Betterment Advisor Solutions, the custodial platform for independent RIAs, has formed a partnership to give advisors special access to Vanilla, the estate planning platform.
At no extra charge to advisors on the Betterment platform, advisors can use Vanilla’s Estate Health Check, which surveys clients about their current estate situation, including any life insurance they may have, their net worth and any planning that’s been done, said Gene Farrell, CEO of Vanilla.
Advisors also get access to a limited number of documents from the company’s document package, he added.
This gives Betterment advisors the opportunity to have that initial conversation with clients about their estate plan, and it can also serve as a prospecting tool, he said.
“At Vanilla, we understand that holistic advice is the future of wealth management, and estate planning sits at the center of clients’ financial lives,” Farrell said in a statement. “Firms can’t afford to shy away from estate planning anymore, and we’re excited that this partnership empowers advisors to build stronger, longer-lasting client relationships through estate planning.”
Vanilla was launched in 2019 by long-time advisor Steve Lockshin, who wanted to simplify and automate the process of estate planning. The company initially launched with funding from Venrock and Insight Partners, and other investors, including F. William McNabb III, former CEO of Vanguard, Michael Jordan, NBA legend and businessman, and Jason Wenk, founder and CEO of Altruist.
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