How often do I review? | 3rd Level Wealth
One of the challenges of reviewing estate plans as financial advisors is that we don’t get paid for it. So why should it be part of our process if it takes up time and there is no immediate benefit back to us?
As I was contemplating changes to our service structure for current and future clients, I knew I wanted to implement a separate estate plan meeting. And I knew that this would involve a lot of time that would not pay the firm immediately in revenue. However, if we are to look after the overall financial interests of our clients, then I think it is important that we do it.
How often do you review your estate plan? Do you do it when there is a major life event? How about every couple years? Perhaps it’s been a decade? Or maybe never?
I also think people have the misconception that estate plans are just for death when in reality a good financial plan will address estates during the life of the living.
How can we minimize taxes? How can we move assets in case of needed care? How can we protect what we have accumulated? How can we give now instead of later?
All great questions and something to think about. For our clients moving forward, the estate plan will be separate and part of the annual planning process. I know it will not generate the company revenue in the short term, but maybe doing the right thing and helping families with the big picture is what’s best in the long term.
3rd Level Wealth
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