How IFAs Can Start Their Own Estate Planning Business

Running your own IFA firm sounds like independence, but the reality is often different. FCA authorisation alone costs thousands, and the ongoing regulatory burden means you spend more time on compliance than clients.

Cost of running an independent IFA practice:

• •FCA authorisation/renewal: £1,500-£5,000/year
• •Financial Ombudsman levy: £750+/year
• •FSCS levy: Variable (can be thousands)
• •PI insurance: £3,000-£10,000+/year
• •Compliance consultant: £3,000-£10,000/year
• •Platform costs: £2,000-£5,000/year
• •Back-office/paraplanning: £5,000-£15,000/year
• •Total overhead: £15,000-£50,000+ before you earn a penny

Cost of running an estate planning practice:

• •Training: FREE (Become an Estate Planner)
• •PI insurance: £300-£600/year
• •WILLO software: £150/month
• •Professional body (optional): £200-£400/year
• •Marketing: £500-£2,000/year
• •Total overhead: £1,000-£3,000/year

The profit comparison:

• •IFA billing £150,000 gross with £30,000 overhead = £120,000 net
• •Estate planner billing £150,000 gross with £2,000 overhead = £148,000 net

Same gross billing, dramatically different net income. And without the FCA anxiety, you actually enjoy the work more.

The single biggest advantage of estate planning over financial advice is the absence of FCA regulation. Here's what that means in practice:

To start an IFA firm you need:

• •Apply to the FCA (3-12 months process)
• •Demonstrate competence (qualifications, experience)
• •Appoint a compliance officer
• •Set up complaints procedures
• •Implement Consumer Duty frameworks
• •Create TCF (Treating Customers Fairly) policies
• •Establish data protection procedures
• •Set up client money handling (if applicable)
• •Get approved persons registered

To start an estate planning practice you need:

• •Complete training (our free programme, 4-6 weeks)
• •Get PI insurance (apply today, covered tomorrow)
• •Set up WILLO software (minutes to get started)
• •Register as self-employed with HMRC
• •Done. Start taking clients.

No waiting months for FCA approval. No compliance consultants. No ongoing regulatory submissions. No skilled person reviews. No GABRIEL returns. No complaints data reporting.

You can literally go from "I want to do this" to "I'm taking my first client" in 6-8 weeks. Try doing that with an IFA firm.

What about consumer protection?

Estate planners are still bound by:

• •General consumer law (Consumer Rights Act, etc.)
• •Data protection regulations (GDPR/UK GDPR)
• •Professional body codes of conduct (if you join one)
• •Professional indemnity insurance requirements
• •Trading standards regulations

This provides appropriate client protection without the disproportionate FCA burden.

Your Diploma in Financial Planning (or higher) isn't wasted in estate planning. It's actually your biggest competitive advantage, allowing you to offer services most estate planners can't:

Premium services only you can offer:

1. Comprehensive IHT planning (£1,000-£3,000+ per case)

• •Full estate analysis with IHT calculations
• •Nil-rate band and RNRB optimisation
• •Lifetime gifting strategies
• •Business Property Relief planning
• •Agricultural Property Relief considerations
• •You understand these concepts — most estate planners don't

2. Complex trust structuring (£800-£2,500 per case)

• •Discretionary trusts with proper financial analysis
• •Pilot trusts for IHT planning
• •Loan trusts and discounted gift trusts (you know these from IFA work)
• •Life interest trusts with financial modelling

3. Pension death benefit planning (£500-£1,500 per case)

• •Expression of wish forms and bypass trusts
• •Drawdown vs annuity death benefit implications
• •PCLS and death benefit tax efficiency
• •You understand this — it's gold dust in estate planning

4. Business succession planning (£1,500-£5,000+ per case)

• •Shareholder agreements and buy/sell provisions
• •Key person planning
• •Business trust structures
• •Company share valuation for IHT purposes

Pricing power: While a standard will writer charges £200-£400 for a will, you can charge £1,000-£3,000 for a comprehensive estate plan because your financial knowledge adds genuine value. Clients understand they're getting expertise they can't find elsewhere.

Here's your roadmap from IFA to practising estate planner:

Days 1-30: Foundation

• •Register for free training at Become an Estate Planner
• •Complete modules at your own pace (your financial knowledge speeds this up)
• •Research PI insurance options
• •Decide on business structure (sole trader or limited company)
• •Start telling trusted contacts about your plans

Days 31-45: Setup

• •Complete training and receive your certificate
• •Get PI insurance in place
• •Set up WILLO software
• •Create a LinkedIn profile/update announcing your new service
• •Build a simple one-page website
• •Prepare marketing materials
• •Register with HMRC if not already self-employed

Days 46-60: Launch

• •Announce your new practice to everyone you know
• •Contact 50 existing contacts about estate planning needs
• •Approach 10 potential referral partners (solicitors, accountants)
• •Book your first 5-10 appointments
• •Draft your first documents using WILLO

Days 61-90: Growth

• •Complete your first 10-20 cases
• •Refine your process and pricing
• •Build referral relationships
• •Start local marketing (networking events, community groups)
• •Consider professional body membership (IPW/SWW)
• •Review and adjust your approach based on experience

Income expectations:

• •Month 1: 3-5 cases = £2,000-£5,000
• •Month 2: 5-10 cases = £4,000-£10,000
• •Month 3: 8-15 cases = £6,000-£15,000
• •By month 6: 10-20 cases/month = £8,000-£20,000/month

These numbers are conservative for someone with your professional network and financial expertise.

As an IFA, you already have professional relationships. Here's how to turn them into estate planning referral sources:

Solicitors (who don't do private client work):

• •Many solicitors focus on conveyancing, litigation, or commercial work
• •They regularly meet clients who need wills but can't help them
• •Offer to handle their clients' estate planning and refer any legal disputes back
• •Reciprocal arrangement: you send them probate or litigation work

Accountants:

• •They see clients' financial pictures every year
• •They know who has IHT exposure, complex assets, or business succession needs
• •Offer to present at their client seminars about estate planning
• •Reciprocal: refer tax planning questions back to them

Other IFAs and mortgage advisors:

• •Your former colleagues who don't offer estate planning
• •They see clients with protection needs who also need wills
• •Offer a referral fee or reciprocal arrangement
• •Position as "the estate planning specialist they can trust"

Funeral directors:

• •They meet bereaved families daily who realise too late they needed estate planning
• •Offer to provide literature for their offices
• •Run "pre-planning" workshops with them
• •Reciprocal: recommend their pre-paid funeral plans

Care home managers:

• •Residents and families often need LPAs urgently
• •Offer free information sessions for families
• •Build relationships with multiple homes in your area

Professional networking:

• •BNI, chamber of commerce, local business groups
• •Position yourself as the estate planning specialist
• •Your IFA background gives instant credibility
• •Aim for 3-5 active referral partners within 3 months

The key insight: you're not starting from zero. Your professional network from IFA days is your most valuable asset. Use it.

Coming from the IFA world, you're used to sophisticated software platforms. WILLO is purpose-built for estate planning but designed with the thoroughness that financial professionals expect.

What WILLO delivers:

• •Comprehensive fact-find — Captures financial details, family circumstances, and wishes in a structured format you'll find familiar
• •IHT calculations — Built-in tools to calculate estate values and potential IHT liability
• •Trust document drafting — Templates for discretionary, life interest, property protection, and more
• •Will drafting — Guided process producing professionally formatted documents
• •LPA preparation — Streamlined process for both Health & Welfare and Property & Financial
• •Client management — Track cases, follow-ups, and referral sources
• •Compliance records — Automatic audit trails and file notes

Why IFAs prefer WILLO:

• •Familiar structured approach (like a platform suitability report, but simpler)
• •Professional output matching solicitor-quality documents
• •Financial calculation tools built in (not just legal templates)
• •Client portal for secure document sharing
• •Works from any device — meeting room, home office, or client's kitchen table

Compared to IFA platforms:

• •No annual platform fees (thousands saved)
• •No per-case charges
• •No complex integration requirements
• •Everything in one system (no separate back-office, CRM, and research tools)
• •Set up in minutes, not months

WILLO is available at £150/month as part of the Become an Estate Planner ecosystem. Complete your free training and you'll have access to professional-grade software that matches your standards as a financial professional.