Tribel partners with fintech to enhance estate planning services

Rolling out over the coming month, Tribel’s network will gain access to Australian fintech firm Yodal’s estate planning platform.

Through this partnership, Tribel said it would provide its network with the cost-effective planning services, gathering and storing client information needed to create a comprehensive estate plan, alert clients if further information is required, and connect clients to a panel of specialist estate planning legal partners.

Speaking on the decision to partner with Yodal, Tribel national head of advice Simon Little told ifa that the fintech’s platform will allow them to better understand and support the needs of their advisers and clients.

“We realised that some of our clients were dying intestate and we didn’t have an effective estate planning solution for our national network of advisers and their clients,” Little said.

“When we referred clients to local solicitors, we had no way of tracking whether those referrals progressed. We learned that there was a poor conversation rate, which meant that some of our clients were not getting the service and advice they needed.

“Our partnership with Yodal gives us control over the process and ensures we can deliver a better client experience. It will enable us to fulfil our mission to deliver financial security, assurance and help our clients realise their goals and objectives. For most of our clients, their number one priority is to look after their family and leave a lasting legacy.”

With this partnership, Little said the firm will be able to bridge gaps in its services, empowering its network to provide more comprehensive services.

“The missing piece in our holistic service and value proposition has been estate planning until now. With this new service, we can not only help our clients but their loved ones and beneficiaries too. We can play a bigger role in ensuring the seamless transfer of wealth, according to their wishes,” Little told ifa.

“We believe this service will foster even greater client engagement. Like many advice businesses, a meaningful number of our clients are in, or near, retirement, so this service is extremely relevant and important to them.”

Brandon Thompson, Yodal chief executive, said awareness of the importance of estate planning was improving but Australians still needed guidance around what to do and who to see.

“Traditionally, advisers have had little-to-no visibility over the estate planning process beyond the initial referral, often resulting in sub-optimal outcomes including nothing being done, poor tax outcomes and potential brand damage to the advisory firm,” Thompson said.

“We are helping advisers reshape the estate planning experience by supporting them to develop and deliver an invaluable service that not only builds client relationships but also fosters initial and ongoing engagement with family members and future generations.”

Little added: “For the majority of our clients, this new service is the ideal fit to help them understand their estate planning needs, develop a plan, and give them enormous peace of mind and confidence.”