Outsourcing is often associated with transferring work tasks so they are done, typically at lower cost, externally. But what if those tasks are not being done in the first place?
Most established will writers, particularly private client teams in multiservice law firms, are 100% focused on handling current client demand. Those with the skills and experience to service clients are fully occupied in delivering their domain technical service. This diagram helps explain the consequence:
It’s called the Eisenhower Matrix. Highly focused technical experts will naturally spend most of their time delivering client services that are urgent and important. That is best for their clients and their firm.
The important but not urgent tasks also have to be dealt with and the Eisenhower methodology suggests:
Decision Consequences
The decision has, in most cases, been made to passively manage existing client relationships. That is, to respond if asked but to otherwise manage client information in preparation for such requests.
Over time these willbanks grow and age. Unlike fine wine however, they are not accumulating value. As time passes those client’s circumstances change and their arrangements become misaligned. Out of date provisions together and uncertainty about contact information and even mortality degrade the asset value significantly.
The result is a double negative. The client’s needs are not being met and the will writer is not securing associated fee income.
Becoming Deliberate
Many organisations in professional service and elsewhere realise that outsourcing important tasks to trusted collaborators is a smart choice. Indeed around 50% of organisations use outsourced services.
Rather than continuing to suffer the risk and financial impact associated with passive willbank management, firms could take a deliberate decision to transform their service. But how?
Requiring technical experts to spend their valuable time performing tasks which are outside that expertise has a detrimental effect on them personally as well as impacting their fee income capacity. This would make no operational sense.
Expecting in-house marketing to undertake the necessary tasks would require significant investment in additional resources. In most cases this would make little operational or commercial sense
Using expert outsourcing services is an option with high potential.
Introducing WBT; Specialist Outsourcing
We help will writers and private client firms to transform their management of willbanks from passive to proactive.
Our teams transform willbank information, updating it to identify and enable those clients who need service. We are invisible to the client, working on behalf of our client firms to extend their service values
As a result of engaging WBT firms will:
- Address their duty of care to their clients
- Secure a consistent stream of fee income
- Transform the asset value of their willbanks
The commercial impact of moving from passive to proactive management can be illustrated quickly here