Financial Advisors.

We understand the importance of comprehensive financial and estate planning. We work closely with financial advisors to ensure our recommended plans align with client needs and preferences.

We will consult with the client's preferred Financial Advisor (FA), introduce them to one if they don't have one, and seek advice for complex cases. We will conduct our due diligence to ensure that the FA's service, pricing transparency, and business ethics are as excellent as ours.

Client benefit: 

Having financial and estate planning professionals working together is best for the client. One joined-up plan. No conflicting advice. Saves hours and the uncertainty of shopping around. If either professional needs to ask a question or double-check something, having an existing working relationship speeds up the process, saving time and money for the client.

Benefit to the Financial Advisor: 

Financial advisors often strategically craft comprehensive, inheritance tax-efficient financial plans, only to see them disrupted by a conflicting will. They may also have discretionary managed funds that can be disrupted by an amateur but well-meaning relative holding a Lasting Power of Attorney (LPA), who may want to "tell you" how funds should be managed because they obtained a GCSE in maths 30 years ago.

It would be beneficial if estate planners (Will writers) encouraged clients to inform their financial advisors about any relevant changes or to include the continuation of discretionary fund management in the power of attorney documents. Clients often authorise Fern Wills to speak with the FA, in advance of, or after drafting the Will and LPA.

Imagine a scenario where you can guide your clients confidently without fearing that external advice will undermine your work. By collaborating with an experienced will writer, you can create a seamless integration of financial and estate planning, ensuring that your clients receive a cohesive and unified plan. This approach not only eliminates the potential for contradictory advice but also saves your clients hours of frustration as they navigate the complexities of multiple professionals.

Introducing your clients to a trusted will-writing service, like Fern Wills & LPAs, reinforces your commitment to their best interests. Our approach focuses on building relationships that enhance the services you already provide. Clients benefit from a streamlined process where their wills, trusts, and powers of attorney are aligned with your financial plans, leading to optimal outcomes.

Furthermore, having a reliable will writer on your team not only secures your clients' futures but also strengthens your client relationships. You can actively participate in estate planning discussions and ensure that important updates are communicated among all parties involved. This proactive approach builds trust and positions you as a thorough and reliable advisor who genuinely cares about the holistic well-being of your clients.

When clients seek your advice regarding wills, it is essential to provide them with access to high-quality services that you trust. If you don’t guide them to a reputable professional, they may end up with someone less competent, jeopardising the strategies you've developed. By partnering with a cooperative will writer, you not only enhance your service offerings but also create additional touchpoints that keep you top of mind for your clients.

The benefits extend beyond just avoiding pitfalls; they include tracking referrals from executors, witnesses, and beneficiaries over time, further expanding your network and business opportunities. 

Don’t let your valuable work be undermined by conflicting advice or poorly drafted wills. Partner with a knowledgeable and cooperative will writer, such as Fern Wills & LPAs, to ensure that your clients receive the consistent, high-quality service they deserve. 

As part of your everyday financial planning advice, you recommend that clients make a will. 

In reality, how many actually follow through? 

If they have sought the services of a solicitor, have they received contradictory advice?

 Many valuable financial planning projects and long-term relationships can be lost to external references. Therefore, it may not always be in your best interest for your clients to seek advice from other professionals.

Fern Wills tracks the source of all referrals, including those from executors, witnesses, guardians, beneficiaries, and attorneys, and extends this tracking up to three levels deep. You may gain business from these connections.

You may not have the time, skills, or inclination to spend hours drafting wills in front of a computer screen. Your time is better spent focusing on what you do best.

If you don’t offer the service to your clients, someone else will!

To strengthen the FA's client relationships, we offer guidance and support on engaging clients and prospects in estate planning discussions. FAs quickly realise that estate planning is instrumental for client retention and acquiring new clients.

We welcome calls from clients or Financial Advisors who wish to discuss how we can collaborate to deliver exceptional service and a comprehensive outcome.

Case examples.

🌿Power Of Attorney and Pension Plan.

A Fern Wills & LPAs client was concerned that her Property & Finance (P&F) Lasting Power Of Attorney (LPA) allowed for Discretionary Investment Management (DIM). To put her mind at rest, we called her Financial Advisor (FA), who confirmed that she had a DIM for years and that this power would help him to continue making the best decisions for her pension provision. Had this clause not been included, it could have cost the clients thousands of pounds.

🌿Establishing the Value of an Estate

A Fern Wills & LPAs client had multiple investment accounts but was unsure if they were held in a trust or of their exact values. I contacted the client’s financial adviser for details, in accordance with data privacy rules. This helped us provide accurate advice on asset distribution via wills and trusts, maximising inheritance tax allowances. This was another contact point for the FA, who valued the interaction and remaining at the front of the client’s mind.

🌿FA annual review:

FAs conduct an annual review or more frequently if there is a significant change. It is not possible to effectively review a client's future needs without considering the need for Wills, Trusts, and Powers of Attorney, which leaves the FA with several options:

a) Draft the Wills, Trusts and powers of attorney themselves. This may be acceptable for a specialist department, but one person seldom possesses the current expertise and experience to excel in both financial and legal disciplines. Equally, cross-department referrals are not always in the department's or the client's best interest, especially if the client's net worth or requirements fall below those preferred by some in-house teams.

b) Advise clients to search for their Wills, Trusts, and Powers of Attorney providers. This does not fulfil their consumer duty, as the client is at the mercy of over-priced, under-priced, and confusing pricing and service levels. Often, the client gives up and puts it off until it is too late.

c) They can conduct due diligence and interview Fern Wills and LPAs. Having assured themselves that the client's best interests will be served, they can offer the client our contact details and then allow the client to decide for themselves.

🌿Vulnerable/ Disabled Persons Trust (VPT:

A financial advisor's client had invested a significant amount of money to provide for the care of her vulnerable adult son after she passed away. The IFA identified the risk of losing future means-tested benefits and the dilemma of leaving large amounts to an adult who could not effectively manage money or live independently. The FA called us to draft a Vulnerable Persons Trust (VPT) to ensure that someone with compassion and specialist knowledge would have the authority and resources to help the vulnerable person for the rest of their life without reducing essential benefits.

🌿Inheritance tax planning.

A Fern Wills & LPAs client had significant personal and business wealth and sought tax-efficient solutions to pass on their inheritance. I worked closely with the client's financial advisor. As part of a broader, holistic financial plan, the client had previously been advised to invest in the London Stock Exchange's Alternative Investment Market (AIM). When Fern consulted with a trusted Financial Advisor, they recommended investing in more tax-efficient Enterprise Investment Scheme (EIS) qualifying companies to obtain 100% property relief from Inheritance Tax (IHT). After two years, these investments qualified for Business Relief, meaning no inheritance tax of 40% would be payable. Additionally, the investments could either yield dividends or provide an income tax offset in the event of a loss.

🌿Living Trust Vs a Will Trust.

A client asked the financial advisor about transferring the family home into a trust while still being able to live in it rent-free. The goal was to reduce inheritance tax, give control over finances, and ensure that the adult children would be taken care of in the future. A solicitor had quoted £4300 for setting up the trust. 

Although this can sometimes work, the clients did not fully understand the consequences of the plan. The FA noticed the risks and contacted us for a second opinion.

The clients would have to pay market-rate rent for the rest of their lives or keep a record of each visit to the property, including the reasons for their visits. They would also incur entrance, exit, and anniversary charges for the trust. If the children were to divorce or lose the money, the house could be lost. They would have lost approximately £170k in capital gains tax. The solution was to collaborate with the client and the financial advisor to establish a Life Interest Trust that achieved all the client's objectives without unintended consequences, all for less than half the previously quoted amount. The FA then reviewed the estate's value annually and advised on Potentially Exempt Transfers, gifts, and an enhanced pension provision to manually reduce the Inheritance Tax Liability while maximising control and flexibility for the client.

🌿Please mind the Gap ( Mortgage Protection and Business Risk)

A new client was referred by her financial adviser (FA) seeking to secure her family’s financial future. I identified a critical shortfall in mortgage protection, which would risk the family home if she were to pass away. Additionally, there was no key-man insurance for her business, jeopardising their income. I referred the client back to the financial advisor to secure the necessary policies that would protect her family and business. This proactive approach ensured essential coverage, safeguarding the client’s family from future uncertainties and reinforcing their financial security. This case illustrates the importance of thorough risk assessment and co-operation between Trusted Advisors in financial and estate planning, leading to improved protection for the client and her family.

Whether you are a Client or an Advisor, feel free to reach out for a friendly, no-obligation chat! I would welcome a call to discuss how we can work together and achieve excellent results.

chris@fernwills.com  07500 866123