The ever-changing nature of a client's estate demands that estate plans be reviewed periodically, and appropriate adjustments made when necessary. Make it a point to contact your estate planning clients eight to 12 non-transactional times per year, and at least annually for review (or any time you become aware of a change in the law or the client's situation which may affect the estate plan).
Use annual reviews to update yourself on the client's personal and financial circumstances, to determine if changes to the estate plan and/or additional life insurance are wanted.
Cross-Selling Opportunities
Because estate planning ties in with virtually every aspect of a client's financial profile, it presents great cross-selling opportunities. Annual reviews are an excellent time to transition to a discussion of the client's other desires. Some of the cross-selling opportunities that arise from the estate planning process include:
- Life insurance for charitable giving purposes
- Life insurance to fund a business continuation plan
- Disability income buy-sell to fund a business continuation plan
- Disability income insurance, either personal or business
- Disability Business Overhead Expense insurance
- Annuities or mutual funds for personal retirement planning purposes
- Executive compensation plans
- Employee benefit planning
- Qualified retirement planning
- Selective fringe benefits.
