The Strategic Advantage of Personal Legacy Management Software for Funeral Homes

15 August 2024
Legacy Management
2 min read

In a rapidly changing market, funeral homes must continually innovate to meet the evolving needs of their clients. Personal Legacy Management and Estate Administration software offer a strategic advantage, enabling funeral homes to provide a broader range of services that cater to the unique requirements of both Baby Boomers and Millennials.

A critical aspect of modern estate management is the handling of digital assets. As noted in a study by Pew Research Center (https://www.pewresearch.org), 92% of Millennials and 85% of Baby Boomers are active internet users, indicating a significant digital footprint. Personal Legacy Management software allows funeral homes to offer a specialized service that manages digital assets, such as social media accounts, online subscriptions, and digital files, ensuring that these are handled according to the client’s wishes. This service not only meets a growing demand but also enhances the funeral home’s value proposition.

From a cost perspective, integrating Personal Legacy Management software is a prudent investment. The average cost of probate can be a significant burden for families, often reaching up to 7% of the estate’s value, according to Nolo (https://www.nolo.com). By providing software that automates much of the estate administration process, funeral homes can help families save on legal fees and administrative costs, offering a service that adds real value during a difficult time.

For Baby Boomers, who are more likely to have significant assets, both digital and physical, this software provides a streamlined approach to managing their legacy. For Millennials, who may be more concerned with their digital footprint, the software ensures that their online presence is managed and preserved according to their preferences. Funeral homes that offer this service are not only meeting the needs of a diverse clientele but also positioning themselves as forward-thinking leaders in the industry.

In addition to enhancing client services, Personal Legacy Management software also offers a new revenue stream for funeral homes. By offering this software as part of a package or as an add-on service, funeral homes can increase their revenue while providing a valuable service that meets the modern needs of their clients. As highlighted by The International Cemetery, Cremation & Funeral Association (ICCFA) (https://www.iccfa.com), funeral homes that diversify their offerings are better positioned to succeed in a competitive market.

In conclusion, Personal Legacy Management and Estate Administration software provide funeral homes with a strategic advantage. By offering services that cater to both Baby Boomers and Millennials, reducing costs for clients, and opening new revenue streams, funeral homes can enhance their offerings and secure their position as industry leaders.

Richard Sanders, CPA, CA, CBV is a seasoned professional and Partner at a leading global Accounting firm, bringing over 35 years of invaluable experience to the advisory board. With a background in Accounting & Finance, he has demonstrated a keen sense of the challenges to business management and growth throughout his career.

Having held key partnerships with several Accounting firms, Richard has a proven track record of success in advising businesses in areas ranging from Audit to Internal Controls, Tax and Valuations. His strategic thinking has been crucial in guiding organizations through periods of startup and growth.

As an advisory board member, Richard provides strategic counsel and invaluable insights on Audit, Finance and Accounting. His expertise and vision play a vital role in shaping the organization’s strategy and driving sustainable growth over the long term.

Richard holds a Bachelor of Accounting & Business Management from the University of Toronto. He continues to stay at the forefront of the Accounting industry’s developments through ongoing education and professional development initiatives.

Richard’s passion for success and his commitment to guiding businesses make him an invaluable asset to the advisory board.

Bob is a distinguished leader in Software M&A, bringing over 40 years of invaluable experience to the advisory board. With a background in the Canadian & US Information Technology sectors, he has demonstrated a keen understanding of the challenges driving business innovation and fostering growth throughout his career.

Having held prominent roles within the Fortune 500, Bob has a proven track record of success in supercharging business growth. His strategic acumen and forward-thinking approach have been instrumental in guiding organizations through periods of change and transformation.

As an advisory board member, Bob provides strategic counsel and invaluable insights on business development, partnerships and strategic alliances. His expertise and vision play a vital role in shaping the organization’s long-term strategy and driving sustainable growth.

Bob holds a BSc in Physics and Mathematics from the University of Ottawa. He continues to stay at the forefront of the Information Technology industry’s developments through ongoing education and professional development initiatives.

Bob’s passion for excellence and his unwavering commitment to the Software Industry make him an invaluable asset to the advisory board, driving the organization’s mission and vision forward with clarity and purpose.

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