Family Philosophy Letter
Legacy Letter
Love Letter
Heritage Will
Client Response
Clients show a broad range of interest and involvement in the use of ethical wills. Clearly, they are not for everyone. Some people are not comfortable “going that deep.” One attorney in Wisconsin could not generate any traction despite his considerable efforts. Another attorney in Oregon reported the opposite. “You have to see how powerful this is,” she said. “They clutch their family philosophy letters after they leave my office.” This same attorney reported an encounter between siblings who hadn’t been in contact with one another for years. They had an “icy relationship with each other. After their mother’s death I put them in an office and gave them the family philosophy letter she wrote. I came back 30 minutes later, and they were in tears, holding hands. It healed the family.”
Planners reported similar results. “Our evaluations are off the charts,” said one planner from Ohio. She added, “Clients are proud of the results of writing an ethical will. As an advisor, you have done something for them no one else has offered.” Another planner from Florida said her clients tell her that writing a legacy letter was “a lot more fun than the usual financial stuff.” Others stated that after clients read their letters to loved ones, it “acts like a balm” and is the “glue that holds the family together.”
Advisors reported a completion rate of 10 to 40 percent with the writing process. There is also an appeal in defining a more expansive role with clients. The vast majority of those interviewed reported a significant deepening of client relationships and loyalty. “Once they have completed this process with you,” as one practitioner from Florida mentioned, “they aren’t going anywhere else.”
Tips For Getting Started
The main thing you can do, according to a majority of practitioners, is to start by writing your own ethical will. Many were adamant about this point. They emphasized the importance of bringing passion to this work and said there is no shortcut. One must “walk the walk.”
At what point in an advisor’s career should they start using ethical wills in their practice? A planner from California suggested the best time to start is after financial sustainability is achieved because, in his opinion, it is difficult to directly measure a quantitative payoff. Other planners see a new generation of clients with interests more aligned with a qualitative approach to financial planning. If so, then there is support for starting this work earlier in one’s career.