Estate planning isn’t an add-on. It’s foundational for good financial advice

For Craig Baker, newly appointed Executive Head of Sales, Distribution and Customers at Capital Legacy, the greatest risks to financial planners’ practices aren’t posed by economic uncertainty. He believes the failure to have a certain conversation with clients could be the gravest error.

“If a client is working with a financial adviser, there’s a high likelihood they’ll need a will,” says Baker. “And not having a conversation with a client about estate planning could become really problematic.”

It’s something simple but it can have far-reaching consequences. Without proper estate planning, years of careful financial discipline can unravel after a person passes away, leaving their loved ones vulnerable, and laying waste to the careful plans advisers have put in place.

After more than two decades in financial services, including serving as CEO of MiWayLife and later leading the combined MiWayLife and Sanlam Direct life portfolio within the Sanlam Group, Baker joined Capital Legacy this year with a clear sense of purpose.

“I became a Capital Legacy client before I became a part of the business. I loved the brand, the people and the energy. But what really drew me in was the purpose that underpins it all: Making the loss of a loved one easier,” he explains.

Baker also believes there is an opportunity to help advisers better understand the depth of Capital Legacy fiduciary expertise, including integrated estate administration.

“Many people know us for our stand-out brand campaigns. But that is underpinned by an incredible fiduciary business. I see it as ‘tough work done by tough people every day’ and I think there’s an opportunity for us to help advisers better understand these capabilities. Estate planning is not a stand-alone discipline. It’s an integral part of holistic financial planning,” Baker explains.

“All the good work done by a financial planner can come unstuck if there isn’t a proper estate plan when a client passes away,” he adds.

“One of the biggest opportunities for advisers is helping clients preserve and transfer wealth from one generation to the next. A solid estate plan can protect everything you’ve built over the course of a lifetime, and make it last for generations to come.”

Baker believes estate planning should form part of every financial planning conversation, not only because it protects clients and their loved ones, but because it extends the advice journey beyond the point of death. This is why his focus is not simply on supporting advisers, but on empowering them.

“Capital Legacy is in a unique position, being adviser-led. But there’s still a client at the core of that relationship. Our role is to equip advisers with the knowledge, confidence and tools to have meaningful conversations with their clients.”

Importantly, this does not mean advisers must become fiduciary specialists.

“The adviser doesn’t have to become the expert in drafting wills or administering estates. Our role is to provide those specialist capabilities. Advisers can focus on the broader client relationship while knowing their clients are being looked after by passionate professionals who specialise in doing this every day,” Baker explains.

This philosophy also shapes the way Baker approaches leadership. A keen sports fan, he says many of the lessons that have stayed with him have come from the dynamic within successful teams that he has admired, where accountability, humility and teamwork mattered just as much as individual talent.

“I value accountability above almost anything else. It’s about keeping your promises, owning your mistakes and learning from them. I want people to understand the role they play in making the business successful and to take ownership of it,” he says.

He also wants advisers to operate like this so they can have the greatest impact, given the trusted relationships they already have with their clients.

“When we empower one adviser, they can have hundreds of conversations with their client base. That’s how we ultimately help more South Africans put the right estate plans in place.”

One of the biggest barriers, however, remains misconceptions about wills and estate planning.

“Many still believe wills are only for older people or for wealthy people, whereas the reality is that everybody requires a will,” he says.

The consequences of not having a will often have little to do with wealth.

“The loss of a loved one is traumatic enough. You don’t want to leave behind uncertainty, conflict or financial complications that could have been avoided. Even debt or items of sentimental value can create unnecessary challenges if there isn’t proper estate planning,” he explains.

Baker is also passionate about making the process less intimidating.

“The barriers are very low. You can have a professionally drafted will done at no cost in less than an hour. There aren’t many things in life where an expert will solve such an important problem for you so easily without charging you a cent!”

Looking ahead, Baker’s ambition extends beyond growing Capital Legacy.

“I’d like to see wills become ubiquitous in South Africa. We should be drafting millions of wills because it’s one of the simplest and most effective ways to preserve wealth, protect families and prevent unnecessary chaos,” he adds.

For advisers, he believes the opportunity is equally significant.

“When estate planning becomes a natural part of every financial planning conversation, everyone benefits. Clients are better protected, families have greater certainty and advisers strengthen their value proposition and what they are able to add throughout their clients’ lives, and beyond,” Baker concludes.