Successful advisors recognize the value of a team well versed in navigating the passing of a client. The benefit is not only to the client’s heirs but to their own firm’s long term success. Navigating the transition of a deceased’s assets to beneficiaries is a complex financial and legal transaction often completed during a time of great sadness and anxiety. Proper preparation is crucial to executing the process efficiently while maintaining trust and confidence with grieving relatives who have now also become prospective new clients. Any process created to deal with this difficult time should be created with the following points in mind.
Acknowledge The Emotional Impact
Losing a loved one is an incredibly challenging experience and clients often view their financial advisor teams as more than just professionals. You become confidants, trusted partners, and pillars of support in times of both financial and personal crises. Financial advisor teams trained to operate efficiently in these difficult times can help ease a family member’s anxiety while solidifying the bond of trust established over the years.
Preparation Is A Must
Furthermore, being well-prepared to handle the financial and legal complexities of a client’s passing ensures a smooth transition of assets. Executors and beneficiaries will be grappling with grief and numerous responsibilities, and a compassionate and organized financial advisor can ease the burden significantly. By having a written process in place for handling the administrative aspects of the client’s estate, advisors can minimize disruptions and provide a sense of stability during a tumultuous period.
Planning Beyond The Client’s Life
Retaining assets after the death of a client is not only about preserving wealth but also about honoring the legacy of the deceased. Clients want to ensure that their hard-earned assets are managed with care and in line with their wishes. Financial advisor teams equipped to seamlessly guide the transition process contribute to maintaining the integrity of the client’s financial plan. This not only safeguards the interests of the surviving family but also reinforces the advisor’s commitment to the long-term well-being of the client’s beneficiaries.
Demonstrate Your Expertise
Studies show the death of a loved one is a triggering event for spouses and family members to re-evaluate the advisor/client relationship. Upwards of 70% of widows change advisors within a year of death making it imperative your team makes a positive impression during the transition. Leaving the process to chance is a mistake which will erode client confidence as well as assets under management.
For all of these reasons making sure your team is well trained on how to navigate the complexities of a client’s passing is paramount. Clients hire advisors to guide them through not only their lives, but their deaths as well. For this reason we have released a most important lesson, “Navigating The Passing Of A Client”, available now in the AEP learning center. The lesson reviews best practices to incorporate to ensure a compassionate and efficient transition for a client’s heirs and is highly recommended for everyone working in your firm. In times of grief, a compassionate and well-prepared financial advisor becomes a beacon of support, ensuring that clients’ financial legacies endure beyond their lifetimes. To learn more about how we can help you build a high performing team schedule an exploratory call today.
The Employee Training And Development Partner For Independent Financial Advisory Firms