Does financial planning and estate planning go hand in hand?

Most financial planners talk about estate planning and the importance of making a Will with their clients. Especially where estates could be subject to inheritance tax, or there are more complex arrangements such as a blended family, but that’s as far as the conversation goes. With the Great Wealth Transfer underway and client care needing to be at the heart of a financial advisors business, it is becoming more important to incorporate estate planning into vital financial planning conversations.


Many financial advisors recommend a solicitor or estate planner for their clients to use, but are unaware if anything has been actioned or how the client is planning to distribute their wealth… Or indeed how their client has been treated by their recommendation.


The Great Wealth Transfer is like a black cloud hanging over the heads of professional financial advisors… Trillions of pounds will be passing to the next generation over the coming years and that means money lost from portfolios. Those spotting the opportunity this presents will be able to attract that next generation and provide them with advice on managing their newly found wealth – others will see their portfolio dwindle and will have to work hard to find new clients.


So, we can see that financial planning and estate planning go hand in hand from a portfolio retention perspective, but why else?

  • Distributing assets: Estate planning involves determining how a person’s assets will be distributed after their passing. This includes identifying beneficiaries, specifying the allocation of assets, and minimising potential conflicts among heirs. By discussing estate planning, financial advisors can help individuals ensure their wealth is transferred according to their wishes and in a tax-efficient manner – and that they are involved in managing the wealth when it passes over to the next generation
  • Preserving your client’s wealth: Estate planning goes beyond asset distribution. It also involves strategies to preserve and protect wealth for future generations and minimise tax liability. There are lots of tools and techniques, such as Trusts, to help clients protect their assets from excessive taxation, creditors, or mismanagement – a financial advisor can get involved in these to support their clients in finding the best solutions for them
  • Charitable giving: Estate planning provides opportunities for individuals to support causes they care about through charitable giving. Financial advisors can help clients explore options like setting up charitable trusts or foundations to support philanthropic goals. These strategies not only benefit charitable organisations but can also offer potential tax advantages for the estate
  • It’s not all about Wills: Estate planning involves more than just preparing for someone passing away. It also addresses contingency planning for unforeseen events such as incapacity or disability. Advisors can help clients establish powers of attorneys and living wills, which ensure that their financial and healthcare decisions are handled according to their wishes if they become unable to make decisions themselves
  • Keeping families together: Proper estate planning can help avoid family disputes and conflicts by clearly outlining an individual’s intentions for their assets. By involving a financial advisor in the estate planning process, families can benefit from a neutral and knowledgeable perspective that helps facilitate open discussions and mitigate potential conflicts

So, estate planning is an integral part of a comprehensive financial strategy. It’s so important to educate clients about the importance of estate planning and help them navigate complex legal and tax considerations and ensure their wealth is transferred and managed according to their wishes.


Estate planning, however, can take a lot of time and energy and involve a lot of learning for a financial advisor. But worry not, there is now a way to provide this valuable service to your clients without learning how to draft a Will or other estate planning documents. Infact, there’s no training or expertise required. For more information, please visit