Just Wills’ affiliate scheme allows intermediaries to include will-writing and estate planning services in their business offering, establishing three main revenue streams, while the practice buy-out clause (PBO) allows brokers an exit before the will reaches its conclusion.
With figures revealing that up to 30 million adults in the UK do not have a will and that brokers are increasingly dealing with clients whose assets exceed the inheritance tax (IHT) threshold of £275,000, David McMaster, managing director of Just Wills, was amazed no one else had thought of the proposition.
“Just Wills has looked at a new income stream that many brokers haven’t tapped into – but should. We are excited by the concept of packaging something that everyone needs and providing brokers with a level of income throughout the life of the will,” he said.
McMaster confirmed that as advisers are allowed to set their own price banding, with Just Wills taking a fixed royalty, brokers could achieve gross profit per will of over 70 per cent.
By completing 40 wills per month over a ten-year period, McMaster said brokers could add up to £500,000 to the value of their business with Just Wills acting as executor to the wills through its Trust Corporation.
However, James Carter, IFA at Virtue Financial, dismissed the idea that brokers could offer a will-writing service in addition to what they already provide.
He said: “It sounds like something for an adviser who is just doing wills – something that a will writer and not an IFA would do. I don’t see how any advisers could possibly write 40 wills a month with current paper-loads already barely manageable.”
