Bringing Clarity to Estate Planning: The FAIR Plan

The FAIR Plan is only available in Ontario at this point in time.

 

The estate world is changing quickly. That’s why we’re making it easier for you to stay one step ahead.

Recently, we announced a preferred price on the Certified Executor Advisor (CEA) designation program for advisors affiliated with FHG. The CEA program provides the practical knowledge necessary to advise executors in the course of their duties. Empowering dialogue prior to death with those who have both risk and vested legal responsibilities creates significant planning opportunities.

There is also another powerful estate planning resource we’re excited about.

 

The FAIR Plan

The FAIR Plan has been developed by Estate Risk Protection Plan Inc. and Financial Horizons Group as a tool of significant benefit for both clients and advisors. It is specifically designed for those in the estate planning period of their lives, largely age 65 and over, or persons with significant health concerns.

There are 3 steps:

  1. Building client awareness of the issues affecting their estate, assessing the estate risk and establishing a risk mitigation plan.
  2. Conducting a consultative review of the inheritance wishes and intentions of your clients.  The fact finding process builds the information and data you, the advisor, need to identify solutions. Identifying those key to the estate succession as well as uncovering financial risk areas and tax planning needs are part of the solution process.
  3. Closing the documentation loop; this also provides potential sales and prospect opportunities.

 

Plan Objectives

The FAIR Plan has clear objectives that address the complexity of the estate world.

The FAIR Plan:

  • Helps clients not only understand and clarify their inheritance plans, but ensure significant areas of estate risk are identified and addressed to minimize the disruption to families;
  • Provides tools and support services to the executor to assist in their responsibilities.
  • Provides a tool for advisor engagement in the planning process that:
    • Assesses risk, installs an appropriate risk program, and compensates you to do so;
    • Identifies critical parties to the estate who, when engaged in advance, will protect assets at risk AND are future warm prospects and clients;
    • Identifies you, the advisor, as a valuable resource to the family;
    • Opens organic sales opportunities with current clients; and
    • Provides a documented 3-part plan that covers a host of potential compliance gaps.

 

Interested?

Contact your local Business Development Manager to learn more about the FAIR Plan or to obtain materials.

For a glossary of common estate terms, click here.

More information about the CEA program can be found on our website after logging into our advisor portal. A new webpage for the program can be found under the Training & Rewards menu.