Financial advisors affiliated with broker-dealers, IMOs, FMOs and other marketing organizations are always on the lookout for tools that provide a competitive edge. In today’s digital age, technology not only streamlines operations (think the elimination of “not in good order” (NIGO) applications), but also enhances the overall client experience, leading to deeper relationships and greater lifetime value.
There are several online services that financial advisors can add to their practice that are a natural fit with the investment and insurance products they sell. One such service is offering a comprehensive online estate planning suite. By integrating a simple digital estate planning tool like the one offered by LifeLegacy, advisors can empower clients to secure their legacies with ease, eliminate paperwork and streamline the process of drafting wills. This not only adds a valuable service to your portfolio but also builds trust with clients by demonstrating a commitment to their long-term financial security.
Another valuable resource is an online (or analog) document storage and organizing system. Some clients are comfortable with utilizing a digital storage platform like the one offered by Trustworthy, which provides secure online storage for essential documents. Others may want a more analog solution like the solution from Nokbox. The Nokbox is literally a box – a complete system that helps you organize all of your accounts, possessions, social media presence, communities, kids, pets, personal history, and estate plans in one convenient physical “box.”
Beyond estate planning and document management, advisors can benefit from offering a suite of complementary online services. Automated portfolio rebalancing tools and tax optimization software like UREBAL from Softpac and LifeYield by SEI.enhance the overall efficiency of client management. Financial planning and budgeting applications offer a comprehensive view of clients’ financial health, allowing for tailored advice that addresses both current needs and future goals.
By integrating innovative online tools like online estate planning, document management, and portfolio rebalancing, financial advisors not only enhance the client experience but also solidify their own position as forward-thinking, client-centric professionals in a competitive marketplace.
Head of Partnerships
Craig@lifelegacy.io
Planned giving doesn’t have to be complicated, but for many nonprofits, it still feels that way. For years, legacy gifts have depended on personal outreach, mailers, and in-person events to keep donors engaged. That approach worked for a while, but times are changing.
For many nonprofits, gifts from long-time supporters over age 70½ represent a vital source of stability and growth. Yet, one of the most powerful giving tools available to this group remains underutilized: the Qualified Charitable Distribution (QCD).
In one of my first planned giving discussions early in my fundraising career, I faced something I had never considered before. Over lunch, a longtime donor hesitantly told me he had no one to serve as executor of his estate. He had confided in me about the strained relationship with his children and extended family, leaving him with a difficult decision. It was hard for him to talk about, and my job at the moment was, first and foremost, to listen.
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