Assertion Supported
Trust & Will executed the first US electronic will in 2019
“And then we have our kind of history defining milestone was last year in January, we did the first electronic will in history, US history, which means digital signature, digital notary, digital storage of documents.”
Assertion Supported
40% of baby boomers do not have an estate plan
“Yeah, 40% of boomers have no form of estate plan, which is honestly a crisis.”
Insight
Why offering free estate planning products creates consumer distrust
“Because we felt that a free product within estate planning can actually communicate distrust. Well, what's the catch if I'm making these sensitive decisions, right? What's the catch of a free estate planning document? So that's why we like the paid product.”
Disclosure
Trust & Will charges returning canceled users full price for updates
“That if they canceled out of the subscription, they came back in three years because they had another kid, they want to update their trust, it's going to cost them the full purchase price versus that 50 bucks a year recurring.”
Assertion Not checkable as stated
70% of Trust & Will members are ages 25 to 50
“Yeah, so majority, about 70% of our members are gonna fall within the kind of 25 to 50 range and have minor children. It doesn't discount the fact that 30% of our members are 55 plus, but our core focus is really people that are starting families, buying their…”
Assertion Supported
45 million US parents with minor children lack estate plans
“Forty five million parents with minor kids in this country don't have any estate plan.”
Disclosure
Trust & Will raised a $2M seed and $6M Series A
“We raised our seed round that we announced in January of last year of two million. We announced our series a last month of six million.”
Disclosure
Trust & Will has reached 65,000 total user sign-ups
“We've had about 65,000 people sign up for Trust & Wealth for one of those three products.”
Disclosure
Trust & Will spent roughly $200,000 to develop its MVP
“And then by the time we finished tech stars, I think we wrapped up like you could call it pre-seed funding, but we had collected about half a million dollars at that point, but we had invested a couple 100,000 to get the product to where it needed to be.”
Assertion Not checkable as stated
Trust & Will converts 10% to 20% of its 100+ daily signups
“We're seeing about a hundred signups a day or more, which is fantastic. And our conversion is anywhere from 10 to 20%, depending on the product, depending on the day.”
Assertion Not checkable as stated
Trust & Will has surpassed 5,000 paying customers
“I mean, it's north, it's between comfortably sharing north of 5000.”
Assertion Supported
Haven Life includes free Trust & Will products for policyholders
“So we have Haven Life where they have a benefits package called Haven Life Plus. They've wrapped in our will as a free will for their life insurance policyholders.”
Disclosure
Trust & Will targets 300,000 financial advisors for channel sales
“So one of the roles that we're hiring for right now is a channel sales rep. We want to tap into the 300,000 financial advisors, wealth managers, CFPs in the country that often talk to their clients about estate planning from day one.”
Assertion Not checkable as stated
Trust & Will surpassed a $1M revenue run rate in 2019
“Revenue run rate, yeah, we broke a million in 2019, which was awesome.”
Prediction Not checkable as stated
Barbo predicts a $1M subscription run rate for 2020
“We'll break a million dollar subscription run rate as well.”
Assertion Partly supported
Traditional estate planning attorneys charge between $2,000 and $5,000
“Because it's kind of crazy, like an estate plan, if you go to an attorney, you're going to spend anywhere from two to 5000 dollars to set this up, just to make a simple update, like you had another kid, you bought a new property, you moved It might cost you a …”
Disclosure
Trust packages at $500 drive significant revenue for Trust & Will
“The trust makes up a considerable amount of our revenue, considering that our base products, the guardian is at 50 dollars and our trust product is at 500. It is a 10 X jump to the trust.”
Assertion Not checkable as stated
1% of Trust & Will users organically return to update documents
“So we're seeing about one in a hundred folks come back to make that initial update without any marketing around the fact that, hey, you should come back and update if you've had any of these life events as triggers.”
