If something goes wrong with Estate Planning advice, are we opening ourselves up to potential liability?
Or is that shifted

There is no advice given in most Estate Planning situations.
There are three legal documents:
Enduring Guardianship
These follow prescribed formats that have been supplied to LGen by legal firms.

LGen follows instructions based upon information received from either the Adviser or directly from the client and are signed off by the client in draft form prior to being executed.

If legal advice is required, we use several legal firms to provide that advice and they hold the liability for that advice.

Does LGen assist with SMSF regarding Binding and Non-binding nominations?

Yes, we do.

Where do we [the facilitators] draw the line on complexity and send it to the ‘experts’?

In every matter, we review the client’s intentions and follow strict guidelines when the issue needs to be referred to a lawyer for advice.

Once we have referred the matter, we receive advice if the client requires legal advice or if the prescribed legal documents are suitable and cover the client’s intentions.

Who is LGen?
Looking online, everyone in the team seems to have a tech and marketing background.

Great question. Thanks for asking.
The current model of Estate Planning advice is broken.

It has been too reliant on Estate Planning lawyers fulfilling the customer’s journey, and it often stops there with dissatisfied clients and no updated Wills or plans. We are sure you have experienced this yourself.

LGen has taken two years to completely redesign the existing Estate Planning process based on our own experiences, feedback from Estate Planning Advisers, Financial Planners, Accountants, Lawyers and technical and marketing teams.

The LGen solution is not just the current Estate Planning process on a technology platform but a more personalised and complete journey. The experience is very different to an online Will Kit and is run by a team of experts with the customer experience and client journey communication.

The documents are provided, and we have a legal ‘backup team’. Our LGen team requirements are technology and customer service expertise.

The solicitors we use to provide advice are investors of LGen and are only engaged when there is
a demand for more ‘complicated’ scenarios. We find that 80% of cases do not require comprehensive legal services.

Who are the solicitors?

LGen works directly with two legal companies with regards to the prescribed legal documents; Heard McEwan Legal and Abbott & Mourly Lawyers.

Together we are expanding the prescribed legal documents to cover further intentions like Pet Guardian, digital assets and other aspects of the Estate Planning and Estate Management side of the business.

LGen has investors who are Australian practising lawyers and meet regularly to enhance the LGen offering and platform.

Where do the legal documents come from?

The above lawyers.

The brochure talks about ‘building an additional income stream for your business’.
I presume you’re thinking we charge a fee (on top of theirs) for our time?
Can we still do this if we’re not meant to give EP advice?

Firstly, you are not providing advice. And there are typically no legal fees for time unless dealing with a complex scenario.

Your role is to:

1. Have Estate Planning conversations about what is required if something happens to clients and the intentions they would like carried out.
2. Confirm their commitment to proceed.
3. Confirm the documents and intentions are delivered as requested.
4. Charge them for your service and the legal documents.
LGen does an assessment and recommends what should be considered based on their intentions, with you (the facilitator) coordinating the conversations. The client decides on what they want to take up based on the assessment.

The client pays for the legal documents and your time.

Your clients only pay additional ‘legal fees for more complex cases and are quoted and agreed upon before any work commencing. Sometimes it is identified AFTER the assessment that additional legal support is required.

With the existing process, the Estate Planning Solicitor is typically paid for carrying out data collation and holding conversations and meetings. These tasks are paid for at enormous hourly rates. We are told that the Adviser often sits in these meetings, preparing the information for the Solicitor and not being paid for this role.

Using the LGen system, YOU are the facilitator/coordinator, and YOU are paid for your time.

We find that most Advisers charge significantly less than Estate Planning lawyers, so the client will have reduced costs by using you instead of an EP lawyer. It is up to you what you want to charge for your time.

Also, because the LGen system and technology reduces the ‘fact finding’ time, your facilitation fee is far less than going to an Estate Planning lawyer.

The bonus is that you are in control of the process and see that the work is being done.
Do we need to give LGen our client list?
What ability does LGen have to contact our clients directly (incl ‘SMS communication’)?

The LGen system is designed to have you do minimal work as required. The LGen team operates as your back office team, connecting with your clients to ensure the process and system is followed with friendly reminders and touchpoints to follow through to completion.

This is the biggest area of failure of the current system NO follow, though.
That is LGen’s most important quality follow-through UNTIL COMPLETION.

For LGen to do this, yes, we need your clients’ details. The system acts as a vault for your client documents and a place for safe storage until they need to change or use them.

Suppose you want to use the marketing bundles provided by the LGen system branded with your company details to create personalised bulk communication. In that case, you will upload your list of clients that you want to communicate with.

We abide by the SPAM Act and the Privacy Act, and we do not communicate with your clients without your prior approval and permission. We will never cross-sell or promote another business to them that is not part of the LGen Estate Planning business and support team.

The communications that LGen requires for a successful result include:
Phone calls
ZOOM meetings
Posted material

Some communications are automated, some personal.

We aim to strike a balance.

What type of client does this suit?

Every Australian resident including any non-residents who have assets or responsibilities in Australia.

Who uses LGen?

After two years in development, we are currently working with a handful of Financial Advisers and their extensive client bases.
We have several hundred consumers who have used our system.

Now that LGen has made significant headway into technology and service delivery, we are ready for expansion and would gladly welcome you to join our team.

Many of our improvements have resulted from working closely with our Advisers, and we are

always open to feedback.

Although our system might not yet be perfect, it is significantly ahead of the current Estate planning system that you and your clients must be dealing with right now.

If you would like further explanations or discussions, feel free to reach out to the LGen team.

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