In a previous post (https://www.aaepa.com/blog/2010/03/11-essential-systems-6-continuity-revenue-stream), we mentioned the importance of knowing where your existing revenue comes from and using that to build a continuity revenue stream. Now, we’re going to expand on that idea and look at how to make that stream of revenue even bigger.
While the majority of your revenue likely comes from estate planning services, there is another facet of your business – called ancillary services – that requires regular attention as well.
Ancillary services include things like tax preparation, financial services and life care planning. These services can compliment the estate planning services you currently offer and if you’re following a solid Communication System (link to post #5), then you’re building strong relationships with your clients and their families.
These relationships are what make ancillary services work so well.
Because the truth is, people like to consolidate. It’s much easier to manage your legal documents and important papers if they’re all in the same place.
It’s comforting to know that the attorney preparing your estate plan is also very knowledgeable about your mother’s nursing home contract and the future expenses it projects.
Now, some of these ancillary services require additional accountability so you’ll need to be diligent as you begin to broaden your spectrum of services, but it can be done.
Many states now allow estate planning attorneys to also offer life care planning for parents or spouses who are incapacitated and unable to handle their day-to-day affairs. You can develop a tax preparation service that does more than just file the standard 1041 but also covers 1040s and other forms – a complete tax return option for clients who need it.
Review their nursing home contracts… help them plan for retirement. Give them a full-service experience that they just can’t get anywhere else.
Look at your state laws and ethical rules to determine which areas you are permitted to expand into and how to do it appropriately.
When you’re ready, use your strategic Communication System to remind your clients and prospects of these great ancillary services throughout the year.
And then watch your business really begin to grow.
Sanford M. Fisch
CEO & Co-Founder
American Academy of Estate Planning Attorneys, Inc.
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