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As IFAs, we have a duty of care to protect our clients form financial catastrophe and also need to protect ourselves from potential litigation.
The FSA require that the fact finding process includes information about Will planning and the importance of ensuring that an up to date Will is in place. We live in a litigious world and IFAs need to ensure that they are not criticised if a client dies without a valid Will in place.
The good news is that not only can IFAs meet their obligations to the FSA rules by ensuring that their clients understand the importance of Estate Planning but they can also generate a lucrative income stream for doing so and at the same time, ring fence clients from other professional organisations.
Goodwills Estate Planning has worked with IFAs nationally for many years. More than 300 IFA practices have used our services. Our bespoke approach to supporting IFAs has ensured that they receive the service that they and their clients want. Please read about our service and contact us if you believe that Goodwills can help in any way. Goodwills Service
We offer two types of Estate Planning service to IFAs; we can draft the Wills and Trusts based on instructions received from the IFA or we can appoint one of our trained consultants to work with the practice and advise clients accordingly.
Where IFAs take instructions, they will need to have attended one of our training courses which we hold throughout the England, Wales and Northern Ireland. The initial course is one day followed by a ½ day seminar 2 months later. The course covers all aspects of estate planning through testamentary instruction and also develops a profound understanding of how to use Wills to increase Financial Services sales. The course is charged at £150 plus VAT but the full fee is refundable upon the achievement of £1,500 of fees.
Where IFAs prefer to refer clients to us, we assign a dedicated Goodwills consultant to work with the practice. Of course, any information which could lead to financial services sales will be passed back to the IFA practice by the consultant.
Mike Humpherson EP CERT heads up our IFA Support Team. Mike organises the training days and is always available in the event that you need bespoke help and advice. Call Mike on 01785 713629 or email him at firstname.lastname@example.orgThe Market And The Opportunity
IFAs tell us that 70% of their clients do not have Wills and of those that have, most do not include tax planning clauses in their Wills. For many people, a visit to the solicitor's office to make a Will is both an inconvenient and traumatic experience. As an IFA, you are well placed to take your client's Will instruction, you are aware of your client's financial situation, his aims and aspirations. You also, and most importantly, enjoy the trust of your client. If you don't arrange your clients' Wills, someone else might and they also have the opportunity to get the extra financial sales that will be generated as well as gaining your clients' referrals. Wills And Trusts Made Easy
Goodwills have designed an effective and easy method for IFAs to take Will instructions from their clients. Our simple to use instruction form can accommodate clients with simple estates to those with substantial assets and significant Inheritance Tax liabilities. The form can be used to arrange simple wills or for complex trusts to preserve the estate for future beneficiaries.So What's In It For Us?
We exercise no control over fees charged by IFAs although we do have a recommended fee menu. The average fee taken by IFAs for 2 Wills including an Asset Preservation Trust is around £900; A significant part of the fee is retained by the IFA. Where our consultants complete the instruction, we pay IFA practices an introduction fee of 20% of our fee.
Even where complex Trusts are not required, the rewards are still significant and can increase client value to the practice significantly. Our Services
Everyone needs a Will, indeed everyone has a Will. They can write their own Will or the state will write one for them (Intestate). However, having a Will is more that just leaving everything to those you love:
- A Will can ensure that a property is protected from third party creditors and being taken by the local authority to pay for the cost of care.
- A Will can ensure that children are not disinherited by the remarriage of a spouse (sideways disinheritance).
- A Will can safeguard an inheritance for a disabled child against being used to pay for primary care so that it could be used for additional/private care.
- A Will can ensure that a 'prodigal child' can only inherit when they have 'regained their social responsibility'.
- A Will can speed up the transfer of assets which otherwise could be in limbo for years.
- A Will can ensure that an unmarried father is granted custody of his natural children.
- A Will can ensure that your choice of Guardians will take care of your children rather than those appointed by the court.
- A Will can ensure that a business is maintained for beneficiaries rather than it being closed due to probate delays.
- A Will can ensure that an individual is excluded from your Will even if they would normally qualify as a beneficiary.
In addition to Wills, we provide Lasting Powers of Attorney, Advanced Medical Decisions, Business Wills, Many types of Testamentary Trusts, Partnership Agreements, Buy/Sell Option Agreements, Estate Planning and Probate. Questions And Answers Q. Can I be certain that my clients will remain mine?
A. Our contractual agreement with you confirms that we will never cross sell to your clients. We will only deal directly with your client with your express permission. Q. When and where is the next training course?
A. Goodwills are running courses on a regular basis at various venues throughout the country; contact us to find the most convenient course for you. Q. Who pays for my Professional Indemnity insurance?
A. All Wills written by Goodwills are covered under our group PI policy and you have no cost or liability for any instruction that you take. Q. What ongoing support will I receive?
A. Once you have attended our training course, you will be given access to Goodwills IFA Members' Website. This allows you to access all of our marketing material and technical information. You will have access to PowerPoint presentations for Asset Preservation Trusts and other types of trusts. You will have access to letter templates to referrals such as Executors and Guardians and of course, you can always call us. Q. How do I know that Goodwills is a professional organisation?
A. We are members of the Society of Willwriters and all of our Wills and Trusts are written by qualified Willwriters/Solicitors overseen by members of the Society of Trust and Estate Practitioners. Contact Us
If you would like to generate an additional income stream from Estate Planning, please call Goodwills and we will be happy to help. Initially call the number below.
Tel: 0845 222 0022
Fax: 0845 222 0023
Goodwill Ltd. is registered in England No. 4802894