Many individuals and families are usually unprepared for emergencies and their inevitable passing. Loved ones are often left with no idea of where assets, liabilities, and important information are found.
Financial Advisors are frequently at a disconnect in understanding their customers’ holistic life position and struggle with effective communication and document sharing capabilities, even with their best efforts and intentions.
Some interesting facts:
🔒 Generational wealth lost due to unknown and unclaimed policies in SA is sitting at R44.9 billion in unclaimed pension funds alone.
🔒 Costly and prolonged winding up of an estate. Executors often have to start with no will in place and it can take years to eventually wind up an estate. Debit orders continue to run, rates and taxes pile up, etc.
🔒 Families can be left destitute if a single breadwinner has not managed his/her legacy.
🔒 Financial Advisors and Estate Planners struggle to have a holistic up-to-date view of their customers’ data. When the time comes to act, it’s a challenge to get all the right information and people together.
Lifedocs created a secure, digitally connected document management system that gives Financial Advisors and Estate Planners a centralised and easier way to plan for life and legacy with their clients.
In this episode, Francois du Toit talks to Geoffrey Harmuth CA(SA), co-founder and CEO of Lifedocs. They unpack the challenges and solution to the problem when it comes to keeping track of a client’s entire estate before it is too late.
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