Clients don’t want to sit through an endless number of meetings to complete their estate plan. Here is how you can make effective use of everyone’s time and get the job done. 

Eighty percent of estate planning can be done in 20 percent of the time it normally takes. The process in most cases should be completed successfully in as little as 60 days. The old saying goes “knowledge is power,” but power for you and power for your clients will depend on your ability to communicate and lead them through a process that encourages them to take action. 

Assemble an Estate Planning Team

The lead advisor often will be the one with the closest relationship to the client and will frequently make recommendations regarding who the other members of the estate planning team might be. Once agreed upon, the lead advisor should arrange a conference call to introduce the other advisors to each other and give an overview of the case. The planning process and general fact pattern of the case should be outlined for the advisors so there will be no surprises at the initial meeting. 

Orchestrate the Initial Meeting

This is where the rubber meets the road in the estate planning process. Usually, the lead advisor brings the client to the table and the meeting lasts one or two hours. It’s the lead advisor’s responsibility to obtain the client’s agreement on how the planning process will be managed. The client needs to know the goals of the meeting, as well as how the advisors will share information and be compensated. The pivotal point of the meeting and the entire process are the answers to the following questions: 

» What would we be discussing today if the client died last night?

» How would the assets be distributed?

» How much would the IRS get?

» What assets would have to be  liquidated to pay the obligations of the estate? 

The answers to these questions will help the advisors and client determine whether or not there are problems, and if so, the severity of those problems. More important, the client’s reaction to these answers will predict the speed and success of the rest of the planning process. The more the client is dissatisfied with their current situation, the more motivated they will be to move forward quickly. 

Simplify the Plan

Avoid technical jargon, communicate clearly with clients and empower them to make informed decisions. More often than not, the reason plans are not implemented is because clients become overwhelmed and confused by the details and complexity of recommendations made by their advisors. As a result, clients either throw up their hands in frustration or become unable to make the necessary decisions to take action. 

Manage Expectations

Clients and advisors need to know and accept the fact that the perfect plan is unattainable. The 100 percent plan would require knowledge of the unknown, such as the precise date when the client will die and the value of the stock market at that time, the financial circumstances and the marital status of their children, etc. Since perfect knowledge is impossible, we, as planners, need to focus on doing the best we can with the information we have at hand. Don’t let perfect get in the way of very good. 

Save Hard Deadlines

This is where most advisors stumble. The advisor and client must set a target date to complete the planning process and implement the plan. Ask clients how long they want the estate planning process to take. It is unlikely a client will respond by saying 12, 18 or 24 months. Clients do not want to spend their time attending numerous estate planning meetings. They typically will respond by saying 30, 60 or 90 days. 

Determine Client’s Insurability

Almost always, life insurance will be considered an integral component of the plan. Although there will be many questions to address over the next 45 to 60 days, it’s important to obtain the best life insurance underwriting offers for the client during this time. In order to get underwriting done quickly and efficiently, the client should agree to take a physical exam promptly and give authorization for release of medical records. Once the advisors and clients know the cost and terms of the life insurance offers, estate planning alternatives can be discussed. 

Complement Agreed-Upon Recommendations

Today, clients have more options than ever before. It is crucial for them to make good decisions based on solid information. With that in mind, we need to follow a very structured and specific process that encourages reflection and promotes timely decision-making. If the planning process described above is followed, then the estate plan can and should be completed and implemented within 60 days.

Each advisor is 100 percent responsible for their client and the proper implementation of the plan. No advisor should sleep at night until it is clear that all the I’s have been dotted and the T’s have been crossed. When flawless implementation has been achieved, then the client has been well-served.