{"id":18993,"date":"2024-09-12T15:24:30","date_gmt":"2024-09-12T14:24:30","guid":{"rendered":"https:\/\/ctt-group.co.uk\/?p=18993"},"modified":"2024-09-12T15:25:58","modified_gmt":"2024-09-12T14:25:58","slug":"how-technology-progression-is-helping-private-client-practice","status":"publish","type":"post","link":"https:\/\/ctt-group.co.uk\/how-technology-progression-is-helping-private-client-practice\/","title":{"rendered":"How Technology Progression Is Helping Private Client Practice\u00a0"},"content":{"rendered":"<div class=\"standard-content container wp-block \">\n\t\t<div class=\"content\">\n\t\t\t<p><span data-contrast=\"auto\">Imagine waking up and hearing that the printing press had been invented; or the first time you heard the word \u2018internet\u2019. You wouldn\u2019t know what these innovations were, all you would know is that you\u2019re being told it will revolutionise the way the world works. Without the benefit of hindsight, would you have believed it?<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Technological progress never ceases, and it touches every part of our lives and work. Private Client Practice is no different. Digitisation is changing the way we work and allowing us to reframe our services from a traditionally slow, paper-and-ink business into a fast and convenient service to keep up with the pace of modern life.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The truth is, people expect things NOW. As much as we might want to disagree with this attitude, we\u2019ve developed technologically and culturally to the point where this is possible for almost every aspect of the products and services we consume in our lives. And if you aren\u2019t delivering your service as quickly and efficiently as possible, you\u2019re soon going to be left in the dust.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-ccp-props=\"{}\">\u00a0<\/span><span data-contrast=\"auto\">So, how is technology helping us in Private Client Practice stay ahead of the curve?<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h4><strong>\u00a0Digitising work processes\u00a0<\/strong><\/h4>\n<p><span data-ccp-props=\"{}\">\u00a0<\/span><span data-contrast=\"auto\">The first, and most important, use of technology for Estate Planning, Will creation, and Lifetime Planning is the adoption of digitisation to deal with the ever-increasing workload and sheer amount of data we deal with on a daily basis.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">By digitising our processes, we create a cloud-based database of information, easily accessible by authorised users at any time. This saves on space, moving paper and ink work into the digital realm, and gives us a resource of historical data to use with our clients which helps to enhance our relationships with them and also gives us further opportunities to offer tailored legal products they may be in need of.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Pivoting our processes into digital form streamlines our work, decreases errors, and avoids annoying issues such as duplication. It also increases security by adding verification, e-signatures, and ID checking into the document creation process.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">At CTT we\u2019ve worked hard to develop ways of incorporating digitisation into Estate Planning and Private Client Practice at large. There is so much we realised it could bring to our industry, the potential is incredible; but with all the different ways going electronic could help us, we needed a way to amalgamate everything into one convenient place for the benefit of both our advisers and our clients.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h4>The Legacy platform<\/h4>\n<p><span data-contrast=\"auto\">Practice management software is integral to the smooth running of your business. Legacy Software is our version, a one-stop-shop for Private Client Services, empowering our advisers in ways we wouldn\u2019t have even dreamed of in the past.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Legacy touches every part of the adviser\/client journey, beginning at the initial information gathering stage where advisers use the Client Fact Find to discover the needs of their clients before personal interaction starts, giving them a head-start and enabling them to bring recommendations to the table from the first meeting.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h4>Document storage<\/h4>\n<p><span data-contrast=\"auto\">Online cloud-based secure storage creates clear audit trails, allowing us to see a client\u2019s entire history with us and every recommendation that\u2019s been given to them. Using what we call the Confirmation of Instruction Report, every official action is recorded and is easy to track. Along with this we also use a Digital Recommendations Report to generate videos to explain legal concepts to clients in an easy-to-digest manner.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h4>Intuitive document drafting<\/h4>\n<p><span data-contrast=\"auto\">Document creation is a doddle with digitisation. In Legacy Software, client details and their instructions are input into the provided templates and Legacy generates the documents for you. This process is also guided, giving you prompts for the information, should you need them, and each entry comes with a jargon-busting client commentary, enabling you to answer any questions the client might have while you fill in the document.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">All of this creates a smooth process for both adviser and client and the documentation is guaranteed to be up to the most current legal standards; the platform is updated continually to ensure it meets up-to-date legislation, something only possible because it is a digital platform.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h4>Automation<\/h4>\n<p><span data-contrast=\"auto\">Once you have created the primary legal product for you client, i.e. the reason they came to you in the first place, how do you keep them engaged and informed of further services?<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Show just how useful you can be, not only as a means to create a Will but as a complete Estate Planning package. Generating additional documents is as easy as it gets with Will Clarity Statements and Larke V Nugus documents provided automatically from the information you input into the software.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Other ways digitisation has enhanced the efficiency of our workflow is with our referral process. It is often left up to us to inform trustees, executors, and guardians appointed by clients what these roles entail. We\u2019ve found that a fantastic way of generating more referrals is using the Legacy platform to send informational videos to these individuals, and through the process of informing them of their duties, it becomes clear how vital securing your estate is. <\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">All of this occurs without any effort from the adviser, ensuring all parties are educated and curious about how to secure their financial future. Add to this a Notification and Case Tracking feature to always keep advisers and clients in the loop, and you can see just how useful automation has become for our Private Client Practices.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h4>Client management system<\/h4>\n<p><span data-contrast=\"auto\">By using Legacy Software, all information is centralised, making client management a breeze. A Client Management System is used in one form or another by almost every company that exists; there are so many to choose from it can be bewildering. That\u2019s why we chose to create our own!<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Client Management Systems allow you to maintain communication; keeping clients informed at all times, they give you the ability to track cases, see the progress of orders in real time, and as the name suggests, they allow you to manage client information. No piece of information is ever lost or misplaced. It is all readily available when you need it.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h4>AI integration<\/h4>\n<p><span data-contrast=\"auto\">Sometimes there is technology invented whereby the only adequate way to judge it is to think of it in the context of everything that came before and everything that happens after, it\u2019s that groundbreaking. As with the aforementioned printing press and the internet, AI looks set to be the next huge shift in technology.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">We are still in the early days of programs that may one day develop a fully autonomous consciousness. What we have at the moment, with the use of Large Language Models (LLMs) is the first significant step in the direction of true artificial intelligence.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">And the way LLMs look set to change how we work is astounding. AI integration into our platform has enabled us to create informational videos with entirely digitally created avatars, run a \u2018Client Simulator\u2019 which accurately duplicates interactions with clients to give advisers organic training with responsive AI subjects, and utilise AI to speed up processes and improve productivity across the board.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h4>Adopting new technology to grow your business<\/h4>\n<p><span data-contrast=\"auto\">If you think new technology could help your Private Client Practice grow, then you aren\u2019t alone! <\/span><a href=\"https:\/\/professional-services.ctt-group.co.uk\/the-partnership-team\"><span data-contrast=\"none\">Get in contact with our Partnership Team<\/span><\/a><span data-contrast=\"auto\"> today to learn more and have a chat with a team specialising in helping advisers adopt technology into their work processes.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n\n\t<\/div>\n\t<div class=\"wrapper\">\n\t<\/div>\n\t<div class=\"inner-wrapper before-bg-color\">\n\t<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":7,"featured_media":18994,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[17],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How Technology Progression Is Helping Private Client Practice\u00a0 - CTT Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ctt-group.co.uk\/how-technology-progression-is-helping-private-client-practice\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"CTT Group\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ctt-group.co.uk\/how-technology-progression-is-helping-private-client-practice\/\",\"url\":\"https:\/\/ctt-group.co.uk\/how-technology-progression-is-helping-private-client-practice\/\",\"name\":\"How Technology Progression Is Helping Private Client Practice\u00a0 - CTT Group\",\"isPartOf\":{\"@id\":\"https:\/\/ctt-group.co.uk\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/ctt-group.co.uk\/how-technology-progression-is-helping-private-client-practice\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/ctt-group.co.uk\/how-technology-progression-is-helping-private-client-practice\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/ctt-group.co.uk\/wp-content\/uploads\/2024\/09\/shutterstock_2267909159.jpg\",\"datePublished\":\"2024-09-12T14:24:30+00:00\",\"dateModified\":\"2024-09-12T14:25:58+00:00\",\"author\":{\"@id\":\"https:\/\/ctt-group.co.uk\/#\/schema\/person\/2ee80a3f05c1786db5a83a7eb1dc2006\"},\"breadcrumb\":{\"@id\":\"https:\/\/ctt-group.co.uk\/how-technology-progression-is-helping-private-client-practice\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ctt-group.co.uk\/how-technology-progression-is-helping-private-client-practice\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/ctt-group.co.uk\/how-technology-progression-is-helping-private-client-practice\/#primaryimage\",\"url\":\"https:\/\/ctt-group.co.uk\/wp-content\/uploads\/2024\/09\/shutterstock_2267909159.jpg\",\"contentUrl\":\"https:\/\/ctt-group.co.uk\/wp-content\/uploads\/2024\/09\/shutterstock_2267909159.jpg\",\"width\":2200,\"height\":1467},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ctt-group.co.uk\/how-technology-progression-is-helping-private-client-practice\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"CTT Group\",\"item\":\"https:\/\/ctt-group.co.uk\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"How Technology Progression Is Helping Private Client Practice\u00a0\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ctt-group.co.uk\/#website\",\"url\":\"https:\/\/ctt-group.co.uk\/\",\"name\":\"CTT Group\",\"description\":\"Problem Solvers. 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