MiQ Private Wealth rolls out digital estate planning solution

Brisbane-based financial advice network, MiQ Private Wealth, has launched a new digital estate planning solution in partnership with Australian fintech, Yodal, after a successful six-month trial period.

The solution is set to be made available to clients via its network of 15 financial advisers based in Queensland, Western Australia, Canberra and regional New South Wales.

The platform addresses several challenges advice businesses have had to face when it comes to estate planning, especially lawyer involvement; eases the burden of risk and compliance; and offers the opportunity to establish intergenerational relationships with their clients and beyond.

“It is critically important that people get their affairs in order to ensure the smooth and efficient distribution of their wealth, in accordance with their wishes, so we’re constantly encouraging clients to see a lawyer for their estate planning needs, but life is busy and many clients just don’t do it, leaving themselves and their families dangerously exposed,” Liam Brown, Chief Executive Officer of MiQ Private Wealth, said.

“With Yodal, we can own the estate planning process. We can assist in the creation and management of estate plans by driving initial and ongoing client engagement, connecting clients with legal professionals to execute documents, and tracking the creation and modification of estate plans.

“The platform gives us total visibility over what’s happening and what’s not, minimising the risk of people falling through the cracks.”

“Yodal is much more than an estate planning solution, it’s a business growth solution too because it is helping advisers bolster their value proposition, diversify their revenue, foster mutually beneficial referral relationships, and develop relationships with the next generation,” Thompson said.

“By playing a central role in the estate planning process, advisers can ensure that clients leave a legacy that is not marred by stress and confusion. They are also putting themselves in a strong position to advise the next generation and help them protect, manage and grow their inheritance.”

Brown also said Yodal has enabled estate planning to become part of MiQ’s full service offering, joining personal strategic advice, retirement planning, risk insurance and wealth management.

“Estate planning is not just a value-added service for existing clients. We believe it will play an increasingly important role in attracting new clients also” he said.

“The feedback from our pilot program has been extremely positive. Some clients have recently brought family members to advice meetings, after years of asking them to come along. By engaging future generations in the estate planning process, new clients are falling into our laps.”