Integrating Legacy Planning Into Your Process: A Simple and Enlightening Experience
Legacy planning, while commonly used as a differentiator at the beginning of the sales process, is typically a service that is extended to clients upon completion of their financial plan. After reviewing the client’s plan, providing the opportunity to create a legacy plan is intuitive. The client is already in the right frame of mind and is
often more than willing to move forward.
Here is a template for a proven five-step process to get you started in the right direction:
1) Introduce your client to legacy planning.
- Eloquently define legacy planning and how it differs from estate planning.
- Show them a sample and explain the process you’ll guide them through.
- If applicable, disclose your fee and collection details.
- Send them home with The Ultimate Gift DVD and a bag of microwave popcorn. The Ultimate Gift is an inspirational, "feel-good" movie that illustrates the power of legacy planning. (It’s available at major retailers.)
2) Engage your client in the process.
- Engage in an open discussion about The Ultimate Gift.
- Get a verbal commitment to do a legacy plan.
- Provide a questionnaire and give them a target completion date.
3) Motivate your client to move forward.
- Reward any progress your client has made.
- Address any issues, concerns, or questions.
- Reinforce the deadline for completion by scheduling your next appointment.
4) Process and prepare the legacy plan.
- Collect the questionnaire and create the plan.
- Print a completed plan for review during your next meeting.
5) Review and discuss the legacy plan.
- Present the completed legacy plan.
- Educate client on how to facilitate a family discussion.
- Underscore the importance of notifying the appropriate people about the legacy plan.
- Encourage the client to have an annual review with family members (the Friday after Thanksgiving is always a good idea).
