The Questions To Make Digital Vaults Your Competitive Advantage

Do you know everything about all your firm’s private clients, their assets, and legal matters?

That’s a tall order in many private client teams, so what happens if the colleague who works on a particular client is suddenly unavailable, for instance if they’re off sick or unreachable on vacation?

If a client wants some information, access to a particular document, or advice on something specific, can you give it to them straight away?

All too often the answer is “no.” But if your firm gives your clients their own digital vault, which you can both use can use as a single source of truth for all their affairs, then the answer will be “yes.”

In an increasingly commoditized market, this could really impress your clients, helping to strengthen relationships and set you apart from the competition.

Clients want responsive, easy-to-understand, affordable services that give them comfort that everything is in hand. Digital vaults can help you tick all those boxes.

At the same time, firms are looking to do more with less by identifying efficiency gains to improve profitability and maintain or grow fee income. There may even be opportunities, especially for larger firms, to identify synergies between their private client work and their corporate/commercial teams, so that they can unlock cross-selling opportunities.

In addition, they want to differentiate themselves from rivals and compete for wallet share of lucrative high net worth clients.

By storing all a client’s information and documentation for their wills, trusts, property and other assets, and tax work in a “digital vault,” law firms can give themselves an advantage.

Download this eBook from our friends at Thomson Reuters below to see how your firm can find success with digital vaults.

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