Part II – Employee Benefits, Bank and Direct-to-Consumer
Recap from Part I: The demand for accessible and affordable estate planning has never been greater. With an aging population and an estimated $84 trillion wealth transfer expected over the next two decades, the need for clear, simple tools to protect families and leave legacies is critical. Yet, a startling 67% of Americans still do not have a will. Online estate planning platforms like Trust & Will and LifeLegacy are uniquely positioned to close this gap—and are doing so by expanding their reach across multiple, diverse distribution channels. In Part II of this series, we will take a look at the employee benefits, bank, and direct-to-consumer channels as we seek to leverage broad distribution to get more Americans protected with basic estate planning tools.
4. Employee Benefit Providers: Reaching People Where They Work
Employers are increasingly looking for holistic benefits to attract and retain talent. Including estate planning as part of an employee benefits package is a logical next step. It’s a highly relevant offering that aligns with employees’ long-term financial wellness goals. Online estate planning platforms can partner with benefits brokers and large companies to provide scalable solutions that make estate planning accessible to millions of workers.
LifeLegacy’s CEO and co-founder, Spencer Cassidy, discussed the importance of offering employees of companies estate planning platforms in a recent LIMRA MarketFacts article. “Employers who offer a simple digital will platform help employees check an important financial step off their to-do list. Most people do not actively pursue the completion of a will,” said Cassidy. “Companies help employees create assets. They should also offer tools to help employees protect and direct those assets to the people and causes they love.”
5. Banks: Financial Issues on the Mind of the Mass Market
Banks are the cornerstone of financial security for individuals and families, making them an ideal channel for distributing online estate planning products from Trust & Will and LifeLegacy. Most banks offer estate planning for their wealthiest clientele via Private Banking services, but are missing an opportunity to integrate estate planning into their suite of offerings for mass market customers who make up the large majority of customers. The ability to make an impact is enormous, driven by the scale of banking services usage and the untapped demand for accessible estate planning tools. Trust & Will has begun to make a dent in this channel, having created relationships with Bank of America and Fifth Third Bank, among others.
According to the Federal Deposit Insurance Corporation (FDIC), approximately 95% of U.S. households have at least one bank account, representing hundreds of millions of potential customers for online estate planning services. These consumers already trust their banks with critical aspects of their financial lives, including savings, investments, and loans. And since only 32% of Americans have an up-to-date will, this presents a compelling opportunity for banks to bridge the gap by offering convenient and affordable estate planning solutions directly to their customers.
Moreover, these products can help banks increase their “products per household” metric, a key performance indicator for measuring customer engagement and profitability. When customers adopt estate planning tools through their bank, they are more likely to view the institution as a holistic partner in their financial well-being, leading to increased loyalty and presenting a.
Ultimately, integrating online estate planning tools into banking services is a win-win scenario. Consumers gain access to essential tools for protecting their families and assets, while banks enhance customer satisfaction, loyalty, and revenue streams.
6. Direct-to-Consumer: Meeting People Where They Are
While partnerships are critical, the direct-to-consumer (DTC) channel remains essential for reaching Americans who want immediate access to estate planning tools. Affordable pricing, intuitive user experiences, and targeted digital and traditional marketing can drive awareness and adoption among audiences young and old.
A traditional ad strategy utilizing TV spots, print ads, and radio campaigns can be effective, but can tend to be expensive, particularly for wide-reaching campaigns, with less immediate ROI tracking than digital advertising. A hybrid strategy that combines the precise targeting of digital platforms (social media, search engines) with the trust and inherent sense of authority indicative of traditional ads might be a reasonable foundation to maximize performance from the direct-to-consumer channel.
Another intriguing DTC option is to create partnerships with consumer retailers. Retailers, particularly those catering to life events and milestones such as weddings, new parenthood, and retirement, align closely with the target audience for estate planning services. By partnering with these retailers, online will platforms can position their services as essential tools for planning and protecting one’s family and assets.
Another creative option is integrating estate planning tools into retailer loyalty programs. By offering online will services as a reward for loyalty points or purchases, retailers can incentivize continued engagement while introducing customers to the importance of estate planning. This approach works particularly well for retailers with a strong digital presence, as it complements the tech-savvy nature of online will platforms.
Bridging Channels for Greater Impact
The true power of expanded distribution lies in its ability to create synergy across channels. For example, a donor who creates a will through a nonprofit partnership might later consult a financial advisor to refine their estate plan. An employee who receives estate planning benefits at work may share the experience with family members, encouraging them to act. Each channel amplifies the others, creating a ripple effect that protects more families and communities.
A Call to Action
Online estate planning platforms have already made tremendous strides in democratizing access to tools that were once seen as complex or out of reach. But the opportunity to exponentially have an impact on under-willed consumers is staggering. By embracing nonprofits, advisors, employers, banks and DTC strategies, they can create a robust ecosystem that ensures every American has the opportunity to protect their future.