With the world still finding a way through COVID-19, the best advice to clients is to ensure their affairs are in order. In this article Arken share how Paralegals can help their clients with peace of mind and gain a new revenue stream.
A New Revenue Stream
Death is never the easiest conversation to have with clients. But, it’s a conversation that needs to be had. 63% of adults in the UK don’t currently have a Will*, and those that do, might not have reviewed it recently. With the world still finding a way through COVID-19, the best advice to clients is to ensure their affairs are in order. This isn’t just in relation to making a Will – but associated documents that are particularly important to have in place at this time, such as Lasting Powers of Attorney, General Powers of Attorney, Advance Decisions and Expression of Wishes. And as a non-reserved activity, it can be a great opportunity for a Paralegal.
It’s sad to see a pandemic become the catalyst for many in realising the importance of having a Will and associated documents, but with it high on many agendas, now is the time to seriously consider offering Wills as a service. Opening up a conversation with your clients as to whether they have a Will, or need to review an existing one, is another way to look after your client’s interests. There are opportunities to build this revenue stream from offering a self-service online Will, or an online Will to be checked or even to use an effective, intuitive Will drafting solution for the more complex of instructions.
The Opportunity to Acquire New Clients
Understandably, there is high demand for Wills and associated documents currently. A recent survey by The Society of Trust and Estate Practitioners (STEP) of 1,700 practitioners worldwide, showed that Wills and probate business increased by 24% during the pandemic. And with increasing legislation around data and data protection, Wills is a fantastic opportunity to start a relationship with a new client and learn a lot about them for other areas you may be involved in. At Arken.legal – a provider of digital solutions for the private client sector – enquiries for services including its cloud-based professional drafting solution, Arken Online Wills and data capture tool Arken Acquire rocketed during lockdown, as practices looked for ways to efficiently meet this high demand, remotely.
It’s also worth being mindful that over the next 30 years, an estimated £5.5 trillion is due to be passed between generations in the UK. A huge opportunity lies with Generation X, as well as Millennials, who will be gaining assets through inheritance.
Writing a Will isn’t a one-off transaction – it’s an opportunity for continued engagement with your client. Part of best practice advice is to get your clients to regularly review their Wills, and to keep them updated.
Expanding your offering to provide peace of mind to clients not only ensures a seamless delivery of services without referring work to third parties but adds an additional revenue stream to your business. It will unlock additional service opportunities, in addition to updating their Wills when circumstances change. A diversification strategy will reduce risk and help futureproof your business.
Gaining confidence in writing Wills and associated documents by partnering with a comprehensive technology provider is a really useful way of managing your risk. Document generation software that uses intuitive, intelligent questionnaires, which only ask the relevant questions in relation to your answers, will make the Will writing process more understandable, efficient and consistent.
Arken.legal’s award-winning flagship document generation solution, Arken Professional does just this. See your documents live-draft as you work through the questionnaires via its dual-screen functionality, so you can see your document building as you go. Complete a straightforward Will in half the time, complex Wills up to four times faster.
Efficiently write Wills and associated documents including:
- Lasting Powers of Attorney
- General Powers of Attorney
- Severance of Joint Tenancy
- Expression of Wishes
- Expression of Wishes to Guardians
- Advance Decisions
- Inter Vivos (IV) Trusts
With Arken Professional you will save time while improving documentation accuracy and consistency. Its wide and comprehensive use in estate planning document creation means it has been tested in almost every conceivable scenario. You can have confidence it leads the way with complete industry functionality and is simple to use.
Lack of expertise in this sector can be addressed further by capturing the correct information from your client, ensuring you discuss all concerns with them, recording your advice given and using expert technology to manage these risks. Your training is minimised by technology that is user-friendly and intuitive, with technology controlling and managing knowledge far better than Word-based templates. It will get your Will offering off to the quickest start without compromising quality.
- Excellent Value: Built by private client solicitors, Arken Professional's award-winning intuitive nature drafts exactly how a solicitor would, with many users citing its ability to efficiently deliver highly complex Wills as a feature that marks it above other solutions. As well as a dedicated Customer Success Manager available to assist with onboarding and ongoing use, Arken support can be accessed via an online video tutorial library, instant chat messaging and an FAQs hub, as well as email and phone. Advanced training courses are also available, in addition to live Webinar Wednesday tutorials.
- Investment & Data Security: We take data security extremely seriously, running regular penetration tests and investing heavily in industry-leading cloud-based providers. It is infinitely safer for your business than hosting everything on site.
- Longevity: Arken.legal has been leading the way in technology and innovative software for the private client sector since 1992. We have a rich history, with our products creating over 6 million Wills for Private Client Solicitors, Accountants, Will Writers, Trust Companies and other legal service providers, globally.
- Focus: We focus on our specialism – improving estate planning through advanced technology. We don’t try to be everything to everyone – we know our expertise and invest heavily in developing best-of-breed products. Our API enables us to partner with other best-in-class solutions, such as case management software. These integrations add additional efficiency by reducing re-keying further and lessening risk by having one version of the client.
- Innovation: We don’t sit still. We have been at the forefront of innovation for almost three decades. And we are constantly enhancing our existing solutions and creating new efficiency products, which solve several pain points and frustrations when it comes to running an efficient and profitable estate planning business. We listen closely to user feedback to ensure we prioritise what matters most to the sector, right now.
*IRN Research: Consumer Report 2019
Exclusive Offer to IoP Members
Sign up for an Arken Professional standard plan* by the end of 2020 and receive a 3-month subscription to Arken Lifetime, free of charge (worth £50+VAT per month). The Arken Lifetime** subscription includes 1 Trust Referencer subscription.
*New subscriptions only that are paid in advance before the 31st December 2020.
**Arken Lifetime only available for those with reserved activity status – otherwise a subscription to Trust Referencer will be made available for 3 months – currently valued at £40+VAT per month.
To redeem this offer, please email [email protected], quoting reference IoP1120 and a member of the Arken.legal team will be in touch.
Free Whitepaper: Key Considerations for the Implementation of New Technology: https://arken.legal/uk/it-partner-form