In this episode of Fintech Impact, host Jason Pereira interviews Matt, the CEO of EncorEstate Plans. EncorEstate Plans is an advisor-led tool designed to assist clients in creating and implementing their estate plans seamlessly within one comprehensive system. The platform enables financial advisors to guide clients through the process of developing personalized estate plans, providing a streamlined and efficient solution for estate planning.
Episode Highlights:
- 04:08: The conversation takes a personal turn as Matt shares a family tragedy that served as a catalyst for creating EncorEstate Plans, illustrating the real-world consequences of inadequate estate planning.
- 07:06: Matt highlights the core belief behind EncorEstate Plans, emphasizing the value financial advisors provide in guiding clients through the estate planning process. He discusses the limitations of DIY software solutions and the persistent gap in estate planning despite their availability.
- 11:56: Matt addresses the limitations of EncorEstate Plans, acknowledging that it may not be suitable for everyone. The platform is tailored for the mass affluent, and advisors are equipped to determine when software is appropriate and when clients should seek legal advice from an attorney.
- 16:55: Matt discusses the documentation process, emphasizing the need for clear client decisions and the validation of those decisions through summaries and email communication. The platform aims to provide due diligence in documenting clients' desired estate plans and ensuring their ownership of the decisions made.
- 21:02: Matt explains the variability in how advisors use EncorEstate Plans, allowing them to decide whether the client takes the first pass on the questionnaire or if they walk through the process together.
- 26:02: Matt introduces the process of restating existing plans, leveraging the information from the client's old documents. He explains how the questionnaire is filled out based on the information extracted from the existing plan.
Key Points:
- EncorEstate utilizes technology to simplify and enhance the estate planning process for financial advisors, making it more accessible for both advisors and clients.
- Matt advocates for financial advisors to adopt flexible payment models beyond the traditional AUM, ensuring broader access to financial advice.
- The conversation highlights the growing importance of estate planning as a fundamental aspect of financial advisory services, emphasizing its transformative impact on client relationships.
Tweetable Quotes:
- "Estate planning isn't an add-on; it's a core part of financial advisory. It's table stakes for advisors in the industry." - Jason
- "Our goal is to enable old documents to become new with less than 10 minutes of effort, transforming the outdated estate planning experience." - Matt
- "Access to advice is crucial. We need advisors with flexible models to serve different client levels, moving the industry in the right direction." - Matt
Resource Mentioned:
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