Estate planning not to be overlooked
Estate planning is one of the most important areas of a financial plan but is often overlooked by advisers, according to AXA national development manager Steve Currie.
“Estate planning is the cornerstone of financial planning as it underpins everything you need,” Currie explained.
“[Without it,] if some form of tragedy happened [to an adviser’s client,] a lot of the plan that had been set in place wouldn’t come to fruition.”
Speaking at Professional Investment Services’ 11th annual conference, Currie said every client should at least have a valid will, reviewed every three years for major changes such as marriage, divorce, birth of a child or grandchild and on buying or selling business assets.
However, he said income insurance, asset protection and business succession issues were also important components of estate planning, making it necessary for advisers to work closely with lawyers and accountants in this area of advice.
“No matter what your personal circumstances are, estate planning aims to place your financial affairs on the strongest possible foundation, maximising effectiveness in the transfer of wealth to your beneficiaries,” Currie said.
Recommended for you
Financial Services Minister, Stephen Jones, has assured the cost and time to enter the financial advice profession will soon be halved, as shadow treasurer Angus Taylor pledges to reach 30,000 advisers.
The positive results of the latest financial adviser exam have helped the advice profession reach 15,600 yet again, according to Wealth Data analysis.
Financial advice firms have told Adviser Ratings they are planning to increase their compliance spend by almost a third, including on enhancements to their cyber security which ASIC has identified as an enforcement priority.
The digital advice platform is officially launching into the financial advice sector, offering up its services to practices as a means of engaging with the next generation of clients.
