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Financial Planning NexGen launches estate and succession planning services for IFAs

NexGen launches estate and succession planning services for IFAs

IFAs can tie up with NexGen to provide estate and succession planning services to their clients.
Nishant Patnaik Dec 12, 2016

NexGen, a joint venture between American Academy of Financial Management and CCC Will Effect, has launched estate planning and succession planning services for IFAs.

IFAs can expand their offerings by tying up with NexGen to provide estate and succession planning services to their clients.  

This platform is expected to provide end-to-end estate planning solutions, covering the entire gamut from simple wills, customized trusts and bereavement advisory services. In addition, this platform would enable financial intermediaries to expand their bouquet of services by including the entire spectrum of estate planning solutions and tools including an estate planning audit, will services, business succession solutions, special structures for protecting minor/special children and trustee and executor-ship services.

Ravi Dole of Will Effect told Cafemutual that IFAs can register with them by paying an annual fee of Rs. 5,000. He said that they will update IFAs with the latest developments in the estate planning and succession planning services.

Regarding the fee charged from clients for this service, Dole said that the charges will depend on the complexity of the case. IFAs can generally charge between Rs.15,000 and Rs.40,000 per client.

Further, Dole said that there will be a revenue sharing arrangement with IFAs based on the complexity of case. “While some cases can be handled easily, we have to put a lot of effort in complex cases. This revenue sharing can be in the range of 30%-50%.”

There is a lot of ignorance about nomination and succession, especially among retail investors. In fact, the gravity of this ignorance could be gauged from the fact that in the equity asset class alone around Rs 1,100 crore of unclaimed dividend is lying with 1,406 companies, said a press release issued by the company. 

The situation is no different in the real estate category as 66% of all legal cases are related to property-related litigations followed by family matters at 10%, as per a survey conducted by an NGO-Daksh.

In the press release, Dileep Choksi, Mentor, Will Effect has said, “Succession is one aspect of commercial and personal living which attracts the maximum legislation and personal law. It takes into account changing social norms of which one has to be aware. Succession through estate planning is beyond writing a will and getting it probated till it is successfully executed as desired by the testator.”

“The service would go a long way in promoting and encouraging estate planning among average Indian households and thus minimizing the legal disputes that occur in the family post the demise of an individual. It will also pave the way for smooth transition of one’s assets and wealth as will writing and estate planning services become accessible to all,” said Vyas Rai Nagpal, Country Head at American Academy of Financial Management India.


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