Yodal marks the transition of Estate Planning into the digital era, where for the first time financial planners can seamlessly build Estate Planning into their service offers without any requirement for in-depth prior knowledge or expertise. The risk for advice is transferred to lawyers who review and finalise the legal documents generated by the system.
My fellow Yodal founders focussed on developing a platform that seamlessly utilises client information to develop Estate Planning recommendations and deliver ready-to-sign legal documents directly to a lawyer for review and finalisation.
Whilst I believe most people are well aware of the critical importance of protecting the wealth they have worked hard to build, they perceive the hurdles to be insurmountable. In literal terms, it’s simply a case of completing a questionnaire and signing some documents.
The issue from our perspective as advisers and lawyers has been the time involved, along with the emotional barriers to having frank discussions about clients’ wishes should something go wrong. Yodal minimises the time and resources required to deliver Estate Plans to clients. It’s simple, streamlined interface integrates with existing client information, which avoids time consuming duplicate data entry.
Once Yodal’s client questionnaire is complete, the system produces an Estate Planning recommendation followed by ready-to-sign legal documents. From there, it’s a case of a lawyer reviewing and finalising the documents with the client. A few simple steps make the bridge between Estate Planning conversations and completion easy to cross.
In addition to the clear client benefit, Yodal offers a new revenue stream for advisers, an opportunity to build deeper client relationships and generate new referrals. Even more importantly, it facilitates the conversion of a conversation about Estate Planning into finalised documents.
Rather than stepping back from the spread of digital advice into the financial planning sector, Yodal gives control back to advisers without them taking on risk. Planners and other advisers are able to leverage a digital platform that converts their in-depth knowledge of their clients’ plans and aspirations into finalised Estate Plans.