Leadgeneration247.online
Established 2021
+44(0)7538460685

Starting an estate planning business can be an incredibly rewarding venture, helping families protect their assets and ensure their wishes are fulfilled. However, building your practice from scratch requires careful planning, strategic decision-making, and a commitment to continuous learning. This guide will walk you through each step to launch and grow your estate planning business successfully.

1. Understand the Estate Planning Industry

Estate planning involves drafting wills, setting up trusts, creating Lasting Powers of Attorney (LPAs), and assisting with end-of-life arrangements. Your role is to provide expert guidance and legal knowledge to clients who want to protect their assets and ensure their wishes are carried out.

Key Services You Can Offer:

• Will drafting
• Trust creation (e.g., Family Trusts, Asset Protection Trusts)
• Lasting Powers of Attorney (LPAs) for health and financial decisions
• Probate assistance
• Inheritance tax planning

2. Get Educated and Gain Certifications

Your expertise is your greatest asset. Investing in education and professional development is essential, especially if you don’t have a legal background.

Recommended Certifications and Courses:

• Society of Will Writers (SWW)
• Institute of Professional Will Writers (IPW)
• Society of Trust and Estate Practitioners (STEP)

Actionable Steps:

• Enroll in training courses offered by these organizations.
• Stay updated with changes in estate law and tax regulations.
• Join professional groups for ongoing learning and networking opportunities.

3. Define Your Business Model

Decide on the services you want to offer and the structure of your business. Will you provide basic will writing or focus on comprehensive estate planning services?

Actionable Steps:

• Choose your core services based on market demand.
• Select a business structure: Sole trader, limited company, or partnership.
• Write a simple business plan outlining your services, target market, and financial projections.

4. Set Up Your Business Legally

Make sure your business is legally compliant before you start taking on clients.

Actionable Steps:

• Register your business with Companies House if you’re setting up a limited company.
• Open a dedicated business bank account.
• Obtain professional indemnity insurance to cover potential legal claims.
• Register with the Information Commissioner’s Office (ICO) for data protection compliance.

5. Build Your Brand and Online Presence

Your brand and online presence are crucial for attracting clients. Invest in a professional website and utilize social media to showcase your expertise.

Actionable Steps:

• Develop a professional website that highlights your services, credentials, and client testimonials.
• Optimize your website for local search (e.g., "Trusted Estate Planner in [Your Location]").
• Regularly post valuable content on LinkedIn and Facebook to engage potential clients.

6. Generate Leads and Attract Clients

Finding clients can be challenging, so a strong lead generation strategy is essential.

Actionable Steps:

• Run targeted Facebook ads to reach individuals interested in estate planning.
• Partner with financial advisors, accountants, and mortgage brokers for referrals.
• Offer a free initial consultation to showcase your expertise and build trust.

7. Develop a Client-Centered Sales Process

Your sales process should focus on educating clients and building trust. Most clients are unfamiliar with estate planning, so take time to explain their options clearly.

Sales Process Framework:

1. Discovery Call: Assess the client’s needs and concerns.
2. Consultation: Educate the client about your services and how they can benefit.
3. Proposal: Present a tailored solution based on the client’s needs.
4. Follow-Up: Address any questions and guide the client through the onboarding process.

8. Decide on Your Role and Delegate Tasks

To grow your business efficiently, focus on your strengths. Decide if you prefer selling or handling the technical aspects of estate planning.

Actionable Steps:

• If you prefer selling: Hire an administrator to manage document preparation, upsell services, and handle client communications.
• If you prefer technical work: Hire a salesperson to focus on acquiring and closing new clients.

This approach allows you to focus on your strengths while ensuring all aspects of the business are covered.

9. Systematize Your Processes for Consistency

Standardizing your processes will help you deliver consistent, high-quality service.

Actionable Steps:

• Create checklists for each service (e.g., will drafting, trust creation, LPA setup).
• Use document automation software to streamline drafting and reduce errors.
• Implement a case management system to track client progress and meet deadlines.

10. Monitor Your Financials and Plan for Growth

Managing your finances effectively is crucial, especially during the early stages of your business.

Actionable Steps:

• Regularly track your revenue, expenses, and profit margins.
• Create a cash flow forecast to anticipate potential shortfalls.
• Reinvest profits into marketing and business development to fuel growth.

11. Understand the Costs and Secure Your Initial Budget

Starting an estate planning business involves several upfront costs. Below is a breakdown of typical expenses you can expect:

Estimated Startup Costs:

Expense

Cost Estimate

Training and Certifications

£500 - £1,000

Professional Indemnity Insurance

£200 - £500

Website and Branding

£500 - £1,000

CRM and Case Management Software

£100 - £200/month

Marketing and Advertising

£1,500 - £2,500

Miscellaneous (Office Supplies, etc.)

£200 - £500

Initial Lead Generation (First 10 Appointments)

£2,500

Living Expenses:

It’s essential to plan for your personal living expenses while the business gets off the ground. We recommend budgeting for 3-6 months of living expenses, estimated at £1,500 per month, which totals:

• £4,500 to £9,000 for 3-6 months of living costs.

Total Estimated Startup Costs:

When you combine all the initial business expenses and personal living costs, your total estimated startup costs range from:

• £10,000 to £17,200

Special Offer: Bursary for Ambitious Estate Planners

We understand that these startup costs can be significant. To support the most ambitious and driven estate planners, we offer a bursary program to help cover the cost of lead generation. If you’re ready to commit to building a successful business, contact us to learn more about this opportunity and how we can help you get started.

Conclusion

Starting an estate planning business from scratch is challenging but achievable with the right strategy and a commitment to excellence. By following the steps outlined in this guide, you can build a strong foundation for your business and set yourself up for long-term success. Focus on continuous learning, deliver exceptional client service, and make strategic decisions to grow your practice.

Ready to Launch Your Business?

If you’re ready to take the first step toward building a successful estate planning practice, we’re here to help. Contact us today to discuss how we can support your growth, provide lead generation services, and guide you through the process.

Call 07538460685 or schedule a free consultation now to get started.