WHY ESTATE PLANNING?

IOOF published a fantastic report about the Expectation of Advice.

It's more than just investment advice.

EPFL AS A SERVICE OFFERING

We are all striving for a higher value service offering for our clients. Estate Planning For Life is a scalable, online subscription service tailored for professional services firms to deliver an estate planning offering to clients that will create a unique and powerful point of difference.

for financial advisers

  • Financial advice fees and business valuations under pressure
  • Industry super funds are attacking financial advice and advisers
  • FOFA: FDS & opt in places greater pressure on financial advisers to deliver more meaningful services
  • Regulators are specifically looking for advisers who receive a fee and provide no advice/service
  • ROBO advice is redefining how product and strategy advice will be delivered
  • Life insurance commissions are under pressure
  • Online product providers are challenging traditional service models

for accountants

  • Accounting fees for compliance services under pressure
  • The client profile of major firms are ageing quickly
  • Increased pressure from tax agents  and bookkeeping service providers for traditional compliance work
  • Tax returns and compliance work constitute 50% to 90% of accounting practice revenue
  • The profession is looking to deliver new high value, high touch, profitable services with recurrent revenue business models
  • ATO Standard Business Reporting (SBR) Program to enable straight through processing of tax returns from accounting software (Xero, Quickbooks, MYOB etc).
  • ATO estimate this will remove $500 million in fees from the accounting profession over the next 3 to 5 years

How does EPFL work?

The Estate Planning For Life system is broken into 5 key steps – ‘Engage with WITY EP’, ‘Facilitate the Legal Advice’, ‘Discover and Record the Information that Matters’, ‘Generate the Crisis Management Plan’ and ‘Review’.

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