MarketingProfs Know-How Exchange : Estate Planning Services

Interesting questions/statements.

A key word you mention is "value". I would concentrate on how you differ and/or provide a better service than the $400 "Trust Chasers" and utilize your uniqueness to develop a better perception of the value of having your affairs in order prior to death.

In addition, I would target the emotions of prospective clients..."Do you want your possessions to go to the state or a loved one?".

I'm sure you've already thought of and/or utilized some of the above mentioned strategies as they are quite obvious for your line of work. The question is, HOW are you getting the message out?

Unfortunately, you probably are stuck with the fact there is little to no repeat business. Perhaps you can try to "squeeze" out a little more from your current clients by contacting them on a regular basis for updating. Many people create wills etc., then acquire new property, get in family feuds etc. and forget all about how they have previously designated the distribution of their estate.

One of the fastest growing techniques to remain in frequent contact with clients is through newsletters. Email newsletters are booming bigtime! A good source and service for such can be found at http://www.pepperblue.com.

If you do not have client's email addresses, start out with physical, "snail mail" correspondance via their current mailing address. IN the future, you can start requesting email addresses in order to wean into a virtual newsletter/follow-up.

Another tool that comes to mind is a consumer survey. My firm can provide a customized survey with comprhensive reports to help you get an idea of what people are thinking. Email me at jett_enterprises@cox.net for more info.

I hope that helps!

Good Luck!!

Jetts comments are spot on, and if I may, I'll look at things from another perspective. See if as free consultancy :-)

I am based in UK and been fortunate to have discussed marketing issues with UK Professional services companies, its interesting (in the UK) that law firms are behind Accountancy firms when it comes to marketing.

Law firms are now starting to analyse their performance, and look at how marketing can help them, and slowly absorbing marketing principles, and writing a marketing plan.

I guess traditionally law firms get their work from referrals, and its still often seen that they will get work from the 'recommendation of clients' this now isn't the case, as you have seen, your potential clients can pick up these services much cheaper, and in the UK supermarkets are starting to offer basic legal services for virtually nothing!

Its time for professional service business to start to brand themselves, if you are in a commodity market (which by your definition you are, and the UK is going the same way), you MUST brand yourselves and get your name known as a company that is good to do business with.

Use advertorials in the press.

One other thing I would advice is using sometime on the telephone. Look into buying a suitable list and do some telemarketing. Phone the potential clients, determine their need, and sell them something ... its sound tacky I know, but that IS the way the market is going, you need to be proactive to get new clients.

Technology is posing a huge threat in your marketplace, and we are starting self-service law on the internet! I am not saying you should do this, but get yourself on the internet. You need a nice looking website, that shows off your values and brand.

I know you say that you provide a one off service, but look into creating a relationship with your existing clients (a mailing at least once a year as a newsletter, a Christmas Card etc), these small and inexpensive things will keep you in front of their mind if they ever need additional services.

Finally as a practice, think more of a team rather than individuals (if you do not already), and be proactive.

SUMMARY:
Do what Jett suggests
Look into completing a marketing plan (this will make you look at your business and market in a different way)
Look into telemarketing
Get a web presence (you may find this your key marketing tool)
Remember customer retention and regular communications with existing clients

Good Luck

It sounds to me like there's a relationship problem. I have an estate plan and a living will, and am quite young. How did I get them? My attorney, who was a friend first, became a partner of sorts. As I grew and made more money, and thus my liability and concern grew, he grew with me. He was in constant contact with me, and able to add on services and consultations at least yearly to help build a long term trust.

This was also true of an attorney I worked for many years ago in San Diego. He did estate planning, primarily. His marketing efforts focused on building relationships with those that had higher disposable incomes, and become more of a financial advisor that didn't just handle one account, but managed relationships of many brokers and accounts, as an advisor for his clients. Again, as his clients aged, or their lives changed (getting a job, getting married, having kids) he was always in the know, because he had contact with every client at least once a month. When something happened, he'd send a card and a gift. Then, he'd follow up with a conversation about new liabilities or changes to the wills that needed to be addressed.

It took on average three years to build any kind of real relationship. It was also during that time I made sure he was heavily involved in local charitable organizations for a few reasons. (1) It's a great PR angle, (2) a great way to meet those with higher disposable income, and (3) it also kept him sane by giving something back to his community.

The short answer is you don't get a lot of repeat business, especially if your clients are looking at quickie wills on the internet for $400. Your key is in the clients you take. Wills and living trusts can be lucrative legal work if the client has constantly growing financial resources. That requires careful monitoring and frequent visits. At $1500 you're a bargain to that crowd. Raise your sights and go for the more financially well-heeled client. Use networking and referral. Plan a newsletter or work with a local paper, radio or television station to produce informational pieces about wills and livings trusts. Everyone needs one, especially after the birth of a first child. I don't have to tell you why people need one, you just have to raise your sights and begin communicating to that level of client.

It can be a sensitive issue, but are you involving/targeting the beneficiaries as much if not more than the "client"?

Especially if the client is a senior and has or hopefully will be soon turning financial matters of knowledge of them over to a child etc.

I've been through this process with an estate planning attorney and the approach he took was not so much that it was going to benefit my mother, but that it was going to benefit me and my siblings from having everything tied up in probate and paying avoidable taxes by setting it up "the right way" the first time and before it was needed.

This was we all split the bill so it wasn’t $1500, it was $400 per family member.

It sure made a lot of sense to us. Pay $400 now, have it done reputable and right the first time and save a lot of time and money in the future.

You have a boatload of probate horror stories, pull them out and use them as case examples.

Also, and you have heard this multiple times in this thread is to develop your relationships over time. The key here is staying in frequent and constant contact with your prospects and when you do so provide them with content that has real value, something that will make them glad they have a relationship with you, something that will make anticipate and look forward to hearing from you.

For the money and effectiveness you can't beat newsletters, either electronic or snail mail, as long as you make them relevant and consistent. This typically takes some time and is constantly evolving, but the rewards will be there because over time assets typically increase also which means opportunities for added fees.

And always include that “Forward to a Friend” link in the electronic versions and consider giving some kind of spiff for doing so.

I’ve worked with a lot of attorneys and the way they all marketed was to sit by the phone waiting for it to ring, or for a senior partner to funnel work their way, so I commend you on your marketing initiatives.

Having actually done and estate plan and updated mine a few times over the years, perhaps I can provide a laymans / client view.

I agree with many others on the site of appealing to the peace of mind. This "peace" will be different for different demographics though. As an example - a family with children will translate "peace" in to "my children will be taken care of at a time of extreme stress" - an older individual may translate "peace" into "all my hard earned wealth can go to those I care about instead of the nameless state" - or an elderly person may translate peace in to "I can take care of myself and my last wishes will be honored"

So what I'm getting at here is segmentation of your market and presenting your "peace" message in a tailored way for each segment.

You could also do this segmentation in a way that generates a little repeat business. As an example. You can buy new parent lists from hospitals, etc. You could even do a brochure/giveaway for the "new parent pack" they give away nowadays. About six months after the birth parents typically go through an "oh no phase" and look for services such as yours. Follow up sales could come from the birth of additional children, a few years of personal wealth growth, etc.

Another segment could be (as awful as this sounds) the listings of finalized divorces. No one who has gone through a divorce will want all their hard earned estate going to their ex or possibly encumbered by their ex.

Another segment could be new people to your community. You could do a welcome "peace of mind" package with some parters in other "peace of mind" services such as banking, insurance, doctors, etc.

As an aside, the firm I used positioned their services as "air tight" to a large extent - meaning it would hold up in court if challenged whereas the "do it yourself" versions or rock bottom firms frequently have holes. The specific attorney I used also writes a column in the local paper answering general questions on estate planning. He said this alone gave him lots of business and didn't take too much of his time.

Try some segmentation and then work on the mix of segments that will deliver the cash flow and steady stream of business you're after.

My advise to you would be to look at the ‘milestones’ that trigger the need for estate planning. In my mind there are two – and they are easy to identify:
1. Marriage
2. The birth of a child

Personally, I do not like cold calling or telemarking as a way of generating leads – it is intrusive and puts the prospect on the defensive. I also do not like scare tactics – the clients you are looking for (wealthy) are likely to be well educated and can see through that tactic in a second.

So rather – think like a parent to be. What do you read, where do you go? Consider contacting a child or pregnancy magazine and create an opportunity to give them a monthly column. Think about nursing homes and gynaecological waiting rooms. If you write a well reasoned, short booklet, stating the benefits of planning an estate and some of the complex issues to think about, you create the need, offer value and generate leads. Get the local doctors (gyneas and paediatricians) to allow you to leave copies in their waiting rooms.

Also, maybe think broader. Do you have a referral network of lawyers that you work with? If not, set one up. This will enable you to broaden both your geographic reach and to cross and up sell services.

Finally - are there any regulatory issues you need to work within, any restrictions on where and how lawyers can advertise? Is ‘touting’ frowned upon where you practice? If so, make sure you operate ‘within the laws of convention’.

From my experience (as someone who has been involved in Estate Planning marketing before), the best sources of leads are other professional advisers.

Form relationships with other local advisers with related businesses. Many of these advisers (eg accountants, financial planners, investment advisers, insurance advisers) sell related services, and most already understand the value of estate planning. Therefore, they will often 'pre-sell' your services, giving you a customer who is much more open to your offer.

If you develop cross referral arrangements, you also add value to your own customer relationship by extending the services your provide / looking at the customer's more holistic needs.

You should be aware that you normally have to pay for the leads these advisers provide... but it is well worth considering.

Also, consider looking at offering some pricing choice. It is not uncommon in Australia for estate planning lawyers to offer discounts on will preparation (some even provide a free will) if you appoint them as executor of your will / trustee of your estate. The going rate is 1% to 2% of the value of your estate assets for this service. As the fee is not payable until after death, customers also often find this more palatable. This also solves your problem of ongoing business - you now manage their estate, rather than just write them a will.... and provides future value to your business.

Universitys and other nonprofit groups encourage donations through offering "planned giving" as an option, mostly charitable remainder trusts. Perhaps you could partner with these organizations, who usually do not employ attorneys or registered representatives. This would give you repeat business "in perpetuity." :)

Universitys and other nonprofit groups encourage donations through offering "planned giving" as a type of gift to the organization, mostly charitable remainder trusts. Perhaps you could partner with these organizations, who usually do not employ attorneys or registered representatives. This would give you repeat business "in perpetuity." :)

Thank you to all for your responses. Many good ideas for me to take action on. I am impressed with the depth of thought and spirit of sharing. Peace.

Everything is well. I don't want to insert any comment.
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Barb Scott
Estate Planning