Trust Co kit for planning after life
TrustCompany of Australia (TCA) has launched an executor package for planners, thought to be an Australian first.
The package is a checklist and guide to the executor’s role and will allow planners to match those services usually provided by a solicitor.
TCA managing director Jonathon Sweeney says the product lets planners use his company’s expertise in estate administration.
“The service provided on behalf of the financial planner will put them in a prime position to retain funds under advice and add the beneficiaries as clients,” he says.
“During the administration of the estate, the planner continues to advise on the management of the assets. This creates the opportunity to service the needs of the beneficiaries, which can lead to a new client base.”
Planners sometimes lose client’s funds after their death, as the family solicitor could have an agreement with another planning firm, which subsequently takes over the advice role. Sweeney says this leakage of funds under advice is becoming common.
TCA national manager business strategy and development Stephen Trompp says the package is assembled so that the planner runs through the necessary procedures in the right order.
“The Trust Company will then undertake the physical work, on an hourly rate, if the planner wants us to be involved,” he says.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
