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How to Easily Offer Something More Than Investing

By Crucial Clips     September 6, 2017
The following text is a transcript of a portion of a speaker's presentation made at an industry conference or during an interview. This transcript solely represents the view of the individual who spoke, and not the view of Financial Advisor IQ or any other group.
Source: FA-IQ, Mar. 31, 2017 

RITA RAAGAS DE RAMOS, SPECIAL PROJECTS MANAGER, FA IQ: Hello. I'm Rita Raagas de Ramos from Financial Advisor IQ, and I'm here today with Dalal Solomon, CEO and founding partner of Salomon and Ludwin. You developed a life planner box, which is an actual box, and an automated booklet for estate documents. Can you tell me a little bit more about both of them, the box and the booklet, and how this helps?

DALAL MARIA SALOMON, CEO, FOUNDING PARTNER, SALOMON & LUDWIN: I developed that probably 15 or 20 years ago, and it really has nothing to do with investments and finances. It really has to do with taking care of business, and it's a gift to the heirs of people that pass away. We have a multigenerational practice, which means we often work for grandparents, parents, grandchildren, and so on and so forth. So it was important to me to not just focus on investments, but to put something together that really documented everything and anything that someone would need to know if our client became incapacitated or passed.

So it isn't just estate documents. It's also funeral arrangements, and it's also property and casualty policies, insurance policies, beneficiary designations. We make sure that everything is titled correctly. It isn't just the documentation. It's crossing the t's and dotting the i's.

Are accounts titled properly? Are beneficiary designations correct? Is the titling in beneficiary speaking to the actual documents they have? A lot of people have documents, but everything is titled, for example, in joint name and it bypasses all the documents.

So we do a lot of work. Again, our relationships for us are very, very deep. We do a lot of work outside of the investments to make sure that the next generation is able to take advantage of what is passed on to them and that everything is documented properly. It allows us to really form very, very deep relationships with our clients. We have someone on our staff that will actually go to their house and help collect everything that we need in order to complete the documentation.

Our software allows us-- once a year a pop-up comes up and says time to review it because things change. Insurance policies change, accounts change. So we make sure everything is kept up to date. So I mean, it's an investment in our clients for us, but it's well worth the investment.

And I've sadly had a lot of clients that have passed, and I have seen how our work has created a situation where there's large, large estates with no probate-- no probate-- where everything flows very smoothly, where we're able to come in and really help with finalizing things at minimal cost and minimal time for the family. And it's just been overwhelming in terms of how good it makes us feel and the family feel when something like this happens. It's really impactful.

RITA RAAGAS DE RAMOS: Thank you, Dalal.