Teamwork Makes (the Client's) Dream Work

The estate planning collaboration challenge

Legacy planning is among the most meaningful and powerful of wealth advisory services, forging enduring client relationships and creating tangible value. However, unlike in other primary advisor services, crucial responsibilities are spread among numerous subject matter experts, including investment, legal and tax advisors.

Client advisory team members need to work together efficiently, but at present technological constraints make synchronized and ongoing cooperation nearly impossible. Complex wealth planning requires evolution – assets change, businesses are sold, and family objectives shift. Estate plans must be consistently reevaluated over time, but the various experts involved in planning lack a shared technology foundation from which to work. And when information is stored in multiple systems across different organizations, it is very difficult to audit what has been shared with whom, or to manage access with agility.

The negative impacts of these challenges are clear. Process inefficiency hampers advisory teams in their ability to be proactive across a broad base of clients, and information living in PDFs, Excel and PowerPoint is siloed and inaccessible, making it impossible to revisit prior planning work with any repeatable frequency.

Connect critical players as third-party collaborators on Luminary

Wealth industry clients are increasingly demanding more bespoke services, and looking for value in excess of investment management. Trust & estate services, with deep connections to personal goals and powerful tax-alpha value creation, are naturally poised to become a more prominent part of the advisor toolkit. With a purpose-built, collaboration-focused trust & estate platform, Luminary is helping to unlock this potential, offering wealth advisors unparalleled transparency in coordinating with other client-specified legacy-planning advisors to deliver personalized and measurable client outcomes.

By establishing a common platform for data organization, planning analysis and task management, Luminary provides a focal point for the industry, rather than just another siloed tool. Wealth advisory firms using Luminary can securely grant access to a client’s chosen legal and tax advisors, streamlining and optimizing the planning process. The result is a true family office experience where efficient access and visibility to underlying source information is a benefit to both the advisor ecosystem and the end client for whom they work.

Luminary allows advisors to:

• Collaborate with legal and tax advisors on a single, shared dataset. With a shared platform, the professionals intimately involved in complex estate planning can work off a common dataset, eliminating incomplete and conflicting records.
• Streamline and connect multi-party workflows. Wealth advisors can analyze new wealth transfer opportunities and export key details to share with the client’s attorney for legal assessment and document drafting. CPAs can track lifetime and annual gifting and exemption usage, streamlining and de-risking tax filing. Trustees gain crucial visibility into upcoming tasks to ensure that the plan is executed as intended.
• Securely manage and audit data access. Wealth advisors can see what information has been shared as well as what information collaborators have provided. Flexible, user-based controls allow wealth advisors to specify levels of access based on a third party’s role and remove access as needed.
  

Luminary’s system of record and collaboration platform progresses the wealth transfer industry as a whole, offering the first opportunity to securely offer multi-party access to digitized data and planning visualizations. By connecting the essential and thoughtfully curated advisors that a client chooses, Luminary elevates the services wealth advisors provide and enables them to generate superior client outcomes at scale.

Wealth advisors and attorneys using Luminary can log in now and invite collaborators to work together on client accounts. Don’t yet have access to Luminary? Book a demo and learn more at withluminary.com/product.