Matthew Brannelly - Strategic Advisor
Matthew Brannelly is the strategic advisor to the Nonprofit community in Clayfield, Brisbane, Australia. He is the founder of Orbit NFP Hub.
TURNKEY ESTATE PLANNING SOLUTION DELIVERS $25,000 IN 2 MONTHS
For some time I have argued about the benefits of accountants accessing turnkey solutions ie bolt-on solutions to complement core practice areas.
The recent B Star survey indicated that Eighty-six percent of accountants surveyed said they are in the “growing” phase of their practice’s life cycle with the majority of accountants agree that transitioning to an advice practice is the key solution for growth.
However, 81 percent of accountants say they lack confidence in their own abilities to deliver advisory services.
The age-old challenge, of course, is making the time to be trained in these new areas and then having the skills and confidence to market them to the client base.
To overcome these systemic roadblocks many faces, I encourage firms to also explore implementing Turnkey solutions.
I pioneered this concept initially with Estate Planning which is ideally suited as a natural extension and is badly needed by clients – most of whom are poorly protected. From my own research across 400 SME ‘s, over 50 % had no will, let alone any sort of plan for the family or business.
To evidence the potential of this area, I am pleased to share that one of my client firms will be achieving revenues in excess of $25,000 across November and December. The details are insightful :
○Total revenue: $25,000
○No. of clients: 3
○Legal costs: $7,500
○Net Profit: $17,500
○Issues identified: estate planning, debt recovery, intergenerational planning, property strategy, land tax.
As expected, once a conversation regarding family and business futures is started, many other issues are uncovered. In all of the above cases, without the accountant’s intricate knowledge of the client’s structures, a solution may not have been found.
Importantly for the clients involved, now they and their spouses (and their accountants) can be comfortable knowing estate plans are now in place.
If you would like to explore how to achieve a similar outcome for your practice and clients, drop me a line.
Thank You For Watching
TURNKEY ESTATE PLANNING SOLUTION DELIVERS $25,000 IN 2 MONTHS
By Matthew Brannelly - Strategic Advisor
TURNKEY ESTATE PLANNING SOLUTION DELIVERS $25,000 IN 2 MONTHS
The recent B Star survey indicated that Eighty-six percent of accountants surveyed said they are in the “growing” phase of their practice’s life cycle with the majority of accountants agree that transitioning to an advice practice is the key solution for growth.
