Matt and Ariel chat with Eric Negron, the CEO of ForeFront Wealth Partners, about all things estate planning and why he's a big fan of it.
- Eric's journey:
Originally in retail, his finance degree led him to financial services.
He emphasizes learning from a missed promotion and highlights his passion for financial planning.
- Estate planning 101: Early
on, he saw the importance of estate planning through a partnership with a top producer. He talks about the role of lawyers and how understanding family dynamics is key.
Why Encore?
- FinTech competition is heating up: Eric acknowledges the competition in the estate planning space, especially with FinTech solutions.
- Choosing the right partner:
Company culture matters to Eric. He chose Encore because of Matt's character and their shared passion for simplifying estate planning.
- Making it easy: He criticizes overcomplicating things and emphasizes the importance of getting clients talking about this crucial topic.
How to bring up estate planning with clients:
- Embrace the opportunity: Eric thinks advisors should definitely offer estate planning.
- Making it seamless: FourFront informed clients, integrated it into their existing process, and addressed concerns like lack of knowledge and cost.
Legal stuff:
- Don't forget the lawyers: Eric stresses consulting with a compliance team and using clear legal language when partnering with attorneys.
Pricing:
- Shop around: He offers to share their pricing guide and emphasizes researching local attorney fees.
- FourFront's package deal: Their service includes streamlined processes, attorney fees, and advisor time.
Why estate planning is valuable:
- Knowledge is power: Eric highlights the information gathering involved, giving clients a clear picture of their financial situation.
Turning estate planning into new clients:
- Social media magic: Eric suggests using Facebook to connect with potential clients.
- Partnerships: He also sees potential in collaborating with non-estate planning attorneys for referrals.
The bottom line:
- Big impact: Partnering with Encore has brought FourFront $20 to $40 million in additional assets under management.
- More than just money: Offering estate planning attracts clients who might not meet investment minimums and builds brand recognition.
Closing thoughts:
- Don't be afraid to talk about it:
Eric encourages advisors to overcome their hesitation regarding estate planning conversations and embrace the resources Encore provides. - Eric is open to connecting with other advisors.
Check out Eric's podcast at https://forefrontan.com/davidadvisormovement/
