TrustCompany of Australia (TCA) has launched an executor package for planners, thought to be an Australian first.
The package is a checklist and guide to the executor’s role and will allow planners to match those services usually provided by a solicitor.
TCA managing director Jonathon Sweeney says the product lets planners use his company’s expertise in estate administration.
“The service provided on behalf of the financial planner will put them in a prime position to retain funds under advice and add the beneficiaries as clients,” he says.
“During the administration of the estate, the planner continues to advise on the management of the assets. This creates the opportunity to service the needs of the beneficiaries, which can lead to a new client base.”
Planners sometimes lose client’s funds after their death, as the family solicitor could have an agreement with another planning firm, which subsequently takes over the advice role. Sweeney says this leakage of funds under advice is becoming common.
TCA national manager business strategy and development Stephen Trompp says the package is assembled so that the planner runs through the necessary procedures in the right order.
“The Trust Company will then undertake the physical work, on an hourly rate, if the planner wants us to be involved,” he says.
