Estate planning ‘easily overlooked’, adviser suggests

Speaking exclusively to Risk Adviser, Mark Rando, who also serves as the WA state chair of the Million Dollar Round Table, noted how he has moved further into the estate planning space as part of morphing into a regional practice that can cater across the board.

"We’re talking to our clients now about their kids and their needs and, as part of the full financial plan, making sure that we try to mitigate any risk that a client would have," he said.

Mr Rando notes that estate planning is something that could be easily overlooked by advisers.

"I would suggest that it could be easily overlooked if someone wasn’t on their game," he said.

"If they don’t know their clients well enough and know their circumstances, they could miss that, and they could be leaving a client well and truly exposed if they don’t get to know their clients well."

Mr Rando further noted that inter-generational advice and estate planning could extend well beyond a client’s family tree.

"We also look at other people within their association that could have an impact on them," he said.

"That could even be business partners. De facto families are a big issue with that too."

Adrian Flores

Adrian Flores is a deputy editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.

You can contact him on [email protected].