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The Process and Benefits of the Financial Advisor Relationship with an

Estate Planning Attorney

Presented by

Michael J. WittickAttorney & Counselor at Law

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Process

Why Pursue a Relationship ?

• Many Benefits to Advisors including :

• Third Party Credibility

• Your message is tainted

• Leverage of Time & Expertise

• Strong Relationships add value

• Trust is better built vicariously

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Process

Traditional Obstacles

• Attitude

• Key to Life

• Are you willing to work

harder and smarter as part of a team ?

• 80/20 Rule

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Process

Traditional Obstacles • Expectations Define the Relationship • Advisor wants

• Documents• Stamp of Approval• To be Kept in the Loop• Reciprocity

• Attorney wants• Clients

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Process

Traditional Obstacles • Fears Drive the Relationship • Advisor fears

• Lack of Control• Lack of Value• Attorney Fees

• Attorney fears• Lack of Control• Client Expectation of Fees

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Process

Traditional Obstacles • Expectations & Fears Driven by the

Type of Advisor & Attorney • Experienced vs. Inexperienced

• Personable vs. not personable• Counseling oriented attorney vs.

transactional attorney• Counseling oriented advisor vs.

product driven advisor

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Process

Most Traditional Relationships do NOT

work because:

• No Stable Process or System

• Struggles over Lack of Control & Lack

of Structure lead to Poor Results

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Process

New Paradigm for Team Approach • Based upon training by

WealthCounsel, LLC and SunBridge • For Advisors and Attorneys who are

• relational, not transactional or product driven

• For Advisors and Attorneys who seek• Lifelong relationships with clients• Predictive Positive Results

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ProcessNew Paradigm for Team Approach • Change in Expectations

• Advisor wants:• Full time counseling oriented

attorney with process for client’s lifetime• Third Party Credibility• To be involved in EP Process• Clearly communicated Process

with Attorney that produces results

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Process

New Paradigm for Team Approach • Change in Expectations

• Attorney wants:• Counseling oriented advisor with process for client’s lifetime• Third Party Credibility• Clearly communicated Process

with Advisor that produces results

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Process

New Paradigm for Team Approach • Example of Attorney Process :

• Three Step Strategy• Counseling oriented attorney as

opposed to a word processing attorney• Formal Updating Program

including a Trustee Training Program• Settlement Process

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ProcessNew Paradigm for Team Approach • Examples of Advisor Integration:

• Attorney fact finder requires disclosure of client’s existing advisors

• Ongoing Advisor/Attorney dialogue as to EP & FP needs and goals

• Participation in meetings to “shine the spotlight” on each other

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Process

New Paradigm for Team Approach • Examples of Advisor Integration:

• Advisor written into EP • Advisor’s corporate trustee utilized• Sales coincide with EP stages• Updating opportunities• Settlement opportunities including

multi generational planning

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Process

New Paradigm for Team Approach • Process of Client Service

• Traditional • Method: Mind• Main Focus:Money• Vision: Quick Fix

• New Paradigm• Method: Heart• Main Focus:Meaning• Vision: Connection

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ProcessNew Paradigm for Team Approach • Process of Client Service

• Value to Most Clients is• Relationships, connection,

understanding, perspective, dialogue,significance, vision, fun and long term solutions

• What Attorneys & Advisors Offer is• Transactions, documents,

products, techniques, short term solutions

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Benefits

• Third Party Credibility

• Leverage of Time & Expertise

• Increased Trust to justify perception of you as trusted advisor vs. product salesman

• Retain Clients for Life

• Systemized Approach to address needs of your clients through the attorney

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Benefits

• Uncover all financial/insurance needs

• Save hundreds of thousands, if not millions, of dollars to justify more planning

• Additional professional service to become distinguished in the marketplace

• Prequalified referrals

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Benefits

• Sale of Product Coincides with Stages of Estate Planning Process:

STAGE SALEAlive & Well Life Ins. before bad health

P&C & Umbrella cov.InvestmentsRetirement PlanningFundingKids by prior marriageLong Term Care Ins.

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Benefits

• Sale of Product Coincides with Stages of Estate Planning Process:

STAGE SALEDisabled Dis. Ins. for well spouse

Health Ins. for well spouseBusiness Intervention Ins.Special Needs PlanningBuy/Sell Agreements

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Benefits• Sale of Product Coincides with Stages of

Estate Planning Process:

STAGE SALE

First Death Life Ins. on survivor

Buy/Sell Agreements

Investments with LI proceeds

Funding

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Benefits

• Sale of Product Coincides with Stages of Estate Planning Process:

STAGE SALESecond Death 2nd to Die Life Ins., least

expensive way to pay Est. taxes Investments with LI proceeds Funding Educational Expense for kids

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Benefits

Attorney Assistance in Sale of Life Insurance: • EP client is seeking plan for deathwhich makes advice from attorney persuasive • EP presents “pain” of estate tax calculation and LI is least expensive and/or most leveraged way to pay tax • Attorney comparison of LI to Roth IRA • ILIT doubles death benefit •Permanent LI sustains SOL for SS=EP goal • Business Continuity is EP goal cured by LI

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Benefits

Attorney Assistance in Sale of LT Care Ins.: • EP client is seeking plan for disabilitywhich makes advice from attorney persuasive • EP presents “pain” of paying for body outliving mind, more likely now than ever, and LTC Ins. is most leveraged way to pay • EP doesn’t pay for the care needed • My testimony regarding my interviews of managers of LTC facilities

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Benefits

Attorney Assistance in Financial Planning: • My course on Retirement Planning shows : • proper designation of beneficiary can save • personal planning, income tax, estate, and different advisor goals can either create conflict or one common goal if all advisors work together• My testimony of how my financial planner helped me

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The Process and Benefits of the Financial Advisor Relationship with an

Estate Planning Attorney

hank you for your attention !