{"id":21129,"date":"2025-01-16T13:00:00","date_gmt":"2025-01-16T13:00:00","guid":{"rendered":"https:\/\/ctt-group.co.uk\/?p=21129"},"modified":"2025-01-14T08:44:33","modified_gmt":"2025-01-14T08:44:33","slug":"ai-in-estate-planning-the-next-evolution","status":"publish","type":"post","link":"https:\/\/ctt-group.co.uk\/ai-in-estate-planning-the-next-evolution\/","title":{"rendered":"AI in Estate Planning: the next evolution"},"content":{"rendered":"
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Once the stuff of Science Fiction, and more recently clever marketing gimmicks, Artificial intelligence (AI) is quickly showing its worth as more than a crowd-pleasing parlour trick. In fact, it\u2019s set to be a massive tool for change across many industries \u2013 the Estate Planning sector included.<\/em><\/p>\n

The potential to leverage AI for its time-saving benefits and its enhancement of standardised processes is not only helping advisers to deliver a more accurate and consistent service to clients \u2013 it’s actively nurturing stronger client-adviser relations.<\/em><\/p>\n

CTT\u2019s Director of Partnerships, Jonathan Maskew, has been a leading figure for digitisation within the industry for over 30 years. His experience working with various legal services has seen him bring innovative digital solutions to lawyers, barristers, and legal businesses, facilitating best practice through technology and strategic change management.<\/em><\/p>\n

Here, he outlines how AI is changing the face of Estate Planning and why embracing AI advancements is an evolutionary must for advisers wanting to futureproof their practice in a digital, consumer-driven market.<\/em><\/p>\n

AI in Estate Planning<\/strong><\/h4>\n

The Estate Planning sector has been primed for digital development for some time. As an inherently data-heavy service provision, anything that expediates time-consuming processes, regulates practices, and increases efficiencies \u2013 for advisers like you and your clients \u2013 is the natural evolutionary step forward. It just makes sense.<\/p>\n

Why waste hours pouring your time and attention into relatively unskilled, repetitive tasks when you could be using that acumen to focus on building revenue and honing high-value client relations?<\/p>\n

This kind of smooth, digital experience is also something consumers have come to expect. Banking, personal loans, mortgages \u2013 even the Post Office is now a largely online service. Customers want the ease and convenience of carrying out life admin on the go, remotely \u2013 and AI is the answer when it comes to effectively delivering this experience with Estate Planning.<\/p>\n

AI is already catching on within the legal sector. According to a recent LexisNexis survey, nearly a third of executives at UK legal firms have budget earmarked specifically for generative AI. That\u2019s a third of legal executives who\u2019ve reclaimed time lost on document processing to strategically grow their businesses.<\/p>\n

Harness the power of AI with CTT<\/strong><\/h4>\n

AI lends itself to several areas of Estate Planning that, until now, have required hands-on intervention from advisers, detracting you from more skilled and lucrative tasks. These include:<\/p>\n

Document drafting: Drafting essential legal documents, such as wills and trusts, calls for meticulous attention to detail. AI-powered tools like CTT\u2019s Legacy Software and our personalised Recommendation Reports, available through our client-facing app, expediate document processing, drawing on the latest legislation and ensuring precise, up-to-date drafting while saving you time and resources.<\/p>\n

Educate clients: Through the use of digital avatar \u2018twins\u2019, we\u2019ve helped advisers win back the hours spent explaining legal products and procedures to clients; instead, they can let their avatar videos do all the talking while they spend more valuable time with their clients, deep diving into their individual needs and building long-lasting trust and relationships.<\/p>\n

Hone your skills: No matter how much training you do, there are some skills and industry insights that only come with time spent in the field. To help advisers gain more first-hand client experience, CTT AI Client Simulator lets users practise real-life client conversations in various different scenarios, developing knowledge and soft skills as they go.<\/p>\n

CTT\u2019s Adviser Chat: With expert answers to over 1,000 commonly asked questions and around-the-clock support, CTT Adviser Chat lets you handle routine client inquiries and consolidate your understanding of more complex planning solutions, anytime, anywhere, so you always have the information you need to move forwards with your cases.<\/p>\n

Supports compliance: AI can review vast amounts of data, identifying potential risks or inconsistencies in legal documents quickly and efficiently, helping speed up the due diligence process for advisers, improving accuracy, and minimising the risk of human error.<\/p>\n

Data-driven insights: AI is particularly useful when it comes to harvesting and purposing client data. Thanks to AI insights, it\u2019s possible to not only spot trends within your data bank but also anticipate client needs and use them to leverage future business, providing a seamlessly supportive ongoing client service.<\/p>\n

Real intelligence driving AI <\/strong><\/h4>\n

To ensure CTT\u2019s AI solutions meet the varying needs of our members, our AI Committee has representatives from across law, tax & trust, and finance. Their input and feedback guide our innovations and helps us develop AI technology that addresses real-life problems, providing intelligent assistance through strategic artificial means.<\/p>\n

We’ve also worked closely with Piers Linney, well-known Dragon, technology entrepreneur, and co-founder of Implement AI. His successful development and implementation of AI technologies has helped thousands of SMEs and FTSE 100 companies alike harness the power of AI.<\/p>\n

CTT proactively seeks solutions that meet the needs of a digitally driven market, exceeding the expectations of tech-savvy consumers.<\/p>\n

With insights gained from our work with Piers and CTT’s AI Committee, we\u2019ll continue to develop our AI solutions and provide advisers with access to the best industry leading technologies to drive business and enhance client relations.<\/p>\n

To discover how CTT\u2019s AI solutions can support your business and enhance your client provision, contact Director of Partnerships Jonathan Maskew<\/a>.<\/p>\n\n\t<\/div>\n\t

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