As our world continues moving through digital transformation, financial professionals like Roy Y. Gagaza understands that it will have a strong impact on every part of the industry, including estate planning. But while some professionals will view this change with trepidation, others understand how this change will help make the process of estate and asset planning more accessible to the average retiree, including Roy Gagaza. In this article, we’ll look at how technology is making estate and asset planning an option for the average retiree, rather than an option only available to the wealthy, as has been a common view in the past by the general public.
Roy Gagaza on Leveraging Technology for Estate and Asset Planning
Disruption in Estate Planning
Estate planning professionals like Roy Y. Gagaza know the numbers behind estate and asset planning. It’s expected that up to $68 trillion USD will be passed on from the Silent and Boomer generations to their children and grandchildren in Gen X, Millennial, and Gen Z generations. As these changes take place, the industry will need to adapt to the expectations of these generations, including automatic, up-to-the-minute reporting, instant access to digital representations of estate and asset plans, online legal support, and similar details. Given that 80% of these generations will decide to change financial and asset planning services once the transfer has been completed, it’s an important trend for financial professionals to pay attention to.
Similarly, some retirees may be hesitant to share all the details of their estate plan, so selective access to these same assets and details is an important part of financial planning security. Providing some level of access allows the discussions to take place so that heirs may be prepared to take over these assets without oversharing details about what other heirs may be provided with. Furthermore, this access provides an opening for savvy financial and wealth planners to start discussions with the next generations, making it easier for them to retain clients that do not have the same level of loyalty to the firm that has provided them with these details in the first place.
Technology Tools Appearing in Estate and Asset Planning
As a part of this process, new tools are appearing as part of estate planning technology, many of which were introduced during the COVID-19 pandemic, when meeting with clients may endanger their more fragile health. Here’s a quick look at the kind of technological tools that you may expect to see in the near future, if they haven’t already appeared at agencies and planning services.
- Online Meetings and Consultations: Have we learned enough about Zoom meetings following the pandemic? Becoming a popular way for advisors and clients to go over portfolios and discuss concerns during the pandemic, this option provides a great way to stay in touch about your estate and asset plans.
- Online Witness and Notarizing: Though this technology has been around for well over a decade, this technology has seen significant growth during the pandemic, allowing important paperwork to be witnessed and notarized without the risk or bother of having to leave your home. This may also be part of a larger document management system, discussed next.
- Document Management: Used more in the past to handle business paperwork, document management has extended to handle a much wider range of legal and financial documents. Given the many advancements in online security, these documents may be more resistant to fraud given the encrypted audit trail provided by blockchain and similar technology.
- Automated Processes: To help make financial and estate planners operate more efficiently, streamlined workflows allow them to complete the process quickly without any paperwork going missing or falling through the cracks. The automated system tracks what has and has not been completed, so the entire process is automatically monitored.
- Streamlined Communication and Education: To provide education to an heir in the past often required setting up an appointment, reading lengthy books, or otherwise tracking down details. Today, streamlining communications makes education easier, communication automatically happen, and faster responses more likely on time-sensitive matters.
- Mobile and Remote Conducting of Business: As technology becomes more mobile- and remote-friendly, it’s easier than ever to conduct business on the go. This helps avoid issues with working around the multiple schedules of all parties involved.
As financial professionals like Roy Gagaza leverage technology to widen the availability of these services to everyone, this technology will make it easier for the everyday individual to make smarter plans for their future, from controlling access to automating communications and preferences to making better decisions about saving for future generations. If you’re interested in seeing what Roy Y. Gagaza has to say about these advancements and how they can benefit your estate planning efforts, why not contact him today?
