Financial Planning

Understanding the Role of Financial Advisers in Estate Planning Services

Understanding the Role of Financial Advisers in Estate Planning Services

Understanding the Role of Financial Advisers in Estate Planning Services

While estate planning services may not be the easiest topic to discuss at the breakfast table, they should be part of your long-term financial plans. This is where the role of a financial adviser is critical, providing opinion, guidance, and advice from a neutral position. As with many financial strategies, it is as much about what you don’t do today as the actions you take today, which can significantly impact your long-term wealth.


What are estate planning services?

When looking at estate planning services, there are several areas to consider. However, first, it’s essential to define the primary goals of estate planning:-


Aside from maximising your tax allowances and tax reliefs, there are other issues to consider, such as:-

  • Wills
  • Trusts
  • Powers of attorney
  • Healthcare directives

Your financial adviser will help you structure estate planning that reflects your current situation and long-term wishes and provides some flexibility for changing life circumstances.


The role of financial advisers in estate planning

As we touched on above, there are numerous ways to manage your estate, including minimising tax liabilities, maximising investments, and efficiently distributing funds/assets to beneficiaries. The more that your financial adviser knows about your situation, the more in-depth advice and guidance they can provide. 

The key here is to match estate planning decisions with your circumstances and ensure your adviser explains the financial implications of different strategies.

This would likely involve the integration of various topics, such as:-



Your attitude to potential risk and reward will likely change significantly from your younger years to retirement and beyond.


Retirement plans

Numerous ways exist to protect assets, reduce tax liabilities, and maximise income in retirement, such as through pension plans, ISAs, and other tax-efficient vehicles.


Tax strategies

It’s important to implement a long-term tax strategy and maximise tax allowances and breaks on an ongoing basis.


Asset protection

Whether looking at personal insurance protection or a diverse investment portfolio, there are numerous ways in which you can add a degree of protection to your assets.

Managing your assets and estate is not a one-off action; it is an ongoing process that will adapt to the changing personal, financial, and regulatory environment.


Benefits of involving financial advisers in estate planning

When looking at financial advisers and estate planning services, the obvious focus is on the long-term financial benefits of their advice and guidance. However, there are other issues to consider, such as:-


Risk management

The role of a financial adviser includes taking both reactive and proactive approaches to long-term asset management. The key is to protect assets while maximising growth opportunities and providing some protection from unforeseen events. This becomes ever more critical as you approach retirement and in later years when you will require some income before finally passing on your estate.


Family harmony

An often overlooked element of a financial adviser’s role is creating a sound long-term financial plan to avoid family conflicts and misunderstandings. This involves ensuring that not only are the plans safe, secure, and legal but that they are also updated regularly to reflect the individual’s situation and wishes. It is easy for emotions to run high in these scenarios, often creating an element of conflict.


Choosing the right financial adviser

When choosing a financial adviser, there are standard factors to consider, such as:-

  • Professional qualifications
  • Services provided
  • Experience


These are the same for whatever type of financial service you are looking for, but it’s also essential to work with an adviser who:-

  • You trust
  • Appreciates your goals and values
  • You can relate to


The more your financial adviser is aware of your situation, changes, and goals for the future, the more focused their advice. In your initial discussions, it’s important to be honest and upfront while also ensuring the adviser provides all of the services you require. This is the opportune moment to ask those questions you have always wanted answers to, helping to avoid any confusion or misunderstandings further down the line.



For many people, the role of a financial adviser will evolve, providing financial advice and guidance and very often becoming akin to a family friend. While enhanced trust and understanding will require time for both parties, the more information your adviser knows about your situation the better the advice they can provide.

If you require advice and guidance regarding estate planning or any other area of investment or finance, please contact us, and we can arrange an introductory chat.