Advisors Can Positively Impact Referrals via Estate Planning

Advisors Can Positively Impact Referrals via Estate Planning

Trends & Insights
2 min read
·December 21, 2022
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newly referred client's first meeting

Most advisors understand how Estate Planning can be a great way to strengthen client relationships and better understand their family and friend networks.

However, many face two crucial challenges with the existing Estate Planning landscape:

1. Getting clients to actually start and not put creating their plan off

2. Lack of conversation continuity after referring clients to an attorney or document creation wizard

When those challenges are easily overcome by using a platform like Wealth, built for advisors, Estate Planning can become a mechanism for increasing referrals in addition to being a service clients most trust their advisor to oversee.

A recent article in ThinkAdvisor 4 Ways to Boost Your Firm’s Client Referrals, recommends considering service changes to further increase your referrals:

"Building or bolting on a service like tax planning or deeper retirement planning can increase client satisfaction and help make those you serve become vocal advocates for your firm. We’ve regularly seen the addition of value-added services increase firms’ client referral rates.
Angie Herbers, Chief Executive at Herbers & Co.
ThinkAdvisor contributor.

If you’re interested adding a service offering that can help increase client satisfaction, we humbly recommend Estate Planning. We’ve seen first-hand how advisor-driven conversations about estate planning lead to greater client satisfaction because they know their advisor is investing in their legacy.

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For more info about our advisor-centric Estate Planning platform, follow the link button below:

Estate Planning creates natural touchpoints with clients’ trusted people — i.e. trustees, executors, beneficiaries — within a context and understanding of trust that is tangible throughout the process. This often leads to curiosity about also being able to work with the advisor themselves on wealth & retirement planning.

"When a firm’s client referrals are flat, client retention is often strong, but its clients aren’t promoting the business — which raises the question of how you can get them to talk with prospects about your services.
Angie Herbers, Chief Executive at Herbers & Co.
ThinkAdvisor contributor

Advisors that wait for referral discovery opportunities to randomly come up in conversations with clients are missing a huge opportunity to guide organic Estate Planning discussions around legacy and family that naturally drive subsequent referral conversations.

Increasing client referrals also came up recently in the Weekend Reading For Financial Planners (Dec 17-18):

"Because client referrals are often the lifeblood of a firm’s organic growth, closely tracking this data and making adjustments to referral generation tactics can ensure that a firm remains (or enters on) a solid growth trajectory!
Adam Van Deusen CFP®
Associate Financial Planning Nerd at

Consider offering Estate Planning as part of your organic growth strategy, your clients will benefit and so will you.

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