Clients prioritize estate and insurance advice over basis points

A recent webinar hosted by estate planning platform Vanilla featured Erin Botsford, a former financial advisor turned coach, and Vanilla executive Sarah Marriott. The two told advisers that many clients focus on practical issues such as estate plans, insurance gaps and legal exposure rather than small differences in investment returns.

Botsford traced the issue to how advisers are trained. She argued the industry requires everyone to learn the same core concepts and technical terms, which leads advisers to repeat similar talking points in client meetings. ‘It is not our fault,’ she added, ‘it’s how the industry was designed.’

Marriott, who spent a decade as a financial adviser before joining Vanilla, said some firms still emphasize market mechanics in training. She noted clients often want information that directly affects their financial outcomes, not explanations of market movement or marginal performance gains. ‘You’re supposed to be a generalist; you should know a little about many topics,’ Marriott observed.

The speakers highlighted examples that tend to matter to clients immediately: an adult child named in estate documents without a healthcare directive, outdated wills or trusts and provisions that no longer match state law. They said advisers who raise those issues during meetings create more memorable, actionable conversations than those focused on basis-point differences.

Marriott pointed to industry fee compression as a factor increasing pressure on advisers to add value in other ways. She warned that advisers who stay only within their comfort zone risk missing clear client risks and opportunities to coordinate with other professionals.

Vanilla’s platform, Marriott explained, reads client facts and documents and produces a list of observations advisers can present to clients. The output highlights specific risks and suggests when to involve specialists, such as an attorney or a portfolio manager. Marriott offered a comparison for advisers: ‘Clients are not going to remember if you beat the market by two basis points; they will remember you flagged a gap in their estate plan or insurance that could cause a large tax bill.’

Both speakers encouraged advisers to acknowledge their limits and bring in experts when necessary. They said advisers who address unfamiliar topics, or who ask for help from attorneys or managers at the right time, can build stronger client relationships and trust. Marriott urged advisers to be willing to have difficult conversations and advise when legal or coverage issues surface.

The webinar emphasized a shift in client priorities toward concrete legal and planning matters. The presenters recommended that advisers change meeting agendas and training to include more discussion of estate planning, insurance coverage and state-law impacts on client documents.