and Prospective Clients

1) Tell a joke (lighten the mood). For example: “What's the difference between in-laws and outlaws? Outlaws are actually wanted. This is why you need estate planning! ”

2) Open with “Who’s your Power of Attorney? ” This will get clients to start thinking about all the other important people in their lives (e. g. , beneficiaries, successor trustees) and how they should be taken care of.

3) Ask who they would want you as their advisor to work with if they were incapacitated: You are really asking “Who’s your POA? ” but are putting it in direct connection to your relationship. Then the obvious follow-up is, "Do you have this in writing already? " Or, "Are your documents up-to-date, reflecting that? " This is a great way to get clients thinking about how else they might need to protect their beneficiaries.

4) Ask “When’s the last time you updated your estate plan? ” Also ask when major life events happen (e. g. , expecting a child, divorce, windfall like inheritance or IPO).

5) Make a bold claim: “I’ll get your plan done in 5 minutes. Wanna see how? ” Then ask who they want as beneficiaries, POA, health care agents, and guardians.

For a more complete list of ideas, see these crowdsourced estate planning conversation starters from advisors who have implemented them with repeated success:

Estate Planning Conversations Can Stimulate Next-Gen and Family Conversations

According to Yohance Harrison of Money Script Wealth Management, an effective way to get referrals from an advisor-led estate planning process is to ask clients if their designated POAs, beneficiaries, and executors know what each role’s duties and responsibilities entail. Even if their designated agents understand what it means to be an executor or POA, it’s still a great opportunity for you to ask your clients to be introduced to them so that you can review the role’s responsibilities with them while also asking about their estate plans.

By reframing estate planning as a certainty in uncertain times, advisors build confidence and trust with current and prospective clients. Having an up-to-date and properly funded estate plan is an important element of financial and emotional well-being. New technologies and service offerings from innovators in the financial services realm make it easier than ever for financial advisors to lead the way with their clients. Many prefer to keep the conversations and corresponding process in their court, versus sending the client away with a list of three possible estate planning attorneys with whom to work. The benefits are immense. Advisors who embrace the estate planning process with their clients now will see dividends over the years to come.