Trust Advisors and the Tech Shift: From Estate Plans to an Integrated Approach

Let’s be honest: being a trust advisor used to be a clearly defined role. In a nutshell, a financial professional specializing in trust and estate planning was expected to handle estate plans, review and interpret trust documents, and collaborate with legal and tax professionals.

Things have changed over the years, and trust professionals are facing new challenges—and, at the same time, greater opportunities.

So why has the role of a trust advisor started to expand? Simply put: clients want more. While trust planning remains one of the most crucial aspects of any financial portfolio, big-picture guidance is no longer a “nice-to-have” — it’s a must in most client interactions and professional relationships.

As noted by Cerulli Associates, technology may be the missing piece to help trust professionals meet rapidly rising client expectations. There is no need to worry though. The growing demand for technical acumen in the financial market is not a downside. It’s an upside and an advantage that will help trust advisors rise even higher and deliver better outcomes.

In short: we don’t believe technology is going to replace trust advisors — it’s here to empower them and transform their practice.

From Estate Planning to Holistic Planning: The Necessary Shift

As we all know, there’s been a growing trend toward holistic planning. What this means is that advisors need to embrace a thoughtful and successful integration of estate strategies, retirement, tax, insurance, and even philanthropic goals into a single approach (Cerulli Associates).

But here’s the catch: nearly half of all financial advisors still don’t offer formal financial planning services. While trust and estate planning is specialized, financial planning is broader and more integrated. Given the rapid change in the financial industry, saying: “I am a trust professional and my core duty is establishing trusts and minimizing taxes” may no longer give you the competitive advantage you need to get ahead. Expanding your skill sets and broadening your horizons may be the next logical step.

And what does technology have to do with it?

Recent research shows that technology is widely used but not always well-loved and there is plenty of room for better and more tailored tools, especially for estate planning professionals. Once they embrace innovative technical solutions, they’ll be better equipped to provide integrated financial planning advice.

Bridging the Gap with Smarter Tools

Let’s get real: trust advisors tend to be very busy. Adding more services sounds nice, but who has the time? This is where new tools such as automation and AI can make a difference.

What about software that doesn’t just “spit out” reports, but actually helps identify new and better planning opportunities? How about a client dashboard that keeps track of changes in financial behavior or estate needs before the client even calls? Rest assured – this is not science fiction. This is the direction financial technology is already heading (American Academy of Estate Lawyers).

The Trust Advisor Advantage

Trust advisors are in a unique position to guide families through some of life’s most complex decisions. Technology cannot replace the emotional component and trust. What it CAN and SHOULD do is scale conversations with clients, provide a clearer view of the client’s full financial picture and offer insights that go beyond paperwork.

We are not talking about turning trust professionals into high tech gurus. It’s about using the right tools to stay focused on what matters most: long-term relationships, thoughtful planning and trust.

With the right technology, estate planners can spend less time processing — and more time advising, consulting, strategizing and building rapport with every client. Here are a few technologies that can boost productivity, client service and profitability, as outlined by Wealth Solutions Report.

• Document automation software allows estate planning advisors and attorneys to create wills, living trusts and other customized documents quickly and accurately.
• There are secure online portals that help share documents and communicate with clients while protecting their personal or classified information.
• Digital signatures streamline the paperwork and execution of legal documents, making it more convenient for clients and reducing the time it takes to finalize estate plans.
• Up-to-date cybersecurity measures are essential to protect sensitive client information from data breaches and cyberthreats. SaaS practice management platforms ensure that data is encrypted and well-protected.
• A recent McKinsey Global Survey reported that 78% of organizations had already integrated AI into their operations by July 2024. And of course the role and impact of AI will continue to increase over time –it’s something everyone in the business world is well aware of.

Final thoughts

Adopting new technology may seem a bit overwhelming, but you don’t have to do it all at once. Start by choosing one area that could benefit your financial organization the most—maybe adopting a CRM to organize contacts or trying e-signatures to speed up paperwork. Even one small change can improve efficiency, enhance client satisfaction and boost results.

FREQUENTLY ASKED QUESTIONS

1. Why is the role of trust advisors changing?

It goes without saying that clients are looking for more than just estate plans — they want advisors who can provide integrated financial advice that includes tax, retirement, and long-term planning.

2. How can technology help trust advisors provide better service?

Technology can streamline paperwork, help advisors uncover new planning opportunities, and allow advisors to focus more on strategy, consulting and building client relationships.

3. Is technology meant to replace trust advisors?

The good news is it’s not going to replace estate planning professionals. The role of technology is to support advisors and help them become more efficient, productive, insightful and better equipped to fulfill rapidly rising client expectations.