TECHNOLOGY AND ESTATE PLANNING

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Jun 4, 2024

David Barnard, Founder and CEO of Luminary, shares insights from his extensive background in private wealth management. He discusses the crucial integration of technology in estate planning, emphasizing its importance for modern advisors. Barnard highlights the challenges of managing complex estate concepts and the role of storytelling in effective communication. He unveils Luminary’s platform as a bridge for collaboration among advisors and clients, allowing for dynamic planning and clear visualizations that drive client engagement and decision-making.

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INSIGHT

Estate Planning As Differentiator

Estate planning gains strategic value as investment services commoditize and advisors need new ways to differentiate.
Luminary was created to unlock tax alpha and scale legacy planning using purpose-built technology.

ADVICE

Create A Shared Source Of Truth

Build a shared source-of-truth platform and permission advisors in to collaborate around a client's estate data.
Use the wealth advisor to lead the process while bringing in legal and tax experts for specialized advice.

INSIGHT

Digitize Documents Into Purpose-Built Data

AI enables migration of analog estate documents into structured data that powers modeling and visualizations.
Connecting that data to purpose-built apps replaces fragmented Excel/PowerPoint workflows.

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The intersection of Technology and Estate Planning is now a dominant talking point in the wealth management space. The pressure for advisors to deliver more client value is intense. As the wealth management industry wrestles with establishing relevance, value, and control with the next generation, the emergence of Technology and Estate Planning to assist the advisor is a central theme in the RIA space and "Fintech." Combining centuries old "analog" concepts with new "digital" tools is the new silver bullet for reaching and keeping clients. Therein lies one of the biggest challenges in delivering this value. The formulation and communication of estate plans and wealth structures for clients and the next generation is tricky business. It requires experienced practitioners and tools that streamline a labor intensive (and often unprofitable) process. Once the picture of one's plan develops, it now requires ongoing maintenance and detailed administration as life marches on and risks and opportunities emerge. I spoke with DAVID BARNARD to understand the state of the art in creating, presenting and managing personalized trust & estate strategies for complex clients with Luminary’s digital collaboration platform. Technology and Estate Planning Issues The challenges in visualizing complicated concepts, Storytelling and the importance of communication in a world of numbers and graphs Helping the advisor have equal footing with other professionals The importance of collaboration (and not competition) with the legal and accounting world in providing coordinated advice Staying on the safe side of unauthorized legal or accounting advice and broader staffing issues The future of administrating wealth. DAVID BARNARD is the CEO and Founder of Luminary- the winner of two awards at the 2024 Family Wealth Awards . He previously led private wealth management for AllianceBernstein, overseeing more than $100 billion in client assets, and has served multiple philanthropic organizations as a director or trustee. Luminary's website is here: https://www.withluminary.com https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT