When it comes to advising your clients, estate planning plays a crucial role. Utilizing appropriate software can simplify and optimize the process of drafting individual estate plans. If you’re seeking the finest estate planning software for financial advisors, there are multiple excellent options available.
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Outstanding Estate Planning Software for Financial Advisors
Estate planning software can streamline the estate planning process while ensuring the accuracy and legality of included documents. When comparing estate planning software, it’s beneficial to consider the range of features and advantages offered, as well as the associated costs for you and your clients.
Here are some highly recommended options for estate planning software among financial advisors.
1. Property-Map
Asset-Map is an extensive asset planning software developed by financial professionals. It is tailored for financial planners, registered investment advisors (RIAs), insurance agents, and tax or legal professionals who provide estate planning services. Advisors can select from three estate planning solutions, with the Elite plan offering the most comprehensive features and benefits.
Pricing for plans is based on one-, two-, or three-year contracts, and advisors have the option of annual or monthly billing. Enterprise pricing is also available for larger consulting firms.
2. AnchorEstate Plans
EncoreEstate Plans collaborates with advisors to enhance the estate planning experience for their clients. Advisors can choose from four packages based on their clients’ requirements. The basic package allows advisors to update an existing estate plan, while the most comprehensive package includes all the legal documents required to create a trust-based estate plan.
This estate planning software uses a pay-as-you-go model instead of a recurring subscription. Each document created is thoroughly reviewed by AnchorEstate Plans staff to ensure accuracy.
3. Just in Case Estates
Just In Case Estate assists financial advisors in providing estate planning services to clients in a streamlined, cost-effective manner. The platform is free for advisors, and clients only pay when creating estate planning documents. It caters to a wide range of clients, from those with relatively straightforward estate planning needs to high net worth individuals with more complex assets.
The software utilizes visualization to help present financial information to clients in a easily understandable manner. It also integrates with eMoney, which can be advantageous if you already use this financial planning software in your practice.
4. Comfortable
Snug enables advisors to manage the estate planning process from beginning to end, without the need for an attorney. The software covers all aspects of estate planning, including special circumstances such as planning for the care of children or pets, or safeguarding digital and physical assets.
To ensure the security of sensitive information, advisors can store client documents in Snug’s secure digital vault. The program also includes an intuitive intake system, which can streamline client onboarding and reduce the time required.
5. NaviPlan
NaviPlan is designed with high net worth clients in mind. Advisors can use this software to develop estate plans that cater to a wide range of needs, from insurance to college planning to legacy wealth management.
With NaviPlan, you can generate visual reports to demonstrate to clients the progress they have made in achieving their estate planning goals. Reports can be customized to suit the client’s individual needs and reflect your firm’s branding.
6. Money
This platform combines cutting-edge technology with human expertise to assist wealth advisors in creating tailored wealth plans for their clients. Advisors can utilize the platform to customize estate plans to match clients’ specific circumstances, regardless of the stage of the process.
Some of the most valuable features include visual flowcharts, asset analysis, and tools for estate tax planning for each client plan managed. It simplifies the preparation of key documents, such as revocable trust documents, wills, advance health care directives, and financial power of attorney forms.
7. YourFolio
YourFolio is a software solution for advisors involved in estate and legacy planning, and is also utilized by legal professionals. The platform enables advisors to engage clients, design customized estate plans, and analyze their clients’ progress.
A unique feature of this software is the ability to connect advisors with beneficiaries to gather information for estate planning. This could be beneficial for advisors aiming to serve existing clients while bridging the gap with the next generation.
8. Vanilla
Vanilla provides a comprehensive wealth planning solution for wealth advisors, financial planners, and professionals offering wealth planning services. This enables advisors to create visual plans, provide estate planning advice using a holistic approach, enhance their estate planning offerings, and retain clients across generations.
While other estate planning software for financial advisors focuses on document creation, Vanilla allows you to organize and strategize in developing well-planned plans.
Advantages of Utilizing Estate Planning Software for Financial Advisors
Integrating software programs into your estate planning services can yield numerous benefits for both you and the clients you serve. For instance, programs that automate certain steps of the process, such as client entry, can save you valuable time, allowing you to focus on serving clients or expanding your business.
Estate planning software can also ensure compliance with all relevant legal guidelines, without the need to outsource the task to an attorney. Once again, by bypassing the need for attorney’s fees, you’re able to save both time and money.
Clients may appreciate being able to view a visual representation of their estate plan or receive detailed reports that are free from cumbersome jargon or technical terms. The better experience you provide for your clients, the greater the likelihood of retaining them in the long run.
Ground Level
Estate planning software, along with other financial software programs, can simplify the operation and expansion of your business. Taking the time to compare the best software options based on features, benefits, and pricing can assist you in finding the ideal option for your company’s requirements.
Strategies to Expand Your Consulting Business
- While retaining existing customers is crucial, dedicating some time to prospecting is essential if you aim to expand your clientele. If making cold calls or enhancing your online presence is challenging due to time constraints, tools are available to assist. For instance, SmartAdvisor can swiftly boost your visibility and aid in connecting with potential leads in less time. This form of lead generation tool can be invaluable in growing your customer base while freeing up time for other tasks.
- Diversifying your services is a method to attract new customers; leveraging social media is another avenue worth exploring. Digital marketing can be a potent tool for reaching your target audience and amplifying your business’s visibility. Developing social media content in written or video format that addresses the needs of the customer segments you wish to attract can bolster your firm’s online presence.
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