If you have developed a close relationship with your Client, your Client relies on you to discuss his hopes, fears and goals. He trusts you with personal information and asks for your opinion on family matters. You probably know this Client more intimately than any other professional in his life. These clients, what do you do for them when life’s daily struggles have become too much? Many financial professionals wish they knew what you are about to learn…
Do you have clients who you are worried about?Does your Client have:
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Have you gone beyond your customary scope to serve this client?Such as:
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The answers to the above questions can help you determine if your clients are safe, living well, and have peace of mind.
Knowing the answers will help you reduce your liability and retain the client when her circumstances change. Your quarterly follow up visits and annual overview are great opportunities to help your client keep his estate plan up to date. Take action to keep your clients over the long term: |
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You can really help this client by guiding him through the Estate Planning process. Help the client begin by encouraging him to contact a reputable Estate Planning Attorney. When the client is ready to name a Successor Trustee, have a list of Professional Fiduciaries with whom you are acquainted or with whom you have worked. You can help the client choose by assuring him that a Professional Fiduciary, acting as Trustee and Executor, will help to ensure the continuity of the client’s plan, as you and he have developed it. If the client's trust goes to a bank or trust company, you may no longer have the opportunity to manage for him. Check the prospective fiduciary’s license at Fiduciary.CA.gov.
If your broker/dealer has a trust department, or trust company, be sure that it meets your standards for client care and attention, or be willing to supplement with your own services to the client. If you have ever considered changing your broker/dealer relationship, this may be worth considering – whichever company you work with, or if you are an independent, the Professional Fiduciary can rely on you to continue managing the client’s funds, just as the client did, no matter where you are, when the relationship means more than the platform of service.
Once named as Successor Trustee, a bank or trust company has its own investment department which, regardless of service or performance, will manage the clients funds, once the trust document becomes effective. Learn more about potential fiduciaries in “Who Needs a Professional Fiduciary?”.
A Professional Fiduciary (like Jane, Marguerite, Clay, and Noah), working independently, has the flexibility and responsibility to select the best financial services resource for each trust she manages. At Lorenz Fiduciary Services, we will never sell financial products, as we always rely on the expertise and professionalism of the financial advisors with whom we work. The cases we manage either come with a financial advisor, or if the client did not have one, we hire a financial advisor once we become trustee. The financial advisor is asked to produce an Investment Policy Statement for us. We work through the plan together and we keep you, our financial advisor informed as to financial changes such as medical costs, client needs and subsequent additions to the investment portfolio (such as proceeds from real estate).
If your broker/dealer has a trust department, or trust company, be sure that it meets your standards for client care and attention, or be willing to supplement with your own services to the client. If you have ever considered changing your broker/dealer relationship, this may be worth considering – whichever company you work with, or if you are an independent, the Professional Fiduciary can rely on you to continue managing the client’s funds, just as the client did, no matter where you are, when the relationship means more than the platform of service.
Once named as Successor Trustee, a bank or trust company has its own investment department which, regardless of service or performance, will manage the clients funds, once the trust document becomes effective. Learn more about potential fiduciaries in “Who Needs a Professional Fiduciary?”.
A Professional Fiduciary (like Jane, Marguerite, Clay, and Noah), working independently, has the flexibility and responsibility to select the best financial services resource for each trust she manages. At Lorenz Fiduciary Services, we will never sell financial products, as we always rely on the expertise and professionalism of the financial advisors with whom we work. The cases we manage either come with a financial advisor, or if the client did not have one, we hire a financial advisor once we become trustee. The financial advisor is asked to produce an Investment Policy Statement for us. We work through the plan together and we keep you, our financial advisor informed as to financial changes such as medical costs, client needs and subsequent additions to the investment portfolio (such as proceeds from real estate).
Why refer Lorenz Fiduciary Services
Once the estate plan is done, you can count on Marguerite, Clay and/or Noah, as the named successor trustees, to work together with you and your client in the following ways when we are named (as Successor Trustee, Executor, POA Finance) and before the trust is active:
- We keep your client's file up to date
- We visit with the client as much as the client chooses to based upon our hourly rate
- We continue working with you when the client becomes incapacitated or resigns as trustee
- We work with you to complete our distributions after death and/or fund a new trust
- You continue managing the sub-trust accounts
Action Steps:
- Discuss the future beyond retirement; what gives the client a sense of purpose?
- Collaborate with Estate Planning Attorneys and Professional Trustees
- Quarterback the Estate Planning Process to help clients to completion
- Introduce Clients to Professional Fiduciaries
- Client completes Estate Plan Documents with Attorney
- Follow up is scheduled with Fiduciary and Client
- Continue working with Client
- When Client is no longer able, work with Successor Trustee