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07 Nov 2012

Only 9% Of Advisers See Clients Highly Aware Of Estate Planning Importance

Just 9% of advisers surveyed by Retirement Planner said that their clients were highly aware of the importance of estate planning, the research showed last week.

Some 48% of the respondents to the survey said that they saw some level of awareness among clients, 39% claimed their clients were slightly familiar with the issue and 4% said that they identified a complete lack of awareness, according to the October inquiry conducted by Incisive Media´s publication.

When asked how to improve awareness among clients, advisers said that consumers should be better educated on the matter by using advertising campaigns on estate planning, which one of the respondents said should be industry-led.

According to the advisers surveyed by Retirement Planner, the media should cover news related to estate planning and make case studies on the issue. Respondents also noted that clients should be reminded of the seriousness of estate planning by their advisers.

Some 69% of advisers said that a clients´ lack of interest in the issue was what made advising them on estate planning difficult. Some 33% said that the loss of control posed a challenge and 24% were finding it hard to deal with clients´ expectations. Another 19% said that families intervening in the process made it difficult, while development of professional connections and regulation were mentioned by 17% and 11% of respondents, respectively.

The estate planning issues most often discussed with clients included inheritance tax mitigation, the writing of a will and power of attorney.

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