The Passive Will Bank Problem
The SRA’s Code of Conduct requires solicitors to act in the best interests of each client. This implies professional competence in acting in the person’s genuine interest. Does this expire at file closure?
Is there a requirement for ongoing professional relationships? In private client work,it is inevitable that circumstances will change materially over time. Is it unreasonable to say that a relationship does not simply end because a matter has been completed?
Is it that simple?
The SRA’s Code of Conduct requires solicitors to act in the best interests of each client. This implies professional competence in acting in the person’s genuine interest. Does this expire at file closure?
Is there a requirement for ongoing professional relationships?
In private client work,it is inevitable that circumstances will change materially over time.
Is it unreasonable to say that a relationship does not simply end because a matter has been completed?
The Gap Between Assumption and Reality.
Most firms assume their clients will come back when they need to. There is a reasonable basis for that assumption — clients know who drafted their will, they retain the document, they presumably understand that circumstances change.
But the data does not support this assumption in practice. Research shows that the majority of people with existing wills have never updated them and that a significant proportion are unaware of the triggers that should prompt a review: remarriage, the birth of a grandchild, a change in the tax position, the death of a named executor.
This data supports our view.
Clients who are part of a passive will bank are being underserved. Proactive engagement is not just commercially sensible — it is what a firm’s duty of care requires.
The case for Proactive Engagement.
Transitioning from passive to proactive willbank engagement ensures that firms empower their clients to understand when their arrangements should be realigned to their circumstances through simple, jargon free education.
It enables updates to take place by reinforcing the firm’s willingness and ability to assist by reestablishing and sustaining client relationships
In addition to sustainably meeting duty of care obligations, proactive engagement drives value to the firm. The value of the wilbank as an asset is increased and the firm generates direct fees for their assistance.
The Proactivity Challenge
Most firms do not have specialist resources with the skills, processes and experience needed to support the transition from passive to proactive client engagement.
Will Bank Transformation (WBT) has been created to help firms overcome this challenge. We are a specialist outsource service to ambitious firms who recognise the value that can be unlocked through proactive engagement.
Our service is technology enabled and human powered. We see ourselves as part of our client’s team, following specific guide messaging guidelines to ensure that clients have the best service experience