Written by: Kelton Corcoran | NaviPlan With the holidays upon us and the end of the year just around the corner, advisors should be looking to take advantage of this season to engage with their clients. Not only can advisors use this time to show gratitude for their current set of clients, but they can also leverage this time of year to naturally discover new client needs, increase assets under management (AUM), and even expand their books of business. Here are some client conversations to consider having this holiday season.
Charitable givingThe joyful holiday season invokes a sense of giving and though that means dedicating volunteer time or small contributions for most clients, some high-net-worth (HNW) individuals may be considering a substantial donation. According to the 2018 U.S. Trust HNW Philanthropy Study, 68 percent of wealthy donors indicated that tax benefits have motivated them to give. By developing an advanced giving strategy, advisors can show how assets can be donated in a tax-friendly manger, allowing clients to give more than they thought was possible. For more information on helping clients establish a giving strategy, see this article.
Estate planningWith a spike in family time over the coming weeks, clients may find it convenient to discuss the financial road ahead with family members over the holidays. Whether the estate planning conversation is just kicking off, or your clients are simply hoping to provide an update to their heirs, advisors can help by developing a detailed estate strategy and delivering the advice with easy-to-read client reports. NaviPlan helps advisors navigate the estate planning process with a depth of estate strategy options and reporting features. Learn more about this functionality here.
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