Ask most advisors what they do for clients, and you’ll hear a familiar list: investment management, financial planning, tax strategies and maybe even some retirement modeling. It sounds holistic on the surface, but if you scratch just a bit deeper, you’ll often find a glaring omission: estate planning.
This isn’t a fringe service. According to Vanilla’s 2025 State of Estate Planning survey, 80% of clients don’t just want, but expect estate planning to be incorporated into their advisor’s services. It’s more than a missed opportunity — it’s a dereliction of duty. And it’s hurting clients and advisors alike.
Beating The Market Is The Wrong Priority
Too many advisors remain myopically focused on chasing investment alpha, but the reality is that clients don’t actually value performance as much as we think. Morningstar found that “maximizing returns” barely registered as a top reason clients hire or stay with an advisor. What they want is peace of mind, tax savings and confidence their wealth won’t evaporate after they’re gone.
Consider this: Getting a client a 1% better investment return might generate a few million in pre-tax gains for a wealthy family. Helping them avoid a 40% estate tax on a $100 million estate? That’s a $40 million risk-free value-add. It’s not luck or perfect market timing; it’s just thoughtful planning.
The Real Fiduciary Standard Isn’t Just Legal, It’s Practical
Acting as a fiduciary means putting the client’s best interest first — not just where it’s convenient, profitable or earns basis points.
If you’re ignoring estate planning because “that’s what the attorney handles,” you’re not taking a proactive approach to planning. Most attorneys are reactive. They draft documents when prompted — but they’re not calling the client every quarter or adjusting strategies when tax laws or asset values change. That’s the advisor’s job.
A proactive advisor helps keep estate plans current, aligned and tax efficient. This is especially true for high net worth families, where a stale estate plan could cost heirs tens of millions — or worse, lead to wealth dissipating entirely.
Ditching The Set-It-And-Forget-It Mentality
Estate planning shouldn’t be a one-time document signing. Done well, it’s a dynamic part of the wealth management strategy, evolving with the client’s goals, assets and family situation.
A good advisor doesn’t just refer a client to a lawyer and wash their hands. They collaborate. They monitor. They ensure the estate plan evolves just as the investment strategy does. That grantor retained annuity trust (GRAT) your client set up? Are you locking in gains if the assets appreciate? Or are you hoping it works out and checking back in a decade?
Great advisors treat estate planning like portfolio management: monitoring, optimizing, and adjusting over time. That’s how you transfer millions more to the next generation — not by guessing which stocks will outperform.
That’s how you transfer millions more to the next generation.
Overcoming The Excuses
Why do advisors avoid estate planning? The three most common reasons I hear are:
- “I’m not an attorney.”
- “It’s complex and time-consuming.”
- “There’s no AUM fee in it for me.”
Yes, it’s different from building a model portfolio. But clients hire you to quarterback their financial lives — not to punt tough plays to someone else. Modern tools make this easier than ever.
The estate planning technology available today offers visual clarity and tax modeling that demystify estate planning for both advisors and clients. You can spot risks, flag planning gaps and coordinate with attorneys without stepping over legal lines. The result is a service that feels personal, proactive and irreplaceable.
Integrating Goals For The Long Haul
When you embed estate planning into your client process, everything clicks. It’s no longer just about performance, or even just tax mitigation. It’s about connecting wealth to purpose.
Business sale on the horizon? You’re planning for post-sale liquidity and wealth transfer. High-growth assets in a portfolio? You’re thinking about trust strategies before the IRS starts doing the math for you. Grandkids born? You’re updating plans to reflect legacy and values.
It’s not an “add-on.” It’s the context that gives everything else meaning.
Your Clients’ Legacies Are Also Yours
Incorporating estate planning makes you more than a portfolio manager. It makes you a true steward of multi-generational wealth. And from a business perspective, it makes you stickier, more referable and much harder to replace.
Advisors who engage in estate planning don’t just manage money. They become embedded in family dynamics, preserve legacies and earn trust across generations. That trust is good for clients, but it’s also good for business — translating into stronger retention, more referrals and sustainable growth for your practice.
Advisors who engage in estate planning … become embedded in family dynamics, preserve legacies and earn trust across generations.
The Bottom Line
Estate planning isn’t optional or ancillary. It’s central to doing your job well — especially if you serve high net worth families or consider yourself a fiduciary. With the right tools and mindset, you can turn this overlooked service into your most powerful value proposition.
It’s time to stop letting wealth slip through the cracks. If you’re not asking every client about their estate plan, you’re not delivering holistic advice. And if you are? Congratulations — you’re no longer just managing investments. You’re creating lasting impact.
Steve Lockshin is the Chairman and Co-Founder of Vanilla, a provider of digital estate planning software that recently published the white paper Why Advisors Who Skip Estate Planning Are Failing Their Clients.
