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Brokers urged not to miss out on wills opportunity ‒ analysis

  • 20/10/2021
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Brokers urged not to miss out on wills opportunity ‒ analysis
Helping clients to put a will in place offers advisers the chance to reinforce their relationship with the client, as well as enjoy an additional revenue stream, brokers have suggested.

October is free wills month, where a host of charities offer older people the chance to have a will written without charge, or in exchange for a donation. However, industry figures have suggested that while this is a useful tool for pushing people towards getting their wishes in place, wills should be discussed with clients of all ages, not just the over-55s.

I want my clients to be looked after

Scott Taylor-Barr, financial adviser at Carl Summers Financial Services, said he always asks clients if they have a valid, legal and up-to-date will, particularly if they have children.

He continued: “If they don’t have one, or it’s really old, then I’ll refer them to a couple of different specialist solicitors that I know well.”

What’s more, Taylor-Barr says there is no commercial tie-in involved here. “It is purely done on the basis that these solicitors have done great work for my clients in the past and I know my clients will get well looked after and a proper job will be done for them.”

Getting protected

Aaron Strutt, product and communications director at Trinity Financial, said his firm lets his clients know that a full protection service is provided, with specialists in place to help with life insurance, income protection and wills.

He continued: “The majority of our clients have life and income protection policies because they would rather pay a relatively small amount each month to ensure they are covered in case something unexpected happens.”

A question of education

Iain Swatton, head of intermediaries at Dashly, said that brokers are well placed to help arrange a will for their clients, often through a simple referral, though suggested that many do not do this, perhaps because the client argues they don’t currently need one.

Swatton added: “The impact of not doing a will is not immediately felt but could have a massive impact on those left behind. Education on why preparing a will is so important and also incentivising the client with no set-up costs can only have a positive impact and ensure clients take the important decisions at the appropriate time.”

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