Powersports Business November 2024 | Page 13

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Powersports Business • November 2024 • 13

MORGAN STANLEY

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the human element comes into play . While technical expertise is absolutely required , it is the human element , understanding your agenda on a deeper level and then designing a plan around that agenda , that distinguishes exceptional estate planning from merely good estate planning .
That ’ s because today , most estate planning legal strategies and financial products are commonly accessible . So , a big difference among estate plans and planners is the ability to put the pieces together so that you get the results you ’ re seeking .
Clearly then , the estate planner you work with should have a deep understanding of you , your situation , values , goals and concerns . Without that knowledge , the tools themselves ( as good as they may be , technically ) might not get you what you want because they ’ re not appropriate for the job you want done .
as when your children will have control of the assets .
2 . Determine your desired results . Share your desired results in each scenario with an estate planner whom you find to be highly capable . They should be able to come up with ways to enable you to best achieve your preferred results .
3 . Make a decision . Based on input and insights from the estate planner , choose a course of action .
4 . Implement the plan . Once you have made a decision , the estate planner will formalize everything and create the estate plan .
Important : Don ’ t ignore your plan once it ’ s done . Revisiting an estate plan every few years should be part of your agenda . It ’ s best
to think about your exceptional estate plan as being a perpetual work in progress .
If you have any doubts about whether your estate plan is likely to achieve your wishes , consider having a wealth manager review the plan and your particular situation to answer two questions :
Is the plan likely to deliver the outcomes you currently want ?
Is the plan missing anything that can make it more effective or efficient ?
CONCLUSION Estate planning should be a part of ensuring the outcomes you want in your financial life and the lives of the people you care about most . What ’ s more , your existing estate plan
needs to be reexamined every so often and revised if necessary .
To better understand if there are gaps or opportunities to improve your estate plan , our team offers a complimentary service , the Second Opinion Service , a 360−degree review of your dealership and personal financial situation , which includes a review of your wealth transfer and estate planning strategies .
Brad Stanek , CFP is an executive director and financial advisor with The Stanek-Haack Group at Morgan Stanley in Chicago . His email is brad . stanek @ ms . com . Paulina Matel , CFP is a financial advisor with The Stanek-Haack Group . Her email is Paulina . matel @ ms . com .
A PROCESS TO FOLLOW There is a process that we believe can potentially increase your chances of ending up with an estate plan that satisfies both technical and human aspects and reflects your latest thinking on your needs and goals .
1 . Start with the end in mind . Start by thinking through what you want to have happen - the outcomes you ideally want to see occur . For each possibility , you ’ ll need to specify what happens to your assets . You ’ ll also need to decide who is in control at different points in time , making decisions such

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markets , utilizing these platforms to complete transactions online can help to remain competitive and reach more consumers .
5 KEY TAKEAWAYS 1 . Stock the right inventory Be mindful of the top searched brands and models on Cycle Trader — Harley-Davidson , Honda , Yamaha , Kawasaki , and BMW . Ensure your dealership has a well-balanced inventory that includes these popular brands . 2 . Target advertising in high-lead markets Focus more advertising efforts on states with the highest number of email leads , such as New York , Illinois , Georgia , and California . Use geo-targeted ads to reach potential buyers in these key markets , and highlight the availability of in-demand brands and models . 3 . Expand digital communication channels Since 27 % of used unit buyers prefer direct communication with private sellers , make sure your dealership offers accessible digital tools like live chat and prompt email responses . This can help bridge the gap and build trust with customers who might otherwise look to private sellers . 4 . Leverage review and specification sites As nearly half of the buyers turn to review platforms before making a purchase , ensure your dealership has a presence on these sites . Encourage satisfied customers to leave positive reviews and actively engage with feedback to build your online reputation . 5 . Offer a wide range of options With 44 % of buyers expressing no preference between new and used models , it ’ s crucial to offer a diverse selection .
With , Zii , you don ’ t have to wait . Just pick up the phone and call them . The phone gets picked up . And I think that is very important from a business standpoint . If we have to wait , everyone else has to wait .
Gene Piscitelli Parts Manager | Sport Durst Powersports Durham , North Carolina
You ’ re Our Partner .
Do you find yourself waiting on hold for hours without a response from your current Dealer Management System ? At ZiiDMS , our top priority is ensuring a seamless customer experience . You can contact us through phone or email anytime you need assistance . As our partner , you can expect a prompt response and a commitment to resolve the issue efficiently to ensure your business runs smoothly .
Gillian Luce is the AVP of Recreation Marketing for Trader Interactive .