Roman GłogulskiVALLEY FORGE, Pa., January 18, 2024 /PRNewswire/ – Vanguard is introducing new and enhanced intergenerational estate planning capabilities in collaboration with Vanilla, an innovative provider of digital estate planning tools and solutions. The offering has been successfully tested with a small group of Vanguard Personal Advisor Wealth Management clients over the past year and will be expanded to provide high-net-worth clients at Vanguard access to a powerful visualization tool that will help them manage and achieve their estate goals.
The Personal Advisor Wealth Management advisory services, introduced in 2015, are a leading hybrid Vanguard advisory service that combines advanced online experiences and technology with unique capabilities of behavioral advising and financial planning led by people. Clients work with advisors to identify investment goals and develop personalized financial plans tailored to those goals. Estate planning is a key component of financial planning, but its complexity often overwhelms investors. Thoughtful, well-designed estate planning allows individuals to manage their legacy in accordance with complex federal and state tax regulations.
“Recognizing that some clients have complex estate planning needs that will span multiple generations, the implementation of Vanilla capabilities supports our commitment to helping clients achieve stronger financial and legacy outcomes,” said Massy Williams, Head of Wealth Management at Vanguard. “As part of Personal Advisor Wealth Management, clients receive a dynamic visualization of their estate plan, which helps identify enhancement opportunities and maximize estate goal capabilities.”
Personal Advisor Wealth Management clients will collaborate directly with their advisors to leverage Vanilla’s capabilities in creating integrated visualizations of their net worth, powerful asset transfer diagrams, estimated tax calculations, ongoing estate monitoring, and the ability to model the impact of future estate planning scenarios.
“With such a significant amount of wealth to be transferred to younger generations over the next two decades, there has never been a more critical time for advisors to provide personalized estate planning advice, and we are excited to partner with Vanguard in this important opportunity,” said Gene Farrell, CEO of Vanilla. “Our platform has been specifically created by advisors and estate professionals, combining world-class design and cutting-edge technology to help firms deliver clients a comprehensive, modern estate planning experience. We are committed to continuous innovation and building the most complete estate planning tool for wealth management leaders.”
Vanguard has been focused on client-centric digital innovation for years, delivering world-class experiences that help investors achieve investment and financial success. Among recent enhancements, Vanguard introduced a streamlined way to digitally manage advisor meetings for Personal Advisor Select and Personal Advisor Wealth Management clients, along with the ability to model alternative spending scenarios for analysis with advisors. Personal Advisor Select and Personal Advisor Wealth Management also recently unveiled a tax-efficient retirement income strategy that coordinates Social Security claiming, payout sequencing, and IRA conversions, creating personalized recommendations tailored to individual client situations. In addition to advisory enhancements, Vanguard also works with self-directed high-net-worth clients, supporting their wealth management needs and offering a new suite of cash management-related products.
Vanguard began its collaboration with Vanilla in 2022 and plans to provide access to the new estate planning tools for eligible Personal Advisor Wealth Management clients within the next year, while also evaluating opportunities to expand access to the offering for a wider range of clients.
FAQ Section based on the main topics and information presented in the article:
1. What is intergenerational estate planning?
Intergenerational estate planning is the process in which a client develops a strategy for transferring their wealth, values, and goals to future generations.
2. What benefits does the visualization tool offer high-net-worth Vanguard clients?
The visualization tool, supported by Vanilla, allows clients to plan their estates, identify enhancement opportunities, and maximize their estate goal capabilities.
3. What services does Personal Advisor Wealth Management offer?
Personal Advisor Wealth Management is a Vanguard advisory service that combines advanced online experiences with behavioral advising and financial planning capabilities. It offers personalized financial plans and assistance in achieving estate goals.
4. What is Vanilla?
Vanilla is an innovative provider of digital estate planning tools and solutions.
5. What are the recent enhancements introduced by Vanguard?
Vanguard has introduced a streamlined way to digitally manage advisor meetings for Personal Advisor Select and Personal Advisor Wealth Management clients. Additionally, they have presented a tax-efficient retirement income strategy and new cash management-related products.
6. What are the benefits of the partnership between Vanguard and Vanilla?
The partnership between Vanguard and Vanilla enables Personal Advisor Wealth Management clients to access estate planning tools created by experts. It is a comprehensive estate planning solution for wealth management leaders.
Defined terms or jargon used in the article:
– Digital Estate: Refers to digital assets such as personal data, documents, online accounts that are to be inherited after the owner’s death.
– Behavioral Advising: A branch of financial advising that explores the behavior and emotions of investors to help them make better financial decisions.
– Wealth Management: The department or service that deals with managing and optimizing a client’s wealth.
Suggested related links:
– Vanguard homepage
– Vanilla homepage
