By Mark Colgan, CFP®

In today’s demanding environment, as an independent financial advisor it’s hard enough to manage time, clients and life much less dedicate your efforts to come up with innovative business-building ideas.  Ironically, it is the innovative ideas that could propel your business and afford you the opportunity to take more time off. With that end in mind, consider taking a look at one of the up-and-coming services in the financial services industry, Personal Legacy Planning.

What Is Personal Legacy Planning?

Personal legacy planning is a service that empowers your clients to gain clarity, control, and most of all, peace of mind. It goes beyond traditional financial and estate planning and helps your client to document the things in life that matter most:  their values and life lessons, their final wishes, most prized personal possessions, their words of wisdom. These are the true components of their personal legacy – the things money can’t buy.  The things that will be treasured by the next generation and generations to come.

Personal Legacy Planning Helps You Become The Purple Cow

Some financial advisors think they are unique because they “have such good service” or “treat clients like family” or “have a team of specialized experts.” Oh, wait, have you heard of the guy that is unique because “he cares more than most” or “he doesn’t sell pro-prietary products.” As my father would say, That is a bunch of malarkey. Everybody sings that tune.”

The old ways of marketing don’t work like they used to, because such messages are so plentiful that consumers have tuned them out. This means you have to toss out everything you know and do something remarkable.

Seth Godin, author of the book titled, “ The Purple Cow,” sums it up perfectly. “You’re either a Purple Cow or you’re not. You’re either remarkable or invisible. Make your choice. Cows, after you’ve seen one, or two, or ten, are boring. A Purple Cow, though … now that would be something. Purple Cow describes something phenomenal, something counterintuitive and exciting and flat-out unbelievable. Every day, consumers come face-to-face with a lot of boring stuff — a lot of brown cows — but you can bet they won’t forget a Purple Cow.”

In the U.S. there are more than 650,000 financial advisors. If you want to hail a real unique value proposition find a REAL way to make yourself unique!

Bite Back at the Bear Market and Recapture Your Lost Assets

Legacy planning fosters meaningful conversations that often necessitate additional wealth and risk-management services. In other words, it’s a springboard for sales opportunities. During the legacy planning process there are many stones turned over that ultimately lead to life and long- term care insurance solutions as well as asset consolidation.

Secondarily, it’s a positive and constructive way to strengthen your client relationships. Forget the Efficient Frontier — by providing a meaningful legacy plan you are actually empowering your client to live a life of purpose.  Last I knew, that was not a deliverable on the bullet-point list at any major wirehouse.

In addition, since this service has clear value and is totally unique, it is a perfect opportunity for referrals.

Do It For Your Clients

Okay, set your interests aside and look at personal legacy planning from your client’s point of view. Because you took interest in helping them create their legacy plan, they now have:

• More purposeful planning because their legacy plan established a foundation of knowledge that will allow them to develop a more meaningful estate plan.
• The opportunity to positively impact future generations by documenting and passing on words of wisdom and guidance about the upbringing of their children and/or grandchildren.
• Confidence knowing that their family traditions and values will continue to be preserved for generations.
• Comfort knowing that their advanced preparation will provide their loved ones with the opportunity to grieve and rebuild their lives rather than be burdened by the troubles that arise in the aftermath of death.
• Peace of mind knowing that they have taken necessary measures to protect and honor their loved ones.

Alternatives

Personal legacy planning is not the only way to differentiate yourself. There are many good programs and each should be evaluated. And, while you may be incredibly busy, it is likely that this investment of your time will be more than worthwhile — for yourself and for your clients.

Mark Colgan CFP® is the founder of Plan Your Legacy LLC, and a leading expert on personal legacy planning.  He believes that financial advisors are uniquely qualified to lead clients through the important process of legacy planning. The firm’s turn-key legacy planning program, BreadcrumbsSM, empowers financial advisors to help clients easily create a legacy plan that documents their life lessons, family values, precious memories, and important details such as final wishes, personal and medical history, and financial and insurance information. Their legacy plan also includes practical, everyday details — computer passwords, pet care instructions, and an address book of important contacts. It offers everything from online software to marketing tools and professional training. The program was developed by Colgan. For more information, contact Mark Colgan at
mcolgan@planyourlegacy.com or visit www.planyourlegacy.com.