Everplans

Institutional Deep Dive: Everplans

Everplans targets a critical, and often neglected, facet of wealth management: digital estate planning and legacy management. Within the RIA ecosystem, it carves out a niche as a “wealth utility,” offering a systematic approach to client onboarding, document organization, and communication during sensitive life events. Its core value proposition is not investment performance per se, but rather the enhancement of client relationships through proactive and comprehensive support, creating significant operational leverage for firms managing substantial AUM.

Core Capabilities and Institutional Application

Everplans is designed to streamline processes related to estate planning and end-of-life preparation. Its key features offer substantial operating leverage when deployed effectively within a larger wealth management practice:

• Secure Digital Vault: The heart of Everplans is its encrypted vault, where clients store sensitive documents such as wills, trusts, insurance policies, and financial account details. This centralized repository eliminates the need for advisors to chase down critical information during emergencies or transitions. The resulting efficiency gains translate to reduced administrative overhead and increased advisor bandwidth.

• Collaborative Platform: Everplans facilitates seamless communication and document sharing between clients, advisors, and designated beneficiaries. This shared access eliminates information silos and ensures that all relevant parties are kept informed, minimizing confusion and potential conflicts.

• Automated Task Management and Reminders: The platform includes automated task management features that remind clients and advisors about key deadlines and action items related to estate planning. This proactive approach helps ensure that important tasks are completed on time, reducing the risk of errors and omissions. For example, regularly scheduled reviews of beneficiary designations on life insurance policies can be automated.

• End-of-Life Planning Tools: Beyond simple document storage, Everplans offers tools for documenting end-of-life wishes, including advance directives, funeral arrangements, and personal preferences. This capability allows advisors to engage clients in meaningful conversations about their values and priorities, fostering deeper relationships and providing invaluable peace of mind.

• HIPAA-Compliant Security: Given the sensitive nature of the information stored within Everplans, its HIPAA-compliant data security protocols are critical. This ensures compliance with privacy regulations and protects client data from unauthorized access.

The institutional application of Everplans lies in its ability to standardize and automate key aspects of estate planning, freeing up advisors to focus on higher-value activities such as investment strategy and client relationship management. By streamlining data gathering, facilitating communication, and ensuring compliance, Everplans empowers RIAs to provide a more comprehensive and efficient service.

Integration & Data Flow Analysis

Everplans’ ability to seamlessly integrate with existing wealth management technology is crucial for maximizing its impact. However, the landscape is mixed:

• CRM Integration: The value of Everplans is significantly enhanced by robust CRM integration (e.g., Salesforce, Dynamics 365). Data collected within Everplans, such as beneficiary information or contact details for estate attorneys, should ideally flow directly into the CRM, creating a unified view of the client. Bidirectional integration is even more valuable, allowing updates made in the CRM to automatically populate within Everplans.

• Financial Planning Software Integration: Integration with financial planning software (e.g., eMoney Advisor, MoneyGuidePro) allows for a more holistic view of the client's financial situation. Estate planning considerations within Everplans can be directly incorporated into the overall financial plan, ensuring that all aspects of the client's financial life are aligned.

• Document Management Systems: Integration with existing document management systems (e.g., Box, ShareFile) can streamline the process of uploading and accessing documents within Everplans.

The data flow within Everplans is primarily client-initiated, meaning that clients are responsible for uploading and updating their information. However, advisors play a crucial role in guiding clients through the process and ensuring that the information is accurate and complete. To maximize efficiency, RIAs should develop standardized workflows and training materials to help clients effectively utilize the platform.

The Verdict

Everplans is definitively built for:

• RIAs with a high-net-worth client base: The platform's focus on estate planning and legacy management aligns with the needs of affluent clients who require comprehensive financial and legal support.
• Firms seeking to differentiate themselves through enhanced client service: Everplans offers a valuable service that goes beyond traditional investment management, allowing RIAs to build stronger client relationships and provide peace of mind during critical life events.
• Organizations that value operational efficiency and automation: The platform's standardized workflows and automated reminders can significantly reduce administrative overhead and free up advisors to focus on higher-value activities.
• Firms with the resources to dedicate to client onboarding and ongoing platform maintenance: Successful adoption of Everplans requires proactive engagement with clients and a commitment to keeping the platform updated.

Conversely, Everplans should be avoided by:

• Smaller RIAs with limited resources: The cost of implementing and maintaining Everplans may be prohibitive for smaller firms with limited budgets and staffing.
• Organizations that prioritize investment performance above all else: Everplans is not a tool for generating investment returns, but rather for enhancing client service and providing peace of mind. If investment performance is the sole focus, the investment in Everplans will not yield the appropriate ROI.
• Firms that lack the internal expertise to support clients in using the platform: Successful adoption of Everplans requires proactive client onboarding and ongoing support. If a firm lacks the resources or expertise to provide this support, clients may become frustrated and abandon the platform.

In conclusion, Everplans presents a compelling value proposition for RIAs seeking to enhance client relationships, streamline estate planning processes, and differentiate themselves in a competitive market. However, successful adoption requires careful planning, proactive client engagement, and a commitment to ongoing maintenance. Its benefits, while significant, are contingent upon active utilization and integration within the existing technology stack.