Episode Summary: Estate Planning Myths, Roadblocks, and Solutions with Brent Weiss, Co-Founder of Facet Wealth

Released on April 29, 2025, on "The Practical Planner" podcast by wealth.com, this episode delves deep into the common misconceptions surrounding estate planning, the challenges advisors face in assisting clients, and innovative solutions to streamline the process. Hosted by Thomas Kopelman and Anne Rhodes, they are joined by Brent Weiss, Co-Founder and Head of Financial Wellness at Facet Wealth.

1. Introduction to Estate Planning Myths

Brent Weiss opens the discussion by highlighting prevalent myths in estate planning based on his two decades of experience in financial advising.

• Myth 1: Estate Planning is Only for the Wealthy

  Brent Weiss [02:09]: “The misconceptions that... number one, you have to be rich to need an estate plan... I actually argue it's almost more important if you don't have a lot of wealth yet because you're protecting things that matter more.”

• Myth 2: Estate Planning is Complex and Costly

  Brent Weiss [02:09]: “Another myth is that it has to be really hard to get and really expensive... People think, ‘I’m just not going to do it,’ and it usually takes them six to nine months to actually get it done.”

2. Challenges in the Estate Planning Process

Thomas Coleman and Anne Rhodes explore the inherent difficulties clients face when attempting to establish an estate plan.

• Lack of Immediate Action:

  Thomas Coleman [04:22]: “Advisors often start with investments, move cash around, pay off debt, and eventually get to estate planning as just one task among many.”

• Emotional Barriers:

  Brent Weiss [07:53]: “Estate planning feels harder because of the emotional connection... Naming someone to manage your estate if something happens can be emotionally taxing.”

• Placeholder Wills and Delays:

  Anne Rhodes [04:48]: “Clients often use placeholder wills which are not legally robust, leading to procrastination and last-minute rushes to finalize documents.”

3. Innovative Solutions to Overcome Roadblocks

Brent Weiss emphasizes the importance of reducing friction in the estate planning process through technology and simplified procedures.

• Streamlining the Process:

  Brent Weiss [10:06]: “We have to remove some of the friction and let clients come in and do this more easily... Wealth.com shines by eliminating friction points that stop people from taking action.”

• Iterative and Implementable Plans:

  Brent Weiss [25:53]: “Financial planning should be iterative, imperfect, and implementable. Start with a baseline and improve over time rather than waiting for a perfect plan.”

• Placeholder Documents with Flexibility:

  Thomas Coleman [08:43]: “Using placeholder wills as temporary measures can help maintain momentum until clients are ready for a full estate plan.”

4. The Critical Role of Financial Advisors

The conversation underscores the pivotal role advisors play in initiating and facilitating estate planning for their clients.

• Integrating Estate Planning into Financial Advisory:

  Brent Weiss [14:21]: “Estate planning is part of serving our members and ensuring their hard work is protected. It shouldn’t feel like an additional burden but a natural extension of financial advising.”

• Nudging and Accountability:

  Brent Weiss [16:11]: “As advisors, part of our job is to help clients take action on advice, ensuring they follow through with estate planning.”

• Building Trust and Being a Lifelong Partner:

  Brent Weiss [14:21]: “I want to be top five, at least top 10 on your speed dial when things in your life happen... Estate planning is part of being a trusted life partner, not just a financial advisor.”

5. Leveraging Technology to Facilitate Estate Planning

The integration of technology is presented as a game-changer in making estate planning more accessible and efficient.

• Digital Platforms for Seamless Planning:

  Brent Weiss [07:53]: “Wealth.com allows clients to handle estate planning online, making it more affordable and higher quality than traditional methods like legal zooms.”

• Automated Nudges and Follow-Ups:

  Thomas Coleman [18:05]: “Using automated systems like Right Capital, we reinvite clients to complete their estate plans regularly until they do so.”

6. Real-Life Examples and Anecdotes

Brent Weiss shares poignant stories that highlight the impact of effective estate planning and the role of advisors in critical moments.

• Positive Client Experiences:

  Brent Weiss [28:14]: “A member texted us a picture of his first child in the delivery room, asking to open a 529 plan. It showed the deep trust and reliance clients have on their advisors.”

• Supporting Clients in Times of Loss:

  Brent Weiss [30:20]: “When a client lost her husband, our prior estate planning provided her with financial stability, allowing her to focus on her family during a difficult time.”

7. Final Thoughts and Best Practices

The episode concludes with actionable insights for financial advisors to enhance their estate planning services.

• Educate and Guide Clients:

  Brent Weiss [25:53]: “Educate clients on what estate planning entails and guide them through each step to prevent feeling overwhelmed.”

• Collaborative Planning for Couples:

  Anne Rhodes [27:52]: “Ensure both spouses are involved in estate planning to prevent delays and ensure coordinated efforts.”

• Emphasizing the Importance Regardless of Wealth:

  Brent Weiss [12:13]: “Estate planning is crucial not just for wealthy individuals but especially for those building their wealth and protecting their family's future.”

Notable Quotes

• Brent Weiss [02:09]: “Financial planning done right should actually not just help you like build and grow wealth, but also help you protect it, which is where estate planning comes in.”

• Brent Weiss [07:53]: “Estate planning feels harder because of the emotional connection to it...”

• Brent Weiss [16:59]: “I truly do love the solution. Like, honestly, I'll say this after 20 years of doing it, because you have a platform online, it's easier and intuitive to go through.”

• Thomas Coleman [18:05]: “Hit Reinvite, hit Reinvite and eventually it gets done.”

• Brent Weiss [25:53]: “The three I think of financial planning are iterative, imperfect, and implementable.”

Conclusion

This episode of "The Practical Planner" serves as a comprehensive guide for financial advisors looking to demystify estate planning for their clients. Brent Weiss's insights, combined with the hosts' probing questions, offer a roadmap to overcoming common hurdles through education, technology, and proactive client engagement. By addressing myths, reducing process friction, and emphasizing the advisor's role as a trusted partner, the podcast underscores the transformative potential of modern estate planning practices.

For more insights and to reimagine your estate planning strategies, subscribe to "The Practical Planner" on wealth.com and join the conversation in upcoming episodes.