Client-attorney relationships can be long, especially in estate planning, and there’s no need to rush the onboarding process. It’s better to take the time necessary to help your client feel the confidence and comfort that’s central to a productive, pleasant process.
With these six steps to onboarding new estate planning clients, you’ll instill trust and establish a standout reputation for your practice.
-
Hold a feeler meeting
Before onboarding a new lead, you want to make sure they’re a good fit for your services. Hold a feeler meeting to assess the potential client’s needs and goals and whether they align with the work your practice does. You don’t need to go into extensive detail, as you can do so later in the onboarding process. Avoid overwhelming the prospective client with information or terminology they might not yet understand.
Remember that the fit doesn’t have to be a one-hundred-percent match. For example, if the potential client has more extensive financial planning needs than those you offer, you may be able to help them with their estate and refer them to a colleague for other services.
-
Ask the client to compile information
Supposing that the potential client is a good fit, ask them to compile information before your next meeting. You may want to send this request via email so that the client has the specifics in writing.
Ask for data on family members, assets, and potential beneficiaries (i.e., full names and addresses of individuals on the list, the type and estimated value of assets, and so on). Make the work even more agile by providing the client with a questionnaire. Create your own or download a ready-made one from The Estate Planning Institute’s resource bank.
-
Meet to discuss specifics
This first official planning meeting is essential, as it is the precursor to creating a solid plan for your client. Before calling the client in, be sure to review the information they provided ahead of time, familiarizing yourself with their assets and the trusted family members they’re considering including in wills and trusts.
With the client in the room, take the opportunity to delve deeper. Ensure you gain information on:
- The liquidity of assets
- The client’s insurance plans
- The amount of taxable assets
- Whether the client has ever previously planned their estate
- Charitable/philanthropic intentions
Also, use this time to educate your clients. Cover topics like:
- The different types of estate planning strategies and structures
- The benefits of having an estate plan
- Potential risks to avoid (tax obligations, money ending up in the hands of individuals the client doesn’t trust, the dangers of leaving large sums to young people, and so on)
- The difference between executors, trustees, guardians, health care agents, and attorneys-in-fact
- Key terms like power of attorney (PAO), codicil, irrevocable, revocable, etc.
The Estate Planning Institute (TEPI) makes educating your clients easier. TEPI member attorneys gain access to an exclusive library of user-friendly video content on complex estate planning topics and terms. You can use these short videos in this planning meeting to get everyone on the same page faster.
-
Create and share your plan
In this part of the process, you’ll let your skills shine, taking the reins on creating a tailored plan that meets a client’s needs.
Be sure to set expectations with your clients, letting them know how long this process will take and what deliverables you’ll create. Explain that you will send a draft of the plan to the client for review and highlight the importance of sharing feedback. The client should rest assured that their changes and questions will be heard and that the former will be incorporated into the plan.
When sending documentation to your client, include a summary that explains the contents in laypeople’s terms. Provide a general overview, as well, of the strategy you’ve created.
-
Review and sign documentation
Call the client back in for a signing meeting after implementing their changes into the estate plan. Provide the client with clear, written instructions on what to bring to this meeting, like their official identification for documents requiring notarization.
Let the client know, too, what to expect during this meeting, including the aforementioned notarizations. Remind them that there will be time for a final review of the documentation before signing. Speaking of time, set an expectation around it, informing the client that this meeting could take up to an hour or longer.
Finally, explain how your clients will receive the originals, copies, and/or digitalized versions of their estate planning documents.
-
Guide the client through transferring assets
Once a client has signed their estate planning documents, they’ll likely need to transfer assets. Walk the client through the process, using ready-made educational resources, like TEPI’s videos, as needed.
Explain that the transfer entails changing beneficiary designations and titles, and provide clear instructions on how the client can do both. As every estate planning attorney knows, the correct execution of this process is essential to avoiding probate and other legal issues when the plan goes into effect. It’s important to transmit the gravity of this step to your client.
Go further: Maintain a close attorney-client relationship
The onboarding process is one of the first steps in a long-standing, client-attorney relationship. Set the relationship off on the right foot by establishing trust and providing quality information. Your success in onboarding a client can also pay off in referrals, driving more business to your practice.
One of the savviest ways to improve your onboarding process and offer clients unique educational value-adds is by becoming a TEPI member. When you join TEPI, you gain access to top-notch, time-saving resources that make informing clients easier. Plus, you’ll become part of a network of other estate and financial planning professionals, receive timely legal updates, and earn a member badge—a sign of your commitment to excellence and continuing education.