Why Employee Assistance Programs, Retirement Services, and Group Health Insurers Should Add Estate Services to Their Offerings Now

2024 3 min read

The financial landscape is undergoing a seismic shift. The “Great Wealth Transfer,” an estimated $84 trillion movement of assets from baby boomers to younger generations, is reshaping how financial professionals, insurers, and benefits providers must approach their services. Yet, many providers remain focused on serving individuals or specific products, overlooking the broader family dynamic. This approach leaves significant opportunities for growth, retention, and stronger client relationships untapped.

In a market increasingly defined by intergenerational wealth planning and holistic financial services, this oversight can have dire consequences. Incorporating estate services into your offerings could be the game-changing solution your business needs to thrive in this new era.

The Current Retention Challenges Across Key Sectors

1. Employee Assistance Programs (EAPs)

The Problem: EAPs traditionally address individual employee needs. However, during major life events like death, incapacitation, or retirement, families often feel unsupported. This gap can lead to dissatisfaction and attrition. Studies reveal that up to 50% of clients leave employer-provided plans during life transitions due to inadequate family engagement (LIMRA).

The Opportunity: By integrating estate services into EAPs, you can boost employee satisfaction by 15-20% and reduce attrition by 10-15%.

2. Retirement Services

The Problem: Retirees often take their wealth and financial relationships with them upon leaving the workforce. Without strategies to engage families, nearly 70% of retirement assets fail to transition smoothly to the next generation, leading to significant wealth leakage (Williams Group).

The Opportunity: Engaging beneficiaries and offering family-oriented estate solutions could increase business growth by up to 25%.

3. Group Health Insurers

The Problem: Policyholders frequently switch providers during major life events. Approximately 40% of policyholders leave when their families feel unsupported during transitions like incapacitation or death (LIMRA).

The Opportunity: Adding estate planning services could improve policyholder retention by 10-15% while unlocking new revenue streams through cross-selling.

Why Estate Services Are the Key to Retention

The core retention problem is clear: focusing solely on individuals misses the bigger picture of family dynamics and intergenerational needs. Estate services bridge this gap by addressing not just the client but their entire family. This family-centric approach fosters deeper relationships and creates loyalty that lasts across generations.

The Growth Potential of Estate Services

Adding estate services to your offerings doesn’t just solve retention challenges—it opens doors to significant growth opportunities:

  • Increase Customer Lifetime Value: Engaging families can increase customer lifetime value by up to 30%.
  • Boost Business Growth: Professionals can grow revenue by 10-20% through cross-selling, enhanced client data, and stronger family connections.
  • Generate Leads: Estate services naturally generate leads for complementary products like life insurance, wealth management, and tax planning.

How Inheritus.com Can Help

Inheritus.com empowers EAPs, retirement services, and group health insurers to seamlessly integrate estate services into their offerings. Our platform provides a complete picture of an estate, connecting families across generations and delivering actionable data insights to drive retention and cross-selling strategies.

Key Benefits:

  • Affordable: Costs just cents per client per month, making it a budget-friendly addition to any benefits package.
  • Easy Deployment: Same-day deployment is available, with optional change management plans to ensure smooth integration.
  • Engage Across Generations: Our family-centric approach helps professionals retain relationships through life events, maximizing the value of the Great Wealth Transfer.

Transform Your Offerings Today

The Great Wealth Transfer is a once-in-a-lifetime opportunity to rethink client engagement and employee/employer retention strategies. Don’t let outdated approaches limit your growth potential.

With Inheritus.com, you can:

  • Provide essential estate services that meet your clients’ needs.
  • Strengthen family connections.
  • Drive long-term success.

Ready to Future-Proof Your Offerings?

Contact us today to learn how Inheritus.com can help you seize this opportunity and elevate your services. Let’s build a stronger, more holistic approach to serving clients and their families—together.

Richard Sanders, CPA, CA, CBV is a seasoned professional and Partner at a leading global Accounting firm, bringing over 35 years of invaluable experience to the advisory board. With a background in Accounting & Finance, he has demonstrated a keen sense of the challenges to business management and growth throughout his career.

Having held key partnerships with several Accounting firms, Richard has a proven track record of success in advising businesses in areas ranging from Audit to Internal Controls, Tax and Valuations. His strategic thinking has been crucial in guiding organizations through periods of startup and growth.

As an advisory board member, Richard provides strategic counsel and invaluable insights on Audit, Finance and Accounting. His expertise and vision play a vital role in shaping the organization’s strategy and driving sustainable growth over the long term.

Richard holds a Bachelor of Accounting & Business Management from the University of Toronto. He continues to stay at the forefront of the Accounting industry’s developments through ongoing education and professional development initiatives.

Richard’s passion for success and his commitment to guiding businesses make him an invaluable asset to the advisory board.

Bob is a distinguished leader in Software M&A, bringing over 40 years of invaluable experience to the advisory board. With a background in the Canadian & US Information Technology sectors, he has demonstrated a keen understanding of the challenges driving business innovation and fostering growth throughout his career.

Having held prominent roles within the Fortune 500, Bob has a proven track record of success in supercharging business growth. His strategic acumen and forward-thinking approach have been instrumental in guiding organizations through periods of change and transformation.

As an advisory board member, Bob provides strategic counsel and invaluable insights on business development, partnerships and strategic alliances. His expertise and vision play a vital role in shaping the organization’s long-term strategy and driving sustainable growth.

Bob holds a BSc in Physics and Mathematics from the University of Ottawa. He continues to stay at the forefront of the Information Technology industry’s developments through ongoing education and professional development initiatives.

Bob’s passion for excellence and his unwavering commitment to the Software Industry make him an invaluable asset to the advisory board, driving the organization’s mission and vision forward with clarity and purpose.

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