Traditional marketing for estate attorneys focuses on building strong alliances with allied professionals to build a stream of referrals. This is a time-proven strategy. Learning to do this exceptionally well -- better than your peers -- is key to practice development success.
However, there is another aspect of marketing that should be catching your attention. If not, you are effectively cutting yourself out of approximately half of the estate planning market.
Consider the single largest, fastest-growing sector of the financial market: The Mass Affluent, defined as those with investable assets between $100,000 and $1 million. Investable assets include savings, checking, money market accounts, certificates of deposit, mutual funds and real estate other than a primary dwelling; excludes primary home and qualified retirement accounts.
This large, and rapidly growing market sector is important to your estate planning practice for a number of reasons, including the facts that they have significant estate planning needs, are sophisticated consumers who demand integrity in their advisors, and they have liquid assets with which to pay for your services (remember, we are talking about up to $1 million in investable assets, exclusive of retirement plans and primary residences).
This market sector comprises more than 10 million U.S. households and $9.6 trillion in total assets. They control 33 percent of the nation's wealth. This is not the miniscule top 3 percent of the market, but rather a healthy 17 percent of all US households. If you can reach this market, you can enjoy a healthy, profitable, and sustainable practice.
The marketing challenge, however, reaching this sector with compelling messages. First, most of the market still works -- as top executives and business owners. And, for them, tax issues take a back seat to being remembered for having provided for one's family. Nearly one-third are the owners of privately-held businesses. And approximately HALF ARE SELF-DIRECTED INVESTORS -- which means you cannot reach them through traditional referral-based marketing channels.
In a recent survey conducted by Lincoln Financial, nearly 60 PERCENT of investors in this market sector said they would go directly to an attorney for estate planning services, as opposed to seeking out a "team" of financial, accounting and legal advisors.
This is why we developed the Estate Protection Plan as a complete, turn-key marketing campaign that allows you to directly solicit business owners and their employees for estate planning services. As you know, direct solicitation is almost uniformly prohibited under the Rules for Professional Conduct regarding advertising ... except as authorized under "comment  to rule 7.3 of the ABA Model Rules of Professional Conduct regarding direct contact with prospective clients." This is one of the very few ways attorneys can ethically approach consumers directly -- and begin to reach the sizable market that exists OUTSIDE of traditional referral-marketing channels.
While many attorneys recognize the need to supplement their referral-based marketing efforts with workshops and seminars, that strategy falls flat in terms of reaching this lucrative Mass Affluent market. Why? Because they are AT WORK during the day, and still have busy, active lifestyles in the evenings and on weekends. They simply do not HAVE TIME to attend workshops and seminars.
There are two primary strategies for reaching this market segment: workplace education and the internet. The Estate Protection incorporates both.
And right now, through May 15th, we have discounted the program from our regular $1,595 price to just $995. After the 15th, we will extend the sale at a price of $1,295 through the end of May.
For more information about the Estate Protection Plan, visit our website at http://www.estateplanningpartners.com/estate_protection_plan.htm or call James at 1-877-352-2021, ext. 0.
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