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Wealth.com on Advisor Speed Demos from FinancialAdvisor.TV



This installment of Advisor Speed Demos from FinancialAdvisor.TV features Danny Lohrfink from Wealth.com and is hosted by Diana Cabrices. This tool is the only tech-led end-to-end estate planning solution built specifically for financial advisors


Learn more about Wealth.com: wealth.com


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Transcript:


00:04

On this installment of Advisor Speed Demos, you'll learn about the innovative platform changing the game with estate planning, Wealth.com. From document creation to visualization and ongoing estate management, this platform truly covers it all in helping financial advisors deliver on estate planning solutions their clients need. After you watch the demo, head over to Wealth.com and let them know Diana sent you. They're waiting to help you get started.

00:32

And now, here's Danny from the Wealth.com team.

00:44

Okay, let's check out how wealth.com is helping financial advisors place themselves in the quarterback position of the estate planning process. Now we all are seeing it, estate planning is becoming a major theme for financial advisors for really three primary reasons. The first is the great wealth transfer of assets moving from older generations into the hands of more digitally inclined generations, right? The second is this pressure cooker.

01:12

that exists around the sunset of the Tax Cuts and Jobs Act at the end of 2025. And then lastly, there's just a higher bar that exists today than ever in the past where clients are expecting their advisors to deliver a state planning guidance, yet only 22% of clients are saying that they're adequately receiving that guidance from their advisor. Now, the challenges that you guys are facing today really can be summed up in two buckets. The first is you have limited options.

01:42

The second is compliance. Now, your limited options. You can refer to an attorney, but that comes with high costs, time commitment. Attorneys aren't barred in every single state and your clients are moving a lot, especially after the pandemic. Then you also have tech solutions, but most of these are point solutions that can do some stuff, but not everything. They can do document creation, but not visualization. And then as I was mentioning this,

02:11

area of compliance focused on the unauthorized practice of law. This is a real concern, but it's often misunderstood. So let's take a look at how wealth.com comes in and help solves this for you. So wealth.com we are the industry's leading estate planning solution for financial advisors were designed by experts from the preeminent trust in estate firms in the country, like McDermott Will and Emory.

02:40

also the top private wealth firms like my alma mater, Goldman Sachs. And we've been designed by advisors for advisors. Now, because our business is for advisors, we don't shy away from that area around the compliance, the unauthorized practice of law that I was mentioning. We actually lean into it. This is a strength of ours. We've retained counsel of the leading UPL outside counsel firm in the country.

03:07

to guide every aspect of our ecosystem. So rest assured that this is not only critical to our business model, it's infused throughout. And because wealth.com is for advisors, you can access wealth.com unlike other technologies as a direct consumer offering. We are only available as an exclusive offer through the financial advisory community. And we work with range of folks.

03:34

from custodians, broker dealers, large independent RIAs, and the vast majority of the end clients that we work with, ultra high net worth and high net worth individuals. Okay, so that speaks to the complexity of our platform. But there is really that high ceiling, there really is no floor. How do we think about estate planning? We think about it along a continuum, where first you need to create your estate planning documents, then bring them to life through visualization.

04:04

then you need to maintain and optimize those documents over time. And at Wealth.com, we address each point along the way, always focusing, though, on these three core pillars. The first is the legal rigor and the quality of the documents that we generate through Wealth.com. The second is our AI-powered intelligence layer. I'll talk a little bit more about this as we get into the tech side of the demo. And then lastly, we have AI-powered intelligence

04:32

the most scalable tech-led solution. But ultimately, we believe that technology needs to be paired with high caliber human expertise as well, which is why we have on-demand suite of human resources like in-house experts, as well as a network of attorneys that we've rigorously vetted across all 50 states and DC. It's a lot of R&D work, but we put the time and attention into it. And these folks also help us make sure our documents

05:01

are optimized for every state. So unlike some other platforms where they say that their documents are valid, yeah, that's passable, okay. Our documents are actually optimized. So how is our platform constructed? I'll show you this in the demo. It all starts from a dedicated advisor portal where you're able to administer access to clients to create, optimize their estate plans. You have access to this full visualization suite that we'll take a peek at. Now, I don't wanna leave you hanging. You're probably wondering about the pricing.

05:30

The way that we structure this is as a per seat license, meaning that you as the advisor are contracting with wealth.com. It's one annual fee and we don't then charge any additional fees per document or per client. It's just that one subscription license with you as the financial advisor. And then you can have five, 10, 50 clients onboarded. Doesn't matter to us.

05:55

It's incredibly scalable for you, and it gives you the flexibility to embed this as part of your overall value proposition. Now let's switch over to the tech side of this demonstration. As I was mentioning, this is the advisor portal. So I'm gonna start here, I'm gonna walk through the advisor portal, and then I'll maneuver over into showing you the client side of the house. From the advisor portal, you're able to administer access to clients, and you're able to drill down as deep as you want into your client's estate planning lives.

06:25

That means you can quickly pull up an actual copy of their trust document, and you can read through that. You can also access a quick table summary of the key important information of their documents, or you can pull up a visual report that breaks down their documents, both in visual form, but also explains it on the left in layman terms, to allow you to walk through this.

06:53

with your client to make sure that they understand how their plan is structured and set up.

06:59

Now from the advisor portal, you also have a running activity log. These activities are a live feed of all actions taken by your clients in their side of the house. So you could see here, for instance, Melissa has done some stuff like added some assets, Daniel has changed his address, and all of these activities are attached to an API feed. So we have our own proprietary APIs.

07:29

And this API feed can pipe the activities directly into your preferred CRM system. So if you're with Redtail or Wealthbox, Salesforce is coming soon as well as Dynamics, you simply type in your username and password and you'll get all that activity in your CRM. Now, I'm gonna come back to the visualization suite in just a moment. But first what I'm going to do is I'm going to show you what the client's experience looks like.

07:55

If you are administering access to a client that, let's say, does not have an estate plan in place, you would effectively invite them to wealth.com by inviting them here, and they would get an invitation, and that invitation would be sent to their email, and they would accept it, and they'd go through an onboarding process and land here in the wealth.com client homepage. Like any good homepage, it's an amalgamation of the rest of the ecosystem.

08:23

So I'm gonna toggle over to my plan. And this is my comprehensive estate plan with my wife. I have these document types laid out for me because during my onboarding process as a client, I took this intake evaluation to determine the optimal structure for my estate plan. We tell you the optimal structure and we explain and lean into the education why, not just what you should have, but why you should have it. Like you own property in another state, that introduces ancillary probate.

08:54

Now, now that I have that cleanly laid out checklist of documents that I need to create, let's look at one of the documents that I did create, this individual revocable trust.

09:07

I'm gonna show you this document and let's walk through how it's structured and then I'm gonna show you how it was created. So this document, you can see, looks, feels, talks, walks, acts like a high caliber estate planning document that your client would pay thousands of dollars for. That's because our in-house T&E attorneys literally came from the private practice world where they were charging up to $9,000 for these same exact documents. So here you can see

09:36

This is my document, I and the trustor are married to Anna, my children are Jackson and Olivia, and I'm making a lot of decisions here. I'm giving everything away to my wife if she's still alive, except I am making some specific gifts. I'm also saying that if my wife predeceases me, I want the majority of my estate to be distributed to my kids, but also to these charities. I also have a credit shelter or a bypass trust in here.

10:04

but we facilitate all types of sub-trusts like marital sub-trust, trust for descendants, et cetera. Now, interestingly, you'll notice that this is a New York-based document. The reason why I highlight this is because we have a intelligent ecosystem so that if you ever move, we will pick up on that because we'll get a ping via our Zillow API, meaning that if your home at 480 Park Avenue sells,

10:32

we'll reach out and we'll say, hey, where'd you move to? And if you indicate that you moved to a new state, let's say to Florida, we identify that it's been a change in jurisdiction and prompt you to update your estate plan and all you need to do is click update and poof, we will now have updated your estate plan to be Florida specific. Now, how was this document actually created? So let's go into that.

11:01

I'm gonna go to edit and I'm gonna show you. This is the final screen, a little bit of confetti never hurt anybody, but it's effectively a stepwise flow where it's one question at a time, incredibly guided, where you have FAQs on the right and you have live support all throughout and your clients go through this process. On average, it only takes 36 minutes and ultimately create their estate planning documents.

11:30

Typically, we find that advisors like to be on the call, on a Zoom call with their clients as they go through this, but it is very intuitive. All you need to do really is send them a link, especially if they are technologically more advanced. If you don't want to be on the call, we as our in-house partner success team are happy to be on a call with you. But you can see it's a very intuitive process where ultimately we then create the legal document,

11:59

I want to be really clear. This is not boilerplate. It's not out of the box type solution. We have a lot of sophistication baked in here. If you see here, I'm indicating that I have a net worth not surpassing $6 million. But if I said yes, that I did, this would then actually lead me down a pathway to create a marital trust. Okay, so when we talk about sophistication of the documents, very highly sophisticated.

12:25

I'm going to go back here and I'm just going to change that answer back just to not mess up the rest of my demo ecosystem. And you'll see at the end of the process here, we then summarize everything into a clean review panel. Now this clean review panel is split between the choices and the key information that you've elected, and then on the left, the actual document itself. So the document itself, you're able to cross reference.

12:54

And if you click next, you then are provided with a set of options to view your PDF or to view visualizer. If you look at view visualizer, you will see here that the system instantly generates a visual report for all documents that are created through Wealth.com. So this visual report breaks down all the key information that you as the advisor are then able to share with your clients to explain the structure.

13:24

that everything will go to the client's spouse if the client passes away first. That the spouse can disclaim the assets into the credit shelter trust. That if the spouse passes away prior to this primary client here, that the assets will be distributed in this fashion, et cetera. And we do this for all documents created through ealth.com. All these documents are also stored in our digital vault, which is made accessible to the financial advisor through the advisor's portal.

13:51

Now, another aspect of the ecosystem is how we service clients that have existing estate plans. So not creating new documents, but have existing estate plans. In that instance, let's say a client uploaded their existing estate plan into their digital vault. Let's say it was a will. Well, the advisor can go to the visualization suite within their advisor portal and go to extract or buy Esther. And you'll see you can upload a new file.

14:19

or you can select from a client's existing vault. And by doing this, you're able to extract all the key information from these documents within a matter of seconds using our AI technology. Now we hired the head of machine learning at Vanguard, away from Vanguard, to help us build this technology where literally all you do is upload that existing document which you see on the left, and we will then extract all the key information on the right.

14:48

We also have this little toggle where if you click on Extracted Model, you'll see all of the key information that we're able to find from within the document. And we highlight that cleanly for you. I like to tell people, just look for the big bunches of color. That's where the exciting stuff and the big decisions are happening. Now, if you wanna see and drill down into any of these elements, like you wanna see where we found that this is the WC Moore and Alice Forney Smith Revocable Trust, just click on the element.

15:16

And we're going to show you contextually exactly where we found this information. And we do this for all the information that we find, including who the beneficiaries are. So here, 20% being distributed to Noel Fernandez. You can see that by clicking the dropdown or by looking over on the left. You can also request a manual review and we'll manually review this for you. If you continue to summary, we'll actually instantly create a visual flow chart for you as well.

15:45

So we'll give you that table summary, and we'll also give you an instantly created visual flowchart. So these flowcharts exist for both documents created through wealth.com and documents that are created, that are uploaded and extracted from wealth.com. So here is that visual flowchart that we're able to then generate for this client, just simply by uploading their document.

16:15

Okay. Now, lastly, I'm going to show you that we also have a tool called Wealth Projections. This projects out a state tax liability for clients. So let's say you go down here and pick a client. This client has $6 million net worth, but let's say they save $30,000 per year. Calculate, and we're gonna see projected tax liability into the future.

16:41

taking into consideration the Tax Cuts and Jobs Act at the end of 2025, and projecting out to see what the potential estate tax liability will be for this client. And there is a scenario analysis page where you're able to play around to determine how you could potentially minimize the tax liability. All along the way, clients and advisors have access to number of support channels, including our

17:09

in-house support team, as well as that consultant attorney feature that I was mentioning. So any given point in time a client wants to consult with an attorney that's barred in their estate, just click here and they'll be able to request a consultation that we will then go ahead and facilitate. Well, that is a quick overview of Wealth.com. If you're interested in learning more, there's a lot more to show, a lot more capabilities of the platform. Please reach out to support at wealth.com.

17:36

or reach out to me directly, dannyatwealth.com. We'd be happy to have a conversation with you and see how we can help improve your firm's capabilities in delivering exceptional estate planning to your clients.


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