The latest Secrets to Scale features John Yackel, CEO and Co-Founder of Trucendent, the technology that powers the Envestnet Trust Services Exchange. Trucendent is a first-of-its-kind technology and process-driven platform that helps to simplify estate planning and trust transfers for advisors, their clients, attorneys, and trust administrators.
Click here to view John’s podcast episode or read some highlights from Alli and John’s conversation below.
“We’re on the precipice of the largest intergenerational wealth transfer in history.”1
The Current State of Estate Planning
We’re in the middle of the greatest generational transfer of wealth. An estimated 83% of all assets are owned by people aged 50 or older, who are expected to pass much of their wealth onto their Gen X and millennial children.2 Unfortunately, most of those heirs will fire their parents’ financial advisors.
John and his team believe the current trust and estate planning process is broken, and they’re working to fix and simplify it. Advisors have the opportunity to seamlessly integrate wealth transfer into their advisor-client relationship within the wealth platforms they already work with today.
How Does Trucendent Benefit RIAs and End Clients?
Advisors could benefit from Trucendent’s processes by:
- Differentiating their practice
- Protecting and extending revenue
- Managing new trust assets
- Collaborating digitally
- Converting legacy trust accounts
The end client, however, is who could benefit from Trucendent’s services the most because they may be able to give their family and loved ones more control over their estate.
Some advisors struggle to scale these offerings and bring them to their clients and their families. Trucendent has created 3 elements to help advisors stay in control of the process:
1. Integrate technology where advisors are doing business
2. Create a network of independent estate planning attorneys
3. Offer access to an advisor-focused administrative trustee service
Financial advisors are using the Trucendent platform to bring trust attorneys and corporate fiduciaries together to collaborate, which may eventually lead to more scaling within their firms.
John’s #1 Tip for Scale
John has a few tips that stick out, but top of mind is to “Think Big.” Focus on what you want to be, not who you are today. Listen to your clients, listen to their challenges. Often, the answers you’re looking for are right in front of you.
To learn more about Trucendent, visit https://www.trucendent.com/.
Source: CNBC, What the coming $68 trillion Great Wealth Transfer means for financial advisors, 10/21/19 (1,2).