Modernize the practice of law in the family wealth planning sector with new business models that use new forms of technology-powered productivity to deliver higher levels of integrated cost-effective services, personalized solutions, and more meaningful client experiences.
We believe business success pivots on the ability to solve the question of value: How to create and deliver to customers the value necessary to fuel sustainable productivity growth. The first step in solving this question is understanding customer expectations: the feelings, needs, and ideas that customers have towards products or services when interacting with a company. Historically¸ quality and price were the essence of purchase decisions, but in today ’s economic landscape, the digital processing and communication power that materialized out of the Digital Age is profoundly reshaping consumer expectations. Modern consumers have higher expectations, such as proactive and customized services, personalized interactions, and connected experiences across preferred channels.
The current capacity to produce, distribute and use knowledge on a scale never before imagined has created a massive technology-powered potentiality that is fundamentally reconfiguring value. The global service firms that have begun effectively actualizing and utilizing this potentiality over the last 10 years have created new forms of commerce and economic activity, new business models, and new modes of social interaction. And while radically disrupting the traditional way service firms conduct business and interact with people and society, these firms have shown the most significant and steady productivity growth in their respective sectors. (Organization for Economic Co-operation and Development (2016)).
In the Industrial Age, workers served the machines in order to maximize labor productivity. Today, labor productivity is maximized by machines serving the workers. Specifically, technology-powered machines with the capacity to convert raw data into valuable knowledge that workers can then effortlessly actualize into enhanced services of greater economic value. Hence, the success of businesses – and of national economies as a whole – is becoming ever more reliant on their effectiveness in producing knowledge that is valuable to consumers: knowledge that facilitates simpler solutions, better problem solving, better social functionality, and more convenient living. In the service sector, leading firms are revealing that it is now possible to replace “mass service production” with “mass service customization” by simply engineering the use of new processes and technologies.
We are in the midst of a technology-powered industrial revolution where knowledge – not labor or capital – is now recognized as the most important input of productivity and economic growth. This new period of fuller recognition of the place of knowledge and technology in modern economies has been coined as the “knowledge-based economy.” The possibilities in the knowledge-based economy are just coming into view. Our Vision for creating the value necessary to achieve sustainable productivity growth in this new socio-economic front is to modernize the practice of law by utilizing new forms of technology–powered productivity to deliver what clients will increasingly demand from all service sectors: innovative services that more effortlessly explore their personal needs, that deliver simplified solutions, and that augment human and social functionality.