Vanilla

Dec 03, 2024

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A New Year, a New Approach: How to use estate planning to keep continually top of mind with clients and grow wallet share

Let’s face it—most people procrastinate. Deadlines are often the only motivators that spur action, and for financial planning, this “crunch time” tends to hit in November and December. Unfortunately, this end-of-year rush isn’t ideal for a number of reasons:

• The holidays: Advisors and clients alike are juggling travel, vacations, and family obligations.
• Emotional rollercoasters: Whether it’s the stress of family reunions or the joy of celebrations, emotions can cloud judgment.
• Rushed decisions: Big-picture financial planning requires clarity and focus, neither of which are easy to achieve in a hectic environment.

The result? A less-than-optimal setup for making critical long-term decisions.

The Key to Success: Informed Decisions in the Right Environment

As a financial advisor, staying top of mind with your clients throughout the year isn’t just a good strategy—it’s essential. When it comes to financial planning and trust, tax, and estate strategies, timing and communication are everything. Let’s explore how you can help your clients make informed decisions, keep stress at bay, and ensure their plans align seamlessly with their investment goals.

Good decision-making doesn’t happen overnight. It takes time, education, and the right mindset. Here’s what you should consider to help your clients make the best choices:

1. Education is essential. Every client brings unique experiences and perspectives to the table. Take the time to explain options in a way that resonates with them, so they can make confident, informed decisions.
2. Stress-free environments matter. Whether it’s the high-pressure rush of year-end or the elation of a celebration, people aren’t at their best when emotions run high. Encourage discussions during calmer periods when they can think clearly.
3. Plan for the long haul. Estate planning and tax strategies aren’t one-and-done tasks. They’re ongoing journeys that evolve with your clients’ lives and circumstances.

Planning and Investing: A Dynamic Duo

When it comes to financial planning, coordination with investment strategy is crucial. Tax rates may have a bigger impact than market fluctuations, but the right investments can make or break the effectiveness of a plan. And while year-end might seem like the obvious time to act, opportunities arise throughout the year due to:

• Interest rate changes
• Shifts in market conditions
• Asset performance
• Tax law updates

Encouraging clients to think beyond the year-end rush can lead to better outcomes—and fewer headaches.

The Solution: Seamless Conversations All Year Round

So, how can you help your clients make the most of their planning opportunities without the year-end scramble? Here are two simple yet powerful strategies:

1. Use natural triggers for discussions. Tie planning conversations to life events (birthdays, anniversaries, career changes) and portfolio reviews. This keeps the dialogue relevant and ensures that planning becomes a regular, natural part of your client meetings.
2. Leverage tools like Vanilla. Vanilla’s software helps advisors stay organized and proactive. By using its calendar year framework, you can pinpoint key client events and highlight strategic opportunities. Pair this with Vanilla’s customizable reports to keep clients engaged and informed during every conversation.

The Bottom Line: Be Proactive, Stay Connected

Financial planning isn’t just about crunching numbers—it’s about building trust, staying connected, and guiding clients through life’s changes. By proactively engaging clients throughout the year, you can help them make smarter decisions, reduce stress, and create a strategy that works seamlessly with their investments.

To this end, we’ve created a financial and estate planning calendar to prompt topical planning conversations throughout the year and highlight relevant strategy and planning considerations using Vanilla. We hope you find it a valuable resource as you initiate client conversations. And in the meantime, we wish you and your clients a very happy Holiday season.

Download the calendar of planning topics here.