Ron is an up market estate attorney and it’s super unlikely that we’ll be able to attract his clientele…
- But for simple wills & estates we should be able to meet 80-90% of the need
- 90% of estates are less than $1M (key trigger point for death tax)
- estates @ $5M or more is .4% of the population and are not our target
- So CPAs are largely unnecessary for us
- We just need to set the parameters of who we can serve
- Maybe better to die without a will… I don’t totally understand why that is.
- If you die without a will you have an estate plan. The state provides one for you. State mandated process. (Can we sell it this way? It’s scary…)
- He doesn’t like checklists because their faces reveal the real truth. He needs face to face since his clients have more complexity
Marketing concept: If you die without a will, the state automatically provides a plan for you. But is that the plan you want??
- Estate planning for the older crowd is totally different than young people
- under 40 won’t think about it
- over 60 probably aren’t interested in online
- He doesn’t even worry about marketing to young people cause he can’t get their attention
- Most people haven’t thought through the implications of legal or physical incompetence, most important reason to have a plan for many people
- If you become incompetent, you want that plan in place beforehand
- Personal property is the biggest cause of fights
- What do the kids get and how do you divide the stuff
- When you get to a business, you have a different set of considerations (to complex, bounce to estate attorney)
When I asked Ron about how he bills his clients, he told me that for a high end client with a 10 million dollar estate, he typically charges 5-10k to handle the process. His firm does not referrals.