Increasing demand for estate planning services and emergence of digital estate planning offerings from fintechs has pushed traditional firms to revisit the existing business models. Advisor led firms need to modernize their underlying technology infrastructure to improve customer experience and explore ideas to build a nextgen estate planning platform that offers better digital self-service capabilities, enhanced advisor effectiveness, and other benefits.
Transformational themes that firms should evaluate and strategize include:
Direct-to-consumer (D2C) channel: Offer a simple estate planning solution at a low cost through a fully digital model or a premium service through a virtual advisor
Advisor effectiveness: Improving the advisor engagement model with advanced digital tools and automation
Digital Assets: Digital vault and mobile app to upload digital assets, such as personal photographs, videos, music, social media posts, e-mails, health records, etc.