How IFAs Can Use Estate Planning to Retain More Clients

Every time you refer a client to an external will writer or solicitor for estate planning, you're creating a leak in your client relationship. Here's what typically happens:

The referral chain problem:

1. Client asks you about wills or estate planning

2. You refer them to a solicitor or will writing company

3. That solicitor builds their own relationship with your client

4. The solicitor starts advising on financial matters — pensions, investments, protection

5. Your client now has a "second opinion" on their finances

6. Slowly, the client drifts away or splits their business

The numbers are stark:

• •67% of IFAs report losing clients after referring them for estate planning services
• •The average IFA client is worth £1,500–£3,000 per year in ongoing fees
• •Losing just 5 clients per year to referral leakage costs £7,500–£15,000 annually
• •Over a 10-year period, that's potentially £75,000–£150,000 in lost recurring revenue

The deeper issue: When you can't help a client with something as fundamental as their will, it undermines your positioning as a trusted holistic adviser. Clients start wondering: "If they can't help me with this, what else are they missing?"

The solution isn't to stop referring — it's to stop needing to refer by adding estate planning to your own practice.

The most successful IFAs in 2026 offer holistic financial planning that covers the full lifecycle of client needs. Estate planning is the missing piece for many practices.

What a complete service looks like:

• •Wealth accumulation: Pensions, ISAs, investments
• •Protection: Life insurance, critical illness, income protection
• •Estate planning: Wills, LPAs, trusts, inheritance tax planning
• •Retirement: Drawdown, annuities, retirement income planning
• •Later life: Care fee planning, equity release, capacity planning

Why estate planning completes the picture:

Every annual review should include an estate planning conversation. Consider these client scenarios:

• •Client increases pension contributions → Do they need to update their expression of wishes?
• •Client buys a second property → Is their will still appropriate? Do they need a trust?
• •Client's child turns 18 → Time to review guardianship provisions and consider a family trust
• •Client approaches retirement → LPAs become critical — who manages their finances if they can't?
• •Client receives inheritance → How should they protect this for future generations?

The competitive advantage: When clients know you handle everything — investments, protection, AND estate planning — they have no reason to look elsewhere. You become truly indispensable.

Adding estate planning doesn't just retain clients — it significantly increases the revenue you generate from each one.

Typical estate planning fees:

• •Mirror wills: £300–£500
• •LPA pair (property + health): £300–£600
• •Property protection trust: £500–£1,200
• •Discretionary trust: £800–£2,000
• •Comprehensive estate plan: £1,000–£3,000+

Revenue impact per client:

A typical IFA client review that includes estate planning generates:

• •Existing annual review fee: £500–£1,500
• •Plus estate planning work: £500–£2,000 (one-off, with updates every 3–5 years)
• •Combined first-year value: £1,000–£3,500

At practice level:

| Clients per month | Avg estate planning fee | Annual additional revenue |

|---|---|---|

| 2 clients | £600 | £14,400 |

| 4 clients | £800 | £38,400 |

| 6 clients | £1,000 | £72,000 |

The compounding effect: Estate planning clients refer their parents, siblings, friends, and colleagues. Each estate planning client typically generates 1.5 additional referrals within 12 months. This referral effect compounds year on year, building a growing pipeline of both estate planning AND financial planning clients.

One of the most common questions from IFAs is: "How does estate planning fit with my FCA compliance?" The good news: it's simpler than you think.

Key compliance facts:

• •Will writing is not FCA regulated in England and Wales
• •Estate planning sits entirely outside your FCA permissions
• •You do NOT need to add estate planning to your FCA authorisation
• •Your IFA compliance framework does not apply to estate planning work

What you DO need:

• •Separate professional indemnity insurance for estate planning (typically £300–£500/year on top of your existing PI)
• •Membership of a recognised professional body — Institute of Professional Willwriters (IPW) or Society of Will Writers (SWW)
• •Separate client engagement letters for estate planning work
• •Data protection compliance — you're already GDPR compliant, just extend your privacy notice
• •Anti-money laundering awareness — similar to your existing AML obligations

Keeping things clean:

• •Keep estate planning client files separate from your IFA client files
• •Use separate terms of business for estate planning work
• •Don't mix estate planning fees with your FCA-regulated fee structure
• •Consider whether to offer estate planning through your existing Ltd company or a separate entity

The bottom line: The compliance burden for estate planning is significantly lighter than what you already manage for your FCA-regulated business. Most IFAs find it refreshingly straightforward.

Adding estate planning to your IFA practice is straightforward. Here's the practical pathway:

Step 1: Training (4–8 weeks)

• •Complete the free Become an Estate Planner training programme
• •The course covers wills, LPAs, trusts, client consultations, and compliance
• •Study alongside your existing IFA work — no need to take time off
• •Learn professional drafting software (WILLO) that handles all document types

Step 2: Setup (1–2 weeks)

• •Arrange PI insurance for estate planning work
• •Join IPW or SWW for professional credibility
• •Create estate planning terms of business and engagement letters
• •Update your website and marketing materials

Step 3: Launch (immediately)

• •Start with your existing client base — your annual review list is your goldmine
• •Add an estate planning conversation to every client meeting
• •Contact clients who've had life changes (new property, new baby, divorce, retirement)
• •Offer a free estate planning review to your top 20 clients

Step 4: Build (ongoing)

• •Develop estate planning as a standard part of your advice process
• •Create a referral programme for estate planning clients
• •Consider CPD in specialist areas (trusts, IHT planning) as you grow
• •Track the impact on client retention and referrals

Start the free training today and close the gap in your financial planning service.

IFAs who've added estate planning consistently report the same benefits:

On client retention:

"I used to lose 3–4 clients a year after referring them to solicitors for wills. Since I started doing estate planning in-house, I haven't lost a single client in 18 months. The relationship is so much stronger when you can handle everything."

On revenue:

"Estate planning added £40,000 to my practice revenue in the first year. But the real benefit is the referrals — estate planning clients send me their parents, their friends, their work colleagues. My new client pipeline has never been stronger."

On client conversations:

"Annual reviews are so much more productive now. Instead of just reviewing investments and protection, we cover the full picture. Clients feel genuinely looked after, and they tell people about it."

On the learning curve:

"As an IFA, I was worried estate planning would be complicated. Actually, the training was far easier than my diploma. I already understood trusts, tax planning, and client advice. Estate planning just extended what I already knew into a practical application."

The common theme: IFAs don't just add revenue — they transform their client relationships. When you become the person who handles everything, clients stop shopping around. They stay, they refer, and they value your advice more.