1 The Process and Benefits of the Financial Advisor Relationship with an Estate Planning Attorney Presented by Michael J. Wittick Attorney & Counselor at Law

2 Process Why Pursue a Relationship ? Many Benefits to Advisors including : Third Party Credibility Your message is tainted Leverage of Time & Expertise Strong Relationships add value Trust is better built vicariously

3 Process Traditional Obstacles Attitude Key to Life Are you willing to work harder and smarter as part of a team ? 80/20 Rule

4 Process Traditional Obstacles Expectations Define the Relationship Advisor wants Documents Stamp of Approval To be Kept in the Loop Reciprocity Attorney wants Clients

5 Process Traditional Obstacles Fears Drive the Relationship Advisor fears Lack of Control Lack of Value Attorney Fees Attorney fears Lack of Control Client Expectation of Fees

6 Process Traditional Obstacles Expectations & Fears Driven by the Type of Advisor & Attorney Experienced vs. Inexperienced Personable vs. not personable Counseling oriented attorney vs. transactional attorney Counseling oriented advisor vs. product driven advisor

7 Process Most Traditional Relationships do NOT work because: No Stable Process or System Struggles over Lack of Control & Lack of Structure lead to Poor Results

8 Process New Paradigm for Team Approach Based upon training by WealthCounsel, LLC and SunBridge For Advisors and Attorneys who are relational, not transactional or product driven For Advisors and Attorneys who seek Lifelong relationships with clients Predictive Positive Results

9 Process New Paradigm for Team Approach Change in Expectations Advisor wants: Full time counseling oriented attorney with process for client’s lifetime Third Party Credibility To be involved in EP Process Clearly communicated Process with Attorney that produces results

10 Process New Paradigm for Team Approach Change in Expectations Attorney wants: Counseling oriented advisor with process for client’s lifetime Third Party Credibility Clearly communicated Process with Advisor that produces results

11 Process New Paradigm for Team Approach Example of Attorney Process: Three Step Strategy Counseling oriented attorney as opposed to a word processing attorney Formal Updating Program including a Trustee Training Program Settlement Process

12 Process New Paradigm for Team Approach Examples of Advisor Integration: Attorney fact finder requires disclosure of client’s existing advisors Ongoing Advisor/Attorney dialogue as to EP & FP needs and goals Participation in meetings to “shine the spotlight” on each other

13 Process New Paradigm for Team Approach Examples of Advisor Integration: Advisor written into EP Advisor’s corporate trustee utilized Sales coincide with EP stages Updating opportunities Settlement opportunities including multi generational planning

14 Process New Paradigm for Team Approach Process of Client Service Traditional Method: Mind Main Focus:Money Vision: Quick Fix New Paradigm Method: Heart Main Focus:Meaning Vision: Connection

15 Process New Paradigm for Team Approach Process of Client Service Value to Most Clients is Relationships, connection, understanding, perspective, dialogue, significance, vision, fun and long term solutions What Attorneys & Advisors Offer is Transactions, documents, products, techniques, short term solutions

16 Benefits Third Party Credibility Leverage of Time & Expertise Increased Trust to justify perception of you as trusted advisor vs. product salesman Retain Clients for Life Systemized Approach to address needs of your clients through the attorney

17 Benefits Uncover all financial/insurance needs Save hundreds of thousands, if not millions, of dollars to justify more planning Additional professional service to become distinguished in the marketplace Prequalified referrals

18 Benefits Sale of Product Coincides with Stages of Estate Planning Process: STAGESALE Alive & WellLife Ins. before bad health P&C & Umbrella cov. Investments Retirement Planning Funding Kids by prior marriage Long Term Care Ins.

19 Benefits Sale of Product Coincides with Stages of Estate Planning Process: STAGESALE DisabledDis. Ins. for well spouse Health Ins. for well spouse Business Intervention Ins. Special Needs Planning Buy/Sell Agreements

20 Benefits Sale of Product Coincides with Stages of Estate Planning Process: STAGESALE First DeathLife Ins. on survivor Buy/Sell Agreements Investments with LI proceeds Funding

21 Benefits Sale of Product Coincides with Stages of Estate Planning Process: STAGE SALE Second Death 2 nd to Die Life Ins., least expensive way to pay Est. taxes Investments with LI proceeds Funding Educational Expense for kids

22 Benefits Attorney Assistance in Sale of Life Insurance: EP client is seeking plan for death which makes advice from attorney persuasive EP presents “pain” of estate tax calculation and LI is least expensive and/or most leveraged way to pay tax Attorney comparison of LI to Roth IRA ILIT doubles death benefit Permanent LI sustains SOL for SS=EP goal Business Continuity is EP goal cured by LI

23 Benefits Attorney Assistance in Sale of LT Care Ins.: EP client is seeking plan for disability which makes advice from attorney persuasive EP presents “pain” of paying for body outliving mind, more likely now than ever, and LTC Ins. is most leveraged way to pay EP doesn’t pay for the care needed My testimony regarding my interviews of managers of LTC facilities

24 Benefits Attorney Assistance in Financial Planning: My course on Retirement Planning shows : proper designation of beneficiary can save personal planning, income tax, estate, and different advisor goals can either create conflict or one common goal if all advisors work together My testimony of how my financial planner helped me

25 The Process and Benefits of the Financial Advisor Relationship with an Estate Planning Attorney  hank you for your attention !