EncorEstate Plans with Matt Morris | 314
Making it easy to get their estate plans done.
In this episode of Fintech Impact, host Jason Pereira interviews Matt, the CEO of EncorEstate Plans. EncorEstate Plans is an advisor-led tool designed to assist clients in creating and implementing their estate plans seamlessly within one comprehensive system. The platform enables financial advisors to guide clients through the process of developing personalized estate plans, providing a streamlined and efficient solution for estate planning.
Episode Highlights:
00:57: Matt introduces EncorEstate Plans, highlighting its role as an advisor-led tool aimed at fixing the broken estate planning client experience.
01:36: Matt discusses the origin and mission of EncorEstate Plans, emphasizing its purpose to empower trusted advisors and fill a crucial gap in estate planning without the need for legal expertise.
04:08: The conversation takes a personal turn as Matt shares a family tragedy that served as a catalyst for creating EncorEstate Plans, illustrating the real-world consequences of inadequate estate planning.
05:40: The discussion turns to the challenges specific to California's estate planning landscape, with a focus on the preference for trust-based plans over wills and the complexities of the probate process.
06:48: Matt details the approach taken to address the estate planning problem, drawing on his background in wealth tech and emphasizing the importance of a streamlined, efficient solution for clients and advisors alike.
07:06: Matt highlights the core belief behind EncorEstate Plans, emphasizing the value financial advisors provide in guiding clients through the estate planning process. He discusses the limitations of DIY software solutions and the persistent gap in estate planning despite their availability.
08:02: The discussion touches on the issues of outdated estate plans and the potential pitfalls of software-generated documents without proper human guidance. Matt introduces the concept of garbage in, garbage out, emphasizing the need for a trusted advisor to navigate clients through the decision-making process.
10:03: Jason highlights the reluctance of individuals to engage in estate planning due to the combination of administrative tasks and the uncomfortable topic of death. The conversation delves into the challenges of online legal will kits and the potential issues arising from oversimplification and the omission of critical details.
11:56: Matt addresses the limitations of EncorEstate Plans, acknowledging that it may not be suitable for everyone. The platform is tailored for the mass affluent, and advisors are equipped to determine when software is appropriate and when clients should seek legal advice from an attorney.
13:15: The discussion emphasizes the value of advisors guiding clients through the estate planning process, providing reassurance, and easing the overwhelming nature of the task. Matt reiterates that the goal is for clients to express gratitude to their advisors for facilitating the experience and bringing peace of mind.
15:55: Matt addresses the issue of unauthorized practice of law, highlighting the importance of disqualifying clients who require legal advice and ensuring clear disclosures. He emphasizes the role of the advisor as a facilitator, guiding clients through the questionnaire while making the estate planning process accessible and transparent.
16:55: Matt discusses the documentation process, emphasizing the need for clear client decisions and the validation of those decisions through summaries and email communication. The platform aims to provide due diligence in documenting clients' desired estate plans and ensuring their ownership of the decisions made.
17:06: Jason inquiries about how EncorEstate Plans ensures it doesn't cross legal lines in its process. Matt emphasizes that the advisor's role is strictly educational during the questionnaire process, with human estate planners conducting quality control before returning the documents to clients.
19:54: Jason acknowledges the value of human intervention in catching details like beneficiaries' birthdates and potential fraud risks. Matt reiterates that the platform prevents any fraudulent activity due to the robust review process conducted by human estate planners, providing an additional layer of quality control.
21:02: Matt explains the variability in how advisors use EncorEstate Plans, allowing them to decide whether the client takes the first pass on the questionnaire or if they walk through the process together.
23:21: Matt discusses EncorEstate Plans' future development, mentioning the introduction of a visual summary for existing estate plans. This feature aims to address the millions of outdated estate plans by providing a one-page overview on the advisor's letterhead.
25:36: Matt emphasizes the dynamic nature of relationships, noting instances where an ex-wife may still be included in an estate plan. He highlights the importance of considering changes in relationships, wealth, and health when reviewing existing documents.
26:02: Matt introduces the process of restating existing plans, leveraging the information from the client's old documents. He explains how the questionnaire is filled out based on the information extracted from the existing plan.
27:04: In response to Jason's question about the one positive change Matt wishes for the industry, Matt expresses the need for more advisors with flexible models, expanding beyond AUM (Assets Under Management) to provide access to advice for various client levels.
30:39: Matt sees the current low adoption of estate planning as a massive opportunity for advisors. He predicts that in five years, estate planning will be table stakes for financial planners, and those without it may lose clients.
31:03: Jason acknowledges the importance of estate planning and emphasizes the need for advisors to facilitate conversations rather than directing clients to professionals. He suggests a focus on scalable, affordable solutions for wider accessibility.
Key Points:
EncorEstate utilizes technology to simplify and enhance the estate planning process for financial advisors, making it more accessible for both advisors and clients.
Matt advocates for financial advisors to adopt flexible payment models beyond the traditional AUM, ensuring broader access to financial advice.
The conversation highlights the growing importance of estate planning as a fundamental aspect of financial advisory services, emphasizing its transformative impact on client relationships.
Tweetable Quotes:
"Estate planning isn't an add-on; it's a core part of financial advisory. It's table stakes for advisors in the industry." - Jason
"Our goal is to enable old documents to become new with less than 10 minutes of effort, transforming the outdated estate planning experience." - Matt
"Access to advice is crucial. We need advisors with flexible models to serve different client levels, moving the industry in the right direction." - Matt
Resource Mentioned:
Facebook – Jason Pereira's Facebook
LinkedIn – Jason Pereira's LinkedIn
Woodgate.com – Sponsor