How Wealthstone Private Wealth Management Differentiates and Future-Proofs with Vanilla

Deepen existing client relationships and connect with next gen

Wealthstone’s modern estate planning offering sets it apart from firms that focus on more traditional financial planning, and having conversations about estate planning enables Zak Gardezy to build stronger relationships with clients and achieve a broader picture of their assets. By conducting estate reviews and walking through Vanilla’s visuals with clients, Zak learns more about their values, goals, and families. In many cases, Zak discovers that his clients may have their documents in order, but his clients’ kids don’t. 

“If I don’t build that relationship with my clients’ next generation, I’m going to lose those clients. Having a document solution like Vanilla Document Builder helps me forge those connections,” Zak said. “It offers a unique opportunity to connect with the next generation, building relationships that can last a lifetime. For my clients, this holds immense value, as their children and grandchildren are introduced to the financial professional they’ve trusted for many years. This introduction happens within the context of a crucial and deeply personal matter—estate planning—ensuring that their family’s financial legacy is cared for with the same dedication and expertise for generations to come.”

Identify overlooked issues and potential tax liabilities in clients’ plans

One of the primary ways Zak Gardezy uses Vanilla is for estate plan reviews with clients. In some cases, a review surfaces information that was overlooked by the attorney who drafted the documents and could have consequences for the client down the road. 

For example, with one couple he works with, Zak discovered they had property in one of 13 states with an estate tax. By using Vanilla Projections to see how the property would appreciate over the years, Zak discovered that this couple’s estate would be subject to tens of thousands of dollars in state-level estate taxes of which they were previously unaware of and hadn’t planned for. 

Estate reviews can also reveal parts of a plan that are outdated or no longer serve the client’s wishes. For example, Zak has a client whose wealth had grown dramatically since their estate plan was first created. While reviewing the plan together in Vanilla, Zak and the client realized that the person originally named as the successor trustee was no longer fit for the role given the current level of wealth. 

“Frankly, I’ve seen this in a lot of estate plans. You put them together and then you don’t really look at the documents ever again. Then you pass away, and whatever you put together 10 or 15 years ago is what it is,” Zak said. “And so for this particular case it was an eye-opening experience and created a sense of urgency to go get those documents updated, because clearly, there’s a set of instructions within the trust that no longer align with the clients’ wishes.” 

Use Vanilla Document Builder and estate planning attorneys hand-in-hand

Though Zak Gardezy originally adopted Vanilla for estate reviews, he’s discovered that using Vanilla Document Builder in combination with attorney services saves time and money in the document creation process for many of his clients. For clients with straightforward estate planning needs, doing document creation and review in Vanilla helps Zak’s clients avoid unnecessary attorney fees. What’s more, when an attorney’s expertise is needed for a particular estate, Zak often shares the Vanilla reports he generates with the attorney to simplify their review. 

“A lot of firms grow most through referrals,” Zak said. “And so when I show my existing clients the resources I have available through Vanilla, it sparks them to tell their friends about it. They come to me and say ‘my friend or my coworker or somebody I know told me to talk to you about planning.” 

Attract new business with differentiated estate planning offering

Wealthstone’s focus on bringing HNW clients holistic, modern financial advice, including estate planning, sets it apart from other firms and lets Zak Gardezy bring more value to his clients. He’s found success starting new conversations with prospective clients by simply saying, “Hey, do you have an estate plan put together? I have a service at my firm that could potentially help you with this.”

“If you can really understand estate planning and the ability to mitigate estate taxes, the amount of money you could save your clients from unnecessary estate taxes … is immense. That’s why I fell in love with estate planning, and Vanilla helps me bring that value to my clients.”

The future of wealth management

As more people come to understand the value of estate advisory, Wealthstone’s modern, holistic approach to wealth management sets it apart from other boutique firms. By incorporating Vanilla into his firm’s tech stack, Zak Gardezy is able to conduct detail-oriented estate reviews for clients with existing documents, gain a more complete understanding of a client’s assets, and expand his client base. 

To learn more about how Wealthstone uses Vanilla, watch the on-demand webinar Serving HNW Clients: How Wealthstone Stands Out with Estate Planning and Vanilla.