In this episode of The Trusted Adviser podcast, Rob speaks with Chris Hill and Rafael Cohen from Inherit Australia about the intersection of estate planning and financial advising. They discuss the challenges faced by advisors in getting clients to engage in estate planning, the inefficiencies in the current processes, and how Inherit Australia aims to bridge the gap between advisors and lawyers. The conversation covers the importance of advisors driving the estate planning conversation, the systematic approach to overcoming objections, and the future of estate planning in a rapidly changing landscape.
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SHOW NOTES
Topics Discussed
- The advisor’s role in estate planning and family dynamics.
- Platform-enabled collaboration between advisors and lawyers.
- Structured processes for capturing family, asset, and trust information.
- Concierge and paralegal-led models to support advisors.
- Pricing models, licensing, and integration with practice systems.
- Managing client transitions and data retention.
- Using estate planning to strengthen client engagement and cross-generational relationships.
- Benefits of Life Vault for document storage and ongoing client access.
- ROI and business growth opportunities for advisors through estate planning.
- The future of financial advice as trusted family guidance beyond investments.
Episode Highlights
(Timestamps are approximate)
- [00:00] – Introduction to Inherit Australia
- [01:39] – Identifying the Problem in Estate Planning
- [04:48] – The Role of Advisors in Estate Planning
- [07:05] – Overcoming Objections from Advisors
- [09:25] – The Panel Approach to Legal Services
- [13:21] – The End-to-End Process of Estate Planning
- [18:44] – The Importance of Document Storage and Access
- [20:45] – Navigating Family Dynamics in Estate Planning
- [24:28] – Catalysts for Estate Planning Conversations
- [26:30] – Fee Structures and Concierge Services
- [26:44] – Building Comprehensive Solutions for Advisors
- [28:49] – The Concierge Service: Bridging Gaps in Estate Planning
- [30:23] – Understanding the Pricing Model and Licensing Structure
- [33:36] – Client Data Management and Transitioning
- [37:13] – Implementing Inherit: A 90-Day Plan for Advisors
- [40:24] – Enhancing Client Engagement and Intergenerational Relationships
- [45:42] – The Future of Financial Advisory: Embracing Family Advice
Quotes
“The whole scripted narrative is to look for issues and identify problems before they become conflicts.” – Chris Hill
“Life Vault allows clients to access and manage their estate planning documents in a central, secure location.” – Rafael Cohen
“Advisors see the value of estate planning not only for clients but for growing their own business through cross-generational engagement.” – Chris Hill
“Structured questions enable even less experienced advisors to have meaningful, in-depth conversations with clients.” – Rob Pyne
“Using estate planning as a beachhead into family advisory is a very good strategy for advisors.” – Rafael Cohen
Key Takeaways
- Chris has 36 years of legal experience and 25 years in financial advising.
- Raph has over 20 years in tech and web platforms, focusing on security.
- Many clients lack current estate plans, leading to significant gaps in wealth protection.
- Advisors are in the best position to drive estate planning conversations.
- The platform allows advisors to charge for estate planning services.
- Lawyers prefer working with informed clients who have been prepped by advisors.
- The process is designed to be lawyer agnostic, allowing for flexibility.
- The platform captures family dynamics and potential issues early on.
- Advisors can enhance client relationships through estate planning discussions.
- The future of financial advising will focus on family advice rather than just financial products.
Resources & Links
- The Trusted Adviser: https://thetrustedadviser.com.au/
- Greenspring Advisors: https://greenspringadvisors.com/
- Connect with Rob Pyne on LinkedIn
- Connect with Chris Hill on LinkedIn
- Connect with Rafael Cohen on LinkedIn
- Follow The Trusted Adviser Podcast
Show notes and transcript
For the full show notes and transcript from this episode, head to the episode page on The Trusted Adviser Website here.