This SMART 100 profile and the information it contains is a duplication of content submitted by the applicant during the entry process. As a function of entry, applicants were required to declare that all details are factually correct, do not infringe on another’s intellectual property and are not unlawful, threatening, defamatory, invasive of privacy, obscene, or otherwise objectionable. Some profiles have been edited for reasons of space and clarity.
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1. THE BEGINNING
This innovation initially came to life when…
…two lawyers and a financial adviser walked into a bar. The group conversed (over a bottle of red) about the lack of clients completing Estate Plans, and identified a chasm between the professional services each offered. One had a strong personal relationship with his clients, knew many of their financial and family details, and discussed the need for appropriate Estate Planning. The others had the legal capability to provide Estate Plans. Yet many clients failed to take the leap from the conversation to getting an Estate Plan in place. All parties wanted a better outcome, and so, Yodal was conceived.
2. WHAT & HOW
The purpose of this innovation is to…
…expand the sphere of advisers who can provide professional Estate Planning services. Rather than Estate Planning being the exclusive domain of lawyers, Yodal opens the door to other professional advisers to enrich their existing relationships and increase revenue opportunities.
It does this by…
…empowering financial advisers and accountants to project manage the Estate Planning process. Yodal does not assume an existing level of knowledge from advisers using the platform – it educates and automates the entire process. The built-in document recommendation wizard and compulsory legal review removes the risk of advisers providing legal advice.
3. PURPOSE & BENEFITS
This innovation improves on what came before because…
…both the adviser and client have the convenience of an online platform and can choose the lawyer they involve in the process, rather than channelling referrals to a single law firm. The client can speak to an adviser they already trust to ensure this vital process is completed, and their adviser will stay involved and project manage the entire process.
Its various benefits to the customer/end-user include…
…enhanced relationships with existing clients, increased revenue by offering a new service to existing clientele, reinforced relevance in industries facing change, and removal of risk in offering a service that was previously the exclusive domain of lawyers.
4. COMPETITIVE LANDSCAPE
In the past, this problem was solved by…
…a traditional referral – email or call – or use of basic online platforms that simply referred a client in need of an Estate Plan to a specific lawyer to discuss and finalise. No initial recommendations or resources would be provided, no documents would be automatically generated and the initial adviser would have no input or control around the process.
Its predecessors/competitors include…
…online legal document providers targeted to accountants and financial advisers – often with a broader focus on trust deeds and company registrations and occasionally without incorporating legal review. Or online legal services websites created by law firms as referral channels.
5. TARGET MARKET
It is made for…
…professional advisers such as accountants, financial planners and lawyers who wish to build lucrative Estate Planning businesses through the use of technology and unlocking opportunities for deeper client conversations. Yodal’s target market knows that stale business models and compliance work will not carry their businesses into the future, and these advisers are seeking ways to expand their advisory services. They don’t see technology as a threat, but an opportunity to embrace new ways to deliver clients value.
It is available for sale through…
…www.yodal.com.au. There is no subscription fee to access the system, only a fee for each document produced. Yodal even pays the lawyer to review the documents so the client won’t receive an invoice for their legal fees.
Our marketing strategy is to…
…educate and demonstrate how advisers can seamlessly introduce Estate Planning into their practices, and to integrate with existing platforms to make the process as simple and streamlined as possible. Yodal will use social media, events and connections with industry bodies, publications, communities and licensees to encourage more conversation around the shift of advisers into the realm of Estate Planning.
FINE PRINT: This SMART 100 profile and the information it contains is a duplication of content submitted by the applicant during the entry process. As a function of entry, applicants were required to declare that all details are factually correct, do not infringe on another’s intellectual property and are not unlawful, threatening, defamatory, invasive of privacy, obscene, or otherwise objectionable. Some profiles have been edited for reasons of space and clarity.
