The head of partnerships for funeral plans provider Golden Charter said financial planners should include conversations about the need for funeral and probate planning when dealing with clients in later life.
Mr Moran said: “Post-RDR building trust and long-term relationships with clients is increasingly important for advisers.
“Using emotional intelligence and creativity to help clients plan for later life is the holy grail for advisers now and the more IFAs can offer, the more likely their clients are to stay close.”
According to figures from Golden Charter only 2 per cent of the UK’s population has pre-paid and planned for their funeral.
This contrasts sharply with other countries in Europe as, according to the figures, more than two-thirds of people in the Netherlands plan for their funeral in advance.
Mr Moran added that the cultural gap was an opportunity for advisers to expand their client offering and enhance long-term client relationships.
At a recent Master Practitioners care funding conference, Symponia, the national professional body for care fees advisers, highlighted the need for such planning.
Janet Davies, Symponia’s joint managing director, said: “We will see funeral and probate costs continue to increase significantly in the next few years. In addition to the obvious financial benefits to clients and the peace of mind that comes with this, a secondary advantage is that financial advisers will enhance relationships with good, local solicitors, providing cross-selling opportunities for both parties.”