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14 Cards in this Set

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  • Back
If someone says they specialize in estate planning, what do you always want to know?
You want to know if they also manage assets or just do estate planning.
If someone only does estate planning, how do they make a living?
Selling the insurance products used in many estate plans.
How do estate planning specialists typically generate new business?
Seminars, referrals from clients and occasionally referrals from estate planning attorneys.
Why do people buy insurance as part of estate plans?
To reduce the effect of taxes on heirs and to make sure heirs receive an inheritance if assets are donated to a charity. Proper insurance planning can insure heirs do receive their inheritance.
What are some of the things normally involved in estate planning?
Writing wils, setting up trusts, establishing powers of attorney, buying or reviewing insurance policies.
What part of the estate planning process does a financial planner normally handle?
Reviewing existing or writing new insurance policies.
Which professionals normally handle the trusts and powers of attorney?
An estate planning attorney.
What are the two reasons many financial planners want to sit in on a meeting between attorney and client?
In the course of the meeting, the client must disclose all assets so they can be properly titled. In other words, the planner will locate ALL out of houses assets.
Why do financial planners typically refer more business to estate planning attorneys than they typically receive in return?
Because the attorneys normally are getting referrals from multiple financial planners, and if one planner learns at attorney has referred business to a competitor, the first planner will send business elsewhere. Also, some attorneys only get business from financial planners and have no business from otehr sources that they refer.
How can we help a financial planner find a new or better estate planning attorney?
In the Document Library is a list of questions written by an estate planning attoney. These questions will help determine an attorney's attitude toward insurance?
Why must a financial planner know an attorney's attitude toward insurance?
Because the planner makes his money through insurance, and if he or she refers a client to an attorney is hositile or indifferent toward insurance, it can cost the planner a big commission.
What's the best way for a financial planner to get the names of some prospective attorneys to refer business to.
Call the Clerk of the Court that handles estates if you can have a few minutes of the Judge's time. When you see the judge, tell him you need to send some business to an estate planning attorney, and since he sees them all day long, could he recommend a couple of younger attorneys.
Why is it important to find younger attorneys?
Because they have not developed all of their relationships yet and may be very interested in building their business by establishing a strategic partnership with a fnancial advisor.
If an estate planner does not do investment business, can we still help?
Absolutely. We will help promote referrals, with strategic partnerships, with cloning of top clients, business contacts, connections and seminars.