25/03/24
The Solicitors Regulation Authority (SRA) introduced the Transparency Rules in December 2018 to help prospective clients make informed decisions about their choice of legal provider. The rules stipulate that all legal firms and private practitioners must state clearly their prices and services along with information about their complaints procedures.
While the SRA’s reasoning behind these rules is to protect and inform potential clients, the opportunities they afford practitioners in upselling their services are not to be missed, as CTT’s Director of Partnerships, Jonathan Maskew, points out:
“In light of the growing trend for consumers to actively seek out legal service providers online, it’s imperative for private client solicitors to strategically enhance their digital presence. The new transparency rules offer an ideal opportunity for independent practitioners to not just list their prices and services online but to really sell their expertise and knowledge of the sector, exceeding prospective clients’ expectations.”
Professional Support for Private Client Solicitors
CTT Group is a multidisciplinary support network for the professional adviser community. Its in-house team of experts includes solicitors, accountants, and IFAs who are on-hand to provide insight, advice, and support to its members across the full range of their professional services.
The group’s ethos is to help its members continually exceed client expectations by providing a full complement of legal and financial advice under one roof. This allows professional advisers to broaden their client offering and deliver a more comprehensive life-planning solution, something an increasing number of private clients have come to expect.
“More and more often we’re seeing clients whose complex estates and financial-planning needs don’t necessarily fit into one category,” Jonathan explains. “They’re seeking a more holistic approach to managing their affairs, one that covers the legal and financial side of things to make for a more coherent strategy.”
This is where CTT can really help; providing a support network for private client solicitors to partner with fellow professionals and offer a more comprehensive provision.
“If you’re able to offer those additional professional services alongside legal advice – why not?” Jonathan continues. “It could be the very thing that sets you apart from the competition.”
Holistic wealth management
This combined approach is especially useful when it comes to handling clients’ wills, trusts, LPAs, and other aspects of estate planning that call for financial insight and advice. “Legally, solicitors aren’t permitted to give clients advice regarding their financial affairs, even if they are very knowledgeable on the subject and their clients are requesting their input,” Jonathan emphasises. “This can prove frustrating for both parties and cause clients undue stress, especially older clients or those with complex needs and estates.”
“With the support of CTT, our Private Client Solicitors can offer financial advice on investments and financial products alongside their legal estate-planning services via an SRA-regulated Private Client partner, who is backed by the FCA. This collaborative approach allows clients to make the best possible provision for the future while ensuring they are legally compliant, and any financial risks are thoroughly assessed.”
IFAs can assist high-net-worth clients in a variety of ways when it comes to ensuring their finances are optimised. Giving advice on the most strategic IHT plan can help reduce their Inheritance Tax liabilities with carefully considered investments eligible for Business Relief, offshore investments, Discounted Gift Trusts, insurance bonds, pension planning, and other areas concerning Inheritance Tax.
Similarly, business owners at risk of Capital Gains Tax can benefit from the expertise of an IFA with regard to safeguarding their CGT allowances and the use of VCTs, EISs and SEIS among other investments.
CTT can also support Private Client Solicitors with financial advice on estate planning, including Trusts, beneficiaries, LPAs, and making provision for later life care.
Legacy Software: digital support for Private Client Solicitors
Legacy is a will-writing software that goes beyond basic document drafting. It incorporates a fully paperless estate planning platform that allows for complete practice management, client communications, and in-house document processing, providing professional support across all CTT’s disciplines, including FCA-certified independent financial advice.
Users can perform case referrals via the software, sharing clients’ details securely with CTT Private Client. This allows CTT’s in-house team to carry out independent financial assessments on their members’ behalf to help Private Client Solicitors retain client business and provide a more comprehensive life-planning service.
“Legacy is the future of client-facing legal services and estate planning,” says Jonathan. “It’s an indispensable tool, helping professionals fill the gaps in their offerings with access to a vast network of resources, knowledge, and expertise to give them the support they need to satisfy client demand, and ultimately, make them more competitive.”
In addition to their in-house services, CTT also provides onboarding for Legacy software, ensuring a smooth transition with tutorials on how to use the platform and professional support to make sure ongoing cases are completed without disruption.
“With the help of CTT’s professional services and use of Legacy software, Private Client Solicitors can be confident in offering a much broader range of services when stating their provisions online, further enhancing their appeal to prospective clients and firmly establishing themselves as forward-thinking professionals at the cutting edge of digital legal practices,” concludes Jonathan.
Learn more about CTT Group and Legacy Software.
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