However… 

Why did the financial advisor bring a shovel to the meeting?   

To dig deep into the client’s personal estate and broader family situation– they take the Consumer Duty seriously, even if it requires a bit of excavation!

How many financial advisors does it take to change a lightbulb?  

Just one, but they have to ensure the new bulb aligns with the client’s long-term goals and meets the required standards!

Why did the financial advisor cross the road?  

To fulfil their Consumer Duty, of course! They learned the other side better suited their client’s particular needs.

We can all use a little levity from time to time, but the Consumer Duty is no joke.

While most financial advisors were already putting their client at the centre of their practice (after all, it would be bad business not to) the Consumer Duty imposed earlier this year meant that a “good outcome” for clients needs to be much more holistic, and that advisors have to be able to demonstrate compliance.

This will inevitably include an obligation to provide specialist estate planning advice and recommendations to your clients – but how do you achieve that without spending months becoming suitably qualified and hours maintaining those qualifications each year through CPD? There is significant risk in not providing the advice but also providing it to anything less than a standard of excellence. Here is where Estgro can help.

Estgro is an innovative estate planning ecosystem designed specifically to help you comply with your Consumer Duty – and, most importantly, be seen by the regulators to be complying. It does this through: 

• A dedicated Hub for you and your client – personalised for your client with your branding so that they know the advice is being arranged and overseen by you, their trusted advisor. There is significant resource in your client’s hub to help them understand the importance and relevance of estate planning to them, helping you comply with your duty to educate your client on the issues that affect them, and ensure their understanding of them.
   
• A free digital estate health check for your client which provides a report with bespoke detailed recommendations as to areas of their estate plan they should consider – this is the starting point for conversations with you about their estate plan – both during their lifetime, and after they have passed away. The report gives you detailed insights into the estate plan needs of your client.
   
• Harnessing the power of specialism by referring out any areas of your client’s estate plan that aren’t squarely inside your own area of expertise through the Estgro ecosystem of estate planning specialists. You manage this referral process the whole way by selecting the advisory team, and maintaining oversight of where your client is in their estate planning journey. You can speak to your client’s advisory team through your portal ensuring holistic co-ordination and nurturing of your client relationship.
   
• Leveraging the power of data become your client’s go-to point of contact for all of their financial and estate planning requirements by being the person who best understands all of their needs and can give a considered and holistic view – not just for them, but across their wider family. Estgro will send you a report based on the deep-dive fact-find required for your client’s legal documents such as their will and powers of attorney which will include their assets and liabilities, their family structure, any beneficiaries in their will, and who is set to inherit. This will enable you to advise not only on cross-generational planning, but also to start to form relationships with the people who inherit any funds that are under your management, ensuring the continued best care of your client’s legacy.
   

Come and see for yourself why financial planners who are serious about their consumer duty are turning to Estgro as a trusted partner – book a demo today to find out more!