Going Digital? The Benefits of Digital Estate Planning

Are you an estate planner hesitant about making the leap to digital?

We get it—switching to new technology can be daunting. You might worry about adopting new processes or fear you won't be able to learn how to use the software effectively. But going digital doesn't have to be scary.

In fact, the benefits far outweigh any potential drawbacks. Imagine a future where your processes are streamlined, your time is saved, and your clients are happier than ever. Digitising your processes with Legacy ensures you tick every box.

Our software not only makes processing easier for you, but it also ensures your clients are engaged, well-informed, and their information is securely stored. Read about the multitude of benefits of making your estate planning digital.

Time-Saving Benefits

One of the primary advantages of digital estate planning is the significant time savings it offers.

Traditional paper-based estate planning processes, or even semi-digital ones such as document signing or fact finding, can take up to 180 minutes to complete due to extensive administrative tasks and client fact-finding. In contrast, a fully digital process reduces the time spent on each client case to around 61 minutes! On top of that, paper-based instruction is outdated, being neither secure, nor efficient, which can be offputting for some clients.

Upgrading your business with software can remedy clients’ concerns while also boosting your efficiency. Legacy’s digital estate planning ensures that advisers can complete their estate planning exercise three times as fast, and that digital documents – unlike analogue ones – are never lost, stolen, misfiled, or accidentally destroyed.

Legacy Portal’s Client Fact-Find

One of Legacy's most prominent digitised processes is the client Fact Find. The digital Fact Find enables advisers to obtain information from clients through the client-facing app, Legacy Portal. Clients can independently complete questionnaire-style documents regarding their finances, family, and estate. Once submitted, this information is imported into Legacy software instantly, giving advisers access to client information without delay, or even a meeting!

The Fact Find not only facilitates an easy exchange of digital information; it also reassures your clients of measures taken to safeguard their person information. Legacy is GDPR compliant, meaning all information is securely transferred and stored, giving your clients peace of mind!

Better Quality Time Spent with Clients

Another huge benefit of adopting a fully digital estate planning process is the enhanced quality of time spent with clients. With elements such as the digital Fact Find and digital reports, the tedious information-gathering tasks are handled efficiently, without you having to put the manual work in. This means that when you sit down with your clients, you can focus entirely on delivering high-quality advice and excellent client service. Getting to actually know your clients better will enhance and grow your business in the long term!

Legacy’s Digital Reports

Have you ever tried to explain complex clauses to your clients? Sometimes, it can seem like an impossible task. With digital estate planning, you can use digital processes to empower and educate your clients, and Legacy's digital reports have been designed with this goal in mind.

These reports compile all client-specific information from Legacy, such as financial circumstances, assets, and personal details, and transform it into a personal report, with customised, educational videos. Through engaging motion graphics, clients gain insights into their estate, understand relevant legislation, and can visualise how different estate planning scenarios would impact their situation – all on their own!

What does this mean for the adviser? It means that clients can attend your meetings better informed; this shared knowledge base allows for more meaningful and productive discussions. You can dive straight into addressing clients' specific needs and concerns, and provide solutions that truly make a difference.

Stronger Relationships

Legacy’s digital processes, such as the Fact Find and digital reports, offer a clear, personalised journey through estate planning for your clients. As proven by our User Experience Testing (UX), clients value the empowerment and convenience provided by these seamless digital processes.

In general, forming strong relationships with clients relies on providing an educational, personal, and convenient experience.

As well as our innovative reports, Legacy Software streamlines tasks like digital ID checking and document signing, eliminating the need for mailing documents and office visits. This added convenience allows clients to complete necessary actions quickly and efficiently from home, fostering a more positive relationship between advisers and clients.

Business Growth through Automated Referral Processes

For many new advisers, driving new business can be the most daunting task. Crafting outreach emails, building leads, and tracking down potential clients takes a lot of time and effort. But what if you could sit back and let the technology do it for you?

Our digital estate planning can generate new business at the click of a button, in several different ways!

1. Legacy automatically identifies and suggests opportunities for additional services based on each client's unique estate planning needs, encouraging repeat business with you.
2. At the end of your clients’ journey, they are given the opportunity to refer your services to family and friends, initiating an automated sales process.
3. To triple your lead opportunities, Legacy Software also sends educational videos to your client’s appointees informing them of their roles within your client’s estate plan, promoting them to consider your service for their own estate planning needs.

These clever, digitally integrated processes generate potential leads for your business organically, without any additional efforts from you. By leveraging these automated referrals, you can tackle more complex cases and grow your business without breaking a sweat!

Legacy’s referral features ensure no opportunity is missed, making it incredibly easy for you to expand your service offerings.

Improvement in Risk Management

One of the lesser known but important benefits of digitisation, is that it’s a much better way to manage risk, especially in an industry where risks are commonplace. Risk management in Legacy goes beyond tracking and security. The digital platform makes creating and managing legal documents straightforward, eliminating any potential for human error associated with manual paper drafting.

To manage risks for clients, Legacy Software helps to generate a Will Clarity Statement, detailing the client's wishes and the rationale behind every decision, which significantly reduces the risk of will contestation.

From a security standpoint, secure storage ensures that all documentation and client communications are protected from data breaches, and accessible only to authorised users. A clear audit trail, made possible by the digital format, allows every step of the document creation process to be verified at any time, ensuring legitimacy and transparency. Adding to that, the software aids in preparing for Larke v Nugus requests, swiftly putting together the needed information to address will disputes efficiently.

If you’ve ever felt like you’re drowning in paperwork trying to tie up loose ends, you’d benefit from Legacy’s digital business dashboard! The digital dashboard provides a real-time overview of all open cases and team activities, ensuring that nothing falls through the cracks, and important processes are completed on time!

Whether you’re an independent adviser or a part of a larger team, Legacy’s digital platform ensures you complete work efficiently and with minimal risk.

Takeaway

Switching to a fully digital estate planning practice has incredible benefits. You’ll spend more quality time with your clients, build stronger relationships, and empower them with the information they need. Plus, automated referral generation and streamlined sales processes can grow your business with minimal input!

To add to that, the most effective way to manage risk is to make your business digital. In an industry where managing risk is crucial, relying on training alone just doesn’t cut it and as an adviser, you need to ensure you cover all bases with your clients through digital standardised processes. The benefits of digitised estate planning really are endless, you just have to take the first step in enhancing your business, and your services.

Ready to boost your efficiency and upgrade your client services?

Get in touch with CTT Legacy today and see how our software can transform your estate planning practice.