If everyone needs a plan, why don’t they?

Happy Family

Exemplifying that no business can remain in one place for too long, the team behind Estate Planning platform, Yodal (yodal.com.au), recently commissioned an Australian first.

They gathered hundreds of insights from all players in the Estate Planning ecosystem, in a process that both validated the Yodal model and challenged many of the assumptions that all of us make about the emotive issue of Estate Planning.

The market study uncovered the obstacles preventing so many people from participating in the Estate Planning process, whilst also revealing that most interviewees did have an understanding of its importance. The study also delved into the life events that trigger the need for Estate Planning, which can occur throughout any stage of life.

Never before have Australians and their professional advisers been asked to think in-depth about what might motivate them to put Estate Planning at the start of the conversation, rather than leaving it to “another time”, which we all know may never come.

What the market study revealed:

  • The Estate Planning process is complex and confronting, and the market is cluttered – a recipe for confusion which quickly becomes a reason for Australians not to bother with their Estate Plans. As a result, 50% of us die intestate.
  • All of us will typically put the conversation off until we are forced by ill health or changed circumstances to think about it.
  • Estate Planning is an “all-of-life” journey which can be triggered at almost any age or stage of life, not just when we get older.
  • What happens after we die is an emotive issue and the conversations about it are tough for everyone involved. The relationships between all players require trust if they are to be effective, particularly the relationship between adviser and client.
  • All players in the Estate Planning ecosystem want to be guided through a simple, easy-to-follow and transparent process.

The insights that the Yodal team gathered paint a picture of Estate Planning as something which must be suffered through, but which both advisers and clients are reluctant to address. We can easily find numerous excuses to put the conversation to another day, when in fact a living Estate Plan is relevant at any stage of life, wherever life takes you.

Maybe with the Christmas season approaching and families coming together, it’s a good time to have conversations around how we want to protect the people we love and for advisers to reach out to clients to get on the front foot for 2019. As the Yodal team likes to say: because everyone needs a plan!

If you’d like to start the conversation about your Estate Planning needs, get in touch with me at iant@redchip.com.au or phone our office on 07 3223 6100. I’m sure you’ll find it’s not as daunting or as complex as many perceive it to be.


Update for advisers: Yodal resets and revamps!

The team at Yodal pushed the reset button last week, launching a host of new features aimed at bringing Estate Planning to the front of the conversation between financial planners, accountants and clients.

The process towards securing an Estate Plan is simpler than ever:

  • Flexible payment options to encourage greater client uptake;
  • A simpler workflow closely guides advisers and clients through the process;
  • A new dashboard enables easy tracking of client conversations and the progress of Estate Plans;
  • A host of new tools, tips and resources make the process easy to follow, without advisers needing to be Estate Planning experts.

To find out more about what’s new with Yodal, check out our upcoming webinar here.

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