Qld advice firm rolls out estate planning solution
Queensland financial advice firm MiQ Private Wealth has become the latest practice to utilise Yodal’s estate planning software.
The firm’s white-labelled estate planning solution will be rolled out across its practices following a six-month pilot.
MiQ Private Wealth is primarily Queensland-based with offices in Brisbane, Gold Coast, Toowoomba and Sunshine Coast, but also has a presence nationwide in Canberra, Tumut in regional NSW and Geraldton in Western Australia.
Liam Brown, chief executive, said the need for the solution stemmed from the group’s desire to help its growing number of intergenerational clients.
He said he expected estate planning to become a core part of the group’s offering over time which currently includes wealth management, retirement planning, superannuation advice, risk insurance and aged care help.
“It is critically important that people get their affairs in order to ensure the smooth and efficient distribution of their wealth, in accordance with their wishes, so we’re constantly encouraging clients to see a lawyer for their estate planning needs. But life is busy, and many clients just don’t do it, leaving themselves and their families dangerously exposed.
“With Yodal, we can own the estate planning process. We can assist in the creation and management of estate plans by driving initial and ongoing client engagement, connecting clients with legal professionals to execute documents, and tracking the creation and modification of estate plans. The platform gives us total visibility over what’s happening and what’s not, minimising the risk of people falling through the cracks.”
Yodal chief executive, Brandon Thompson, echoed how Yodal could help firms with their growth plans and establish relationships with clients’ heirs.
“Yodal is much more than an estate planning solution. It’s a business growth solution too because it is helping advisers bolster their value proposition, diversify their revenue, foster mutually beneficial referral relationships, and develop relationships with the next generation.
“By playing a central role in the estate planning process, advisers can ensure that clients leave a legacy that is not marred by stress and confusion. They are also putting themselves in a strong position to advise the next generation and help them protect, manage and grow their inheritance.”
In October, national financial services group Tribel agreed to roll out estate planning services from Yodal to its advisers. The service will gather and store the client information necessary to create a comprehensive plan, alert clients if further information is required, and seamlessly connect clients to a panel of specialist estate planning legal partners.
This will help Tribel’s advisers to track the creation and modification of estate plans, and oversee the transfer of wealth in accordance with a client’s wishes, adhering to the full extent of the law.
In February, AMP partnered with Yodal to launch an estate planning service for advice practices in its network. This included initial and ongoing training for advisers through an advice toolkit, practice marketing and reuse of Xplan data.
AUTHOR
Laura Dew
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