While most business owners had estate plans, the majority had let the plans become severely outdated (Exhibit 2). The accuracy and effectiveness of an estate plan can be greatly impacted by a change in the tax code or a significant change in the client’s life. And when a plan won’t work as intended or no longer reflects a client’s desires, it’s worse than not having a plan at all. Given the nature of the regulatory environment and the frequency of milestone events, most private client attorneys believe estate plans are typically outdated in just three years. Three-quarters of business owners have plans that are almost twice as old, meaning a check-up with their primary advisor and an estate planning specialist is long overdue.

Your Actions:
1. Identify the business owners in your client base with estate plans.
2. What is the age of the existing plans?
3. Do you know who drafted them?
4. Contact business owners with plans over three years old to discuss any changes in their personal and financial circumstances that may have an impact on their plan.
5. Encourage them to check-in with the attorney that drafted the plan and ask to be involved in the process.
6. Contact those that don't have plans to gauge their interest in estate planning.
7. If appropriate, schedule a meeting to discuss their goals and recommend a trusts & estates attorney that will keep you involved in the process.

A good portion, 88 percent, of business owners offer retirement planning benefits to their employees but most feel there is room for improvement. When asked about their satisfaction level with their retirement provider and the overall offering, just 38 percent considered themselves very satisfied (Exhibit 3). This means that 63 percent are open to ideas about how their plan could operate more effectively and their investments could deliver better results. With an average of $12.7 million in each plan, you can capture more assets for your business with the delivery of a viable solution for business owners.

Your Actions:
1. Identify the business owners in your client base with retirement plans.
2. Assess their level of satisfaction with the plan.
3. Ask specifically about their satisfaction with investment performance and employee participation levels.
4. Determine their willingness to consider investment-only opportunities versus total plan administration.
5. Ask them to discuss their top concerns and how they plan to address them.

Approaching these subjects with business owners will demonstrate your understanding of their issues and your commitment to their well-being. Providing any solutions will certainly strengthen your relationship with them and increase their appreciation for your expertise - but involvement with business succession, estate planning and employee benefits can carry the opportunities for more products, more assets and more income.