Despite the unexpected changes to Inheritance Tax laws in the Budget, six months after the launch of the affiliate scheme in the last quarter of 2005, figures show the organisation now has 29 new partner firms – almost 150 per cent of its target.
David McMaster, managing director of Just Wills, commented: "We have exceeded all expectations. We were aiming for around 20 new affiliates after the first six months and now have 29 on board with many more in the pipeline. All of the new affiliate schemes have seen our offering as a fantastic opportunity to increase their income and diversify their business."
The Just Wills ‘Affiliate’ scheme is a business development package that allows intermediaries to integrate a will-writing and estate planning service into their existing practice. The model establishes three revenue streams as well as building a capital value for the business via a ‘Practice Buy Out’ scheme (PBO).
Will writing can be used as a door opener, a business consolidator, a lead generator, an additional service or simply as a revenue generator.
With minimum gross profit of 75 per cent per will, intermediaries can earn a substantial initial income from will-writing. If this is combined with the ‘Will Bank’ storage option and appointment of Just Wills’ Trust Corporation as executor, then this will result in passive ongoing income together with a final lump sum payment.
Just Wills is offering a PBO based upon a model familiar to financial advisers. A medium sized financial intermediary practice could achieve a buy out of nearly half a million pounds by writing 40 wills per month for ten years and meeting a number of other criteria.
McMaster added: "As a bonus to our Affiliate proposition we have signed up Thinc Destini, Burns Anderson and Intrinsic as new corporate clients. They join Openwork with whom we have been working with since their launch last year. With many more ‘big names’ in the pipeline it is evident that IFA firms, big and small, are realising how using a will-writing services such as ours can add revenue, build capital value, rejuvenate old clients and help avoid clients being poached by legal firms."
