New AI tool set to change the face of estate planning

Digital technology is all around us. From self check-outs, ATMs, and SatNavs to the smart devices that let you run your life from your mobile phone. The benefits of software are undeniable, especially when it comes to automation. Savvy CTT members using Legacy estate planning software will testify to that!

But even the shiniest software advances pale in the light of Artificial Intelligence. If businesses are to keep up with cutting-edge consumer demands, they need to start embracing AI technology now – before their competitors do – and the estate panning sector is no exception.

AI: the future of best-practice estate planning

At the 2023 BEST Foundation Conference, technology entrepreneur and Dragons’ Den investor Piers Linney highlighted the importance of AI within estate planning. Speaking to industry advisers, he said: “If you’re doing the average thing for the average price in the average way for the average person, someone’s going to eat your lunch very soon. You’ve got to add more value.”

“Technology is the key to success. That’s what’s going to differentiate you from your competition. AI isn’t going to eat your lunch in the next 2-5 years, a competitor using AI will.” He added that, to succeed, practitioners should, “Focus on what you’re good at, your customer relationships, quality, trust, and adding value.”

And that’s exactly what the AI Client Simulator from CTT is designed to help you do.

“It’s not a conversation about whether AI will be used in our sector,” says CTT Director Clive Ponder. “It’s already here. We’re using it. We led the way with estate planning software, and now, our members will be at the forefront of using AI to assist in will writing and estate planning using the AI Client Simulator.” 

What is the AI Client Simulator?

The AI Client Simulator is a digital training tool. It uses artificial intelligence to help you practice and refine your client-facing skills by presenting you with real-life client scenarios and allowing you to chat with virtual clients. It also provides you with a means of broadening your experience of planning complex estates, based on real-life cases, without the pressures of working with the public.

True to the groups’ ethos of supporting members with their learning and growth – both personal and professional – the AI Client Simulator offers you multiple options for developing vital soft skills. These include the ability to have typed or verbal conversations with a variety of different client profiles such as blended families, single, married, and elderly people.

The AI can even simulate a client that may not have mental capacity or who might have experienced undue influence so that you can practice how to handle those difficult situations.

Using the Client AI Simulator

There are endless possibilities for creating your own client personas to practice interacting with. You can model virtual client profiles on exiting clients, so you can practice conversing ahead of real-life meetings. You can also use Legacy software to feed the AI Client Simulator, giving you the opportunity to discuss real-life, complex estates you may not have experienced before.

Interactions with the simulator offer gentle prompts within the questions it poses. These help you determine the relevant estate planning issues to discuss and the products that are most suited to the situation.

At the end of the conversation, the AI Client Simulator provides you with feedback on your estate planning knowledge. It highlights the areas where you’ve excelled and flags any missed opportunities where certain products or approaches would have been beneficial, so you can learn from these.

The simulator also gives you feedback on your soft skills, such as your ability to communicate clearly and empathise with clients. It’s an invaluable tool for practicing difficult conversations, growing your confidence, and adding value to your real-life client experience so you can build trust and provide an exceptional quality of service.

Keeping you at the forefront of the sector

The Client AI Simulator is a ground-breaking training tool for estate planners and will-writers. Available exclusively to CTT members, the AI Simulator offers you the unique opportunity to develop your estate planning knowledge and hone your client-facing skills in a versatile and stress-free way.

Whether you need to prep for a challenging client meeting, broaden your experience of handling complex estates, or build your confidence with tricky client conversations, the AI Client Simulator allows you to practice and refine these skills in limitless ways.

The CTT AI Client Simulator will be available soon, exclusively to CTT members.

Keen to develop your training further? We offer a range of online training courses designed to broaden your estate planning knowledge and expand your client offering.

This article was submitted to be published by CTT Group as part of their advertising agreement with Today’s Wills and Probate. The views expressed in this article are those of the submitter and not those of Today’s Wills and Probate.

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