使用数字保险库获得竞争优势的清单

HighQ The questions to ask to make privateclient work and digital vaults your Is there room to improve the client experience?Would clients benefit from having more insight and control over their affairs? Do you know everything about all your firm’s private clients,their assets, and legal matters? That’s a tall order in manyprivate client teams, so what happens if the colleaguewho works on a particular client is suddenly unavailable,for instance if they’re off sick or unreachable on vacation? insights into their client base so that they can spot newways to broaden and deepen those client relationships, The Great Wealth Transfer —what does it mean for your firm? All too often the answer is “no”. But if your firm gives yourclients their own digital vault, which you can both use canuse as a single source of truth for all their affairs, then theanswer will be “yes”. Indeed, clients may not even need to ask, The imminent, unprecedented intergenerational wealth transferrepresents an enormous opportunity for legal advisers — but atthe same time it poses a threat. This is a chance for law firmsto demonstrate to clients the value they can deliver in helping In an increasingly commoditized market, this could reallyimpress your clients, helping to strengthen relationshipsand set you apart from the competition. Clients wantresponsive, easy-to-understand, affordable services that However, firms also have a new generation of potential clientsto impress — a cohort which is generally tech-savvy, yetmay have less experience in managing complex financialaffairs. They may decide to look elsewhere for legal guidance. At the same time, firms are looking to do more withless by identifying efficiency gains to improve profitabilityand maintain or grow fee income. There may even beopportunities, especially for larger firms, to identify If all the information, documents, and communications relatedto the financial affairs potential new clients are inheriting arecurated in one personalized, centralized space and availableto them at any time of the day or night, they are more likely In addition, they want to differentiate themselves fromrivals and compete for wallet share of lucrative high networth clients. Especially as the so-called “Great WealthTransfer” gets underway, when the Baby Boomer generationstarts to pass an estimated $72.6 trillion down to GenerationX, Millennials, and Gen Z in the U.S. alone between now and Will your firm retain this work once your current client hasretired from business or after their death? How can you startsetting the foundations in place for new relationships with This is not some distant future — it’s already happening, asBaby Boomers — who own around 60% of wealth3— enter their70s and 80s. Firms need to be thinking now about how to stayahead of the game and command a larger slice of this valuablework. A digital vault accessed via a client portal is the answerfor many forward-thinking private client practices. Indeed,according to the 2024 HighQ Customer ROI Survey Report, By storing all a client’s information and documentation fortheir wills, trusts, property and other assets, and tax work ina “digital vault,” law firms can give themselves an advantage.Solutions such as Thomson Reuters® HighQ can providethe ideal platform, because they allow you to set up client With digital vaults, clients will no longer need to send multiplecommunications or chase for updates — they can simply seefor themselves in the portal 24/7. Face-to-face or telephoneinteractions can be reserved for when they’re needed todiscuss important matters in-depth, with the day-to-dayadministration facilitated by easy digital connectivity. Clients are actively highlighting theuse of technology to theirclients and potential clients 63% Delivering responsive service 94% say HighQ hasimproved collaborationand communication with Portals can offer the best of both worlds because theyenable law firms to maintain a highly personal, bespoke levelof service in a virtual environment. If you are worried thatchanging the way you’ve always done things could alienatelong-standing clients, consider the idea that giving your clientsaccess to their own digital vault could actually enhance theclient experience and engage them more closely with their 92% of HighQ users feel theycan respond to their clients’needs faster with HighQ than Clients value proactivity and responsiveness in their lawfirms. Lack of communication is often at the root of poorperceptions of service, but providing extremely high levelsof client contact around-the-clock is challenging while If processes can be automated to make tasks even moreefficient and cost-effective, or put more power into thehands of clients, all the better. For example, in HighQ, intakeprocesses can be streamlined using client questionnaires.Workflows can be automated. Self-serve facilities can Digital vaults — at a glance What can you keepin a digital vault? •Personal information and I