3 ways to value price Probate

Uncategorized Jul 11, 2016

Change of probate rules offers UK accountants a huge opportunity

In this post I’m going to share how to price probate work, and why it’s one of the biggest opportunities for accountants in the UK and elsewhere. 

Although originally probate could only be dealt with by lawyers and banks, in September 2014 the rules changed. First, to allow members of the Institute of Chartered Accountants to undertake it. And then, in 2015, all other qualified accountants.

Probate offers accountants such a huge opportunity because:

·       It's actually very easy to do! And, because it’s a compliance service and we’re so systematic, accountants are probably even better placed to deliver it than lawyers.

·       Banks and lawyers have been overcharging for years… So you could easily make a lot of money by offering a better service at a more competitive price!

Three tips to get you started

·       Create a professional brochure. It’ll ensure potential clients trust the quality of your service and allow you to communicate the key benefits of what you offer.

·       Different people want different things. So make sure you offer this. Some clients will want a premium service – for you to do it all. Others will be more price-conscious and be happy to carry out the more straightforward elements themselves.

·       Involve the client in the pricing process. Preferably in a face-to-face meeting which allows you to come up with a bespoke price for each person's circumstances, and them to see how you create your prices.

So how should you price for your services?

In the case of probate, price might depend on:

·       the value of your client’s estate

·       whether they have farming or woodland assets

·       whether they have overseas property – a holiday home in the South of France, for example.

All of these will impact on how much work you have to do, so I strongly recommend using a software-based approach to create a unique price for each client.

If you’d like to find out more, then I go into much greater detail in my latest video.


Watch my ‘Probate: an untapped resource?’ video.

Amongst other things, you’ll find:

·       what to put in your probate brochure to guarantee you the best response

·       sample wording to make sure you present yourself in the most professional light

·       a full breakdown of elements that can impact on price.

Using appropriate software will help

For those of you already using my Cloud Pricing software, you’ll find an incredibly useful chapter in the User Guide on how to price probate. (Along with lots of information on pricing other types of accounting services such as annual accounts, tax returns and management reports.)

But what if you haven’t got the software?

You can find out more about the software here.

Better results – fast

Every month I provide free online training helping accounting professionals get results from value pricing. If you want to get access to that free training click here to register your place on the list of people I invite.

Wishing you every success on your pricing journey 

Mark Wickersham
Chartered Accountant, public speaker and #1 best-selling author of
Effective Pricing for Accountants

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