How can LegacyTracker help financial advisors help their clients

We see an opportunity for Legacy Tracker to solve a great many problems for individuals and families and a great many opportunities for financial advisors to make it happen.  

As an accountant, tax practitioner and financial planner for 20+ years I have had a front row seat to many of the problems experienced by too many clients and the families of clients.

Problems like:

• Many Canadians have identified personal finance as one of their largest sources of stress. A recent survey by the employee Financial Education Division in Canada (EFED) showed that 25% of employees feel financially distressed which leads to reduced productivity and  a common feeling that their finances are ‘out of control’. Many individuals are unfamiliar with tracking their net worth and don't have a good sense of whether or not they are making any progress month after month. Many don't even open their monthly statements each month (trust me I know as a tax practioner for many years) Their assets may (or may not) be increasing but perhaps their liabilities are increasing at the same or a faster pace 
• Too many individuals delay getting started on financial planning because often they don’t know how to get started or how to get organized to get started. They are often overwhelmed by their day to day responsibilities and competing demands on their time and their money. Result: Missed opportunities for saving and planning their financial future.
• Financial literacy is generally weak. An Ipsos Reid survey for ABC Life Literacy showed that only 20% of Canadians have confidence in their math and money skills as they relate to helping plan for a secure financial future. Result: Missed opportunities for saving and for better tax and estate planning
• Important discussions between family members relating to items like the location of important documents, asset distribution plans and final wishes etc., are being put off until it’s too late. Advisors don’t always have a relationship with the children of their clients in order to assist. Result: Missed opportunities for better estate or tax planning, increased potential for additional grief, costs, delay and family conflicts when an emergency arises.
• Emergencies related to a death, incapacity, identity theft, physical disaster or natural disasters are all on the rise unfortunately and require an immediate response which requires the availability of important documentation. An August 2011 online survey by Canadian Life and Health insurance Association indicated that only 26% of Canadians think their personal and financial information would be easy to access in an emergency. Result: Increased potential for additional grief, costs, delay and family conflicts when an emergency arises
• Too many assets are being left unclaimed. The problem is global and growing. Bank accounts, savings bonds, insurance benefits, pension funds, stock certificates etc. US Estimate $58B CDN Estimate $4B Impact: Result of Lost assets? Priceless? Hard work for tax paid assets wasted. Lost opportunities for family and fun.

How can Legacy Tracker Help end users?

Legacy Tracker is a common sense solution that helps clients organize, track and monitor and safeguard their important financial, legal and estate information and documents in a single, secure place. Legacy Tracker is web based so it makes this important information accessible to them remotely and it allows for selected information to be shared should they chose to do so.

Knowing that information is organized, secure and accessible in one place can go a long way in reducing stress while providing peace of mind to both individuals and their loved ones. It reduces the financial risk of lost assets while allowing for more proactive financial planning and decision making.   

How can Legacy Tracker help you as a valued financial advisor?

From your perspective as a valued financial advisor, Legacy Tracker provides an opportunity for more effective and valued relationships with clients by providing the following benefits:  

· Big Picture View. The key to effective financial planning is the ability to take into account all relevant aspects of a financial situation (“the big picture”) Legacy Tracker enables clients to take this ‘big picture’ view towards retirement, tax and estate planning needs with reminders and alerts about missing our outdated info built in.

This view helps clients supported by their advisors, to more easily highlight and identify potential problem areas or gaps in planning, asset or risk management.

· Better Collaboration. We believe that better organized clients are better clients because collaboration can be enhanced greatly. When clients have better information about what they have and where they are at, next steps can be more easily clarified to ensure that future goals are met. It also means that decision making can often be expedited.

· Up to date Information. Tracking net worth is one of the best ways to monitor financial progress. Simple updating of values inside Legacy Tracker enables net worth tracking but it also provides an opportunity for other information to be updated at the same time. Some of these changes are important for advisors to be made aware of which reduces the risk of an unhappy surprise. Legacy Tracker provides for ongoing value but also more opportunities for ongoing communications with their advisor. 

· Reduce financial risk. The detailed templates contained within Legacy Tracker help guide and educate clients about what kind of information is important to document and make accessible should an emergency arise such as death, incapacity, identity theft or natural or physical disaster. Safeguarding this information reduces financial risk for clients and their families’ related to unclaimed funds and delayed claims. Ensuring that assets are not lost means that more assets can be invested.

Without properly safeguarding important information, the risk of assets getting ‘lost’ will increase as a result of changes that have been occurring in relation to aging demographics, increased longevity (which brings forgetfulness), the increase in natural and physical disasters and the push to paperless record keeping. Unclaimed funds approximate some $4 Billion in Canada currently ($58B in the US) 

· Market Differentiator. Legacy Tracker is a white label or co-branded solution that allows financial organizations to provide a meaningful way to differentiate their brand in a busy marketplace and support more valued and profitable relationships with customers/account holders or clients. Solidifying such relationships can also mean providing value to the families of clients which provides an opportunity to expand the client base of advisors to include extended family, reducing the risk of intergenerational transfers 

· Emergency Preparedness. Recovering as quickly as possible from emergencies that result from a death, incapacity, identity theft, or a physical or natural disaster, requires an immediate response and that means the availability of important documentation. How does one put a value on helping clients reduce additional delay, expense and grief in times of emergency?

Check out our 2 minute or less video for a summary of how we think we can help you help betterClick here for our video