As promised, here’s the second blog on our discussions with David Mort from IRN Legal Reports. We talked about the findings from his latest research reports:
1. The UK Wills & Probate Market Consumer Research Report
And
2. The UK Wills, Probate & Trusts Market Report
In the last blog, we talked about how consumers want convenience and low cost. We explored how organisations can streamline the client engagement process and how they can make Wills more profitable in the face of shrinking margins…
In this blog, we talk about how the target audience is changing, how Millennials and Generation X are just around the corner. We also talk about market growth, why more Wills are being contested, and how we’re starting to see the signs of digital adoption.
Read on for more detail.
Target psychographics s are changing.
Professional estate planners are used to serving people of a certain age, and it feels as though there has always been a set way of servicing them effectively. Today, the client engagement process feels a little more… blurred.
The IRN Consumer report revealed a higher percentage of younger adults, compared to the survey average, have made a Will over the last 12 months. Generation X and Millennials are the target audience on the horizon. Consider Millennials, the oldest of this group are now 43 years old. They have assets and families. Yet only 16% of 35–44-year-olds have a Will.
This is a demographic that loves to shop online and the number of law firms utilising tools like Google reviews and Trust Pilot is increasing. Interestingly though, referrals are still very important to this demographic, with half of them turning to their family, colleagues, and friends for a recommendation.
The Wills and Probate Market Will Continue to Grow
4.6% growth is predicted between 2022-2026. A large swathe of the population is reaching the typical Will writing age, many are living longer and demand for Lasting Powers of Attorney will continue their upward swing. These trends are predicted to continue into 2023.
The demand for Probate services, because of the pandemic, is set to continue too. Despite the number of deaths falling, there is still, sadly, a lot of Probate work to be done.
More Wills Are Contested
There’s a big increase in the number of Wills being contested, with the Law Society database showing the number of companies offering contentious Wills and Probate advice as doubled between 2018 and 2022. This could be a result of the pandemic too. With people completing them in a hurry, or not updating them in time, or experiencing problems with mental capacity during a difficult time.
Families are also becoming more complex; more are likely to have family members abroad and this creates the need for more complex Wills that are harder to draft and advise for.
Digital Adoption is Here
More firms are moving towards enabling the client to start the Will writing process online themselves, with the estate planning professional advising and drafting the Will once all the data has been entered by the client.
During the conversation we discussed if digital adoption seems to be on the rise, and both parties agreed they could see more of the larger firms investing in technology. Somewhat in response to digital disruptors entering their market.
Digital adoption in the private client sector is slow and steady, but it’s there and it’s becoming more common.
You can watch the full webinar recording with David from IRN Legal Reports Ltd here.
For those who are interested in digital transforming their estate planning processes, feel free to visit our website or reach out to us using info@arken.legal.