The pandemic taught us many things, including how stuffy and outdated estate and trust planning has become. With technology and AI at the forefront of so many industries, it comes as no surprise that there have been some advances in digital tools in the financial sector. Driven by customer expectation, a Worcester, MA estate lawyer believes that companies need to accept the changes and head to the digital age or face losing out to others that have done just that.
Video Calls for Remote Support
One of the most obvious changes is being able to offer video conferencing calls to provide digitised financial planning over the Internet. Many people used the likes of Zoom or Microsoft Teams to keep in touch with friends and family during lockdown, and they have discovered the convenience that it offers. It also opens the playing field and enables people to cast a wider net when looking for the perfect expert in financial planning, especially when it comes to the complex nature of estates and trusts. However, chatbots and AI I could be a step too far as customers do still expect their personal touch, so while you can use chatbot technology to answer some of the more common questions, a financial advisor should be prepared to sit around the table, even if it is only in front of a screen and chat to their customers in person.
Notarising and Witnessing
In the past, in order to witness various documentation, two in-person physical witnesses would be required. But again, this is changing. States have made it a lot simpler now, and it is possible for estate and trust planning to be notarised using digital technology. There are various pieces of software available, for example, Notarize, which creates an easy arena for your client to be able to provide the signature and notarise any important documents. This includes things like wills and estate planning, and power-of-attorney. The fact that there is clear regulation and guidance to back up these changes and to accept the fact that digital practice is now the way forward makes it much easier for financial advisors and others to make the switch to the technical age.
Customers Satisfaction is Increasing
At the start of the pandemic, experts predicted that this was one industry that may not survive because it was deemed to be an in-person-only function. However, this morning lots of financial advisors have been able to prove that this is not the case, and the new tools on offer are recovering the industry. Customers are feeling much happier about the fact that they can now interact with their financial advisors online as it aligns with many other services that they are comfortably navigating in the digital age. This has led to trust being rebuilt and satisfaction recovering. As technology continues to develop, there will be other tools available to help the process of financial advice so companies will be able to offer a comprehensive range of services to clients who will not need to leave their homes to access them.
