This guide outlines how law firms can optimise and streamline the Source of Funds (SOF) process for their clients using Legl’s platform, as demonstrated in the video. By following these steps, you can efficiently manage your client’s SOF data, eliminating the need for back-and-forth emails and simplifying the client experience.
1. Initial Setup and Client Interaction
Client Access: Clients can access Legl’s platform through a simple link, available on any device, with no need for app downloads.
Transaction Value: The client will be prompted to enter the value of the transaction (e.g., property purchase). This can be input directly into the platform.
2. Collecting Client Information
Open-Ended Question: After entering the transaction value, your client will be asked to answer an open-ended question regarding the source of the funds.
Customisable Response: The client can provide details in their preferred manner.
Generative AI Assistance: To assist clients, generative AI is integrated into the platform to gather all necessary information automatically, reducing time and effort.
3. Guided Source of Funds Journey
Personalised Flow: Based on the client’s response, the platform will guide them through a personalised journey, asking additional questions relevant to their situation.
Examples: If a client mentions savings from their job at Google, follow-up questions will be tailored to their specific situation.
4. Simplified Verification
Bank Account Confirmation: The client will be asked to confirm whether the funds are held in a bank account.
System Analysis: The platform will analyse the information provided and suggest the most appropriate source of funds for the client’s circumstances.
5. Secure and Easy Document Submission
Open Banking Integration: Clients can securely provide bank statements via Open Banking. This ensures the firm receives authentic statements without any risk of fraud.
Manual Submission Option: Clients who prefer can manually upload their bank statements.
6. Streamlined Information Submission
Relevant Questions Only: The platform ensures clients only answer questions relevant to their specific situation. This helps reduce cognitive load and prevents unnecessary steps.
Supporting Documents: Clients can upload supporting documents, such as pay slips or P60 forms, to further verify their sources of funds.
7. Review and Submission
Final Review: After completing the process, clients will review all the information they have provided.
Submission to Firm: Once the client is satisfied, they can submit all the gathered data directly to the law firm via the platform.
8. Data Storage and Accessibility
Automatic Saving: All client-provided information is automatically saved to Legal’s platform, making it easy for law firms to access and manage.
9. Getting Started
Reach Out for Assistance: To optimise your SOF process, law firms can contact the Legl Support Team to get started and receive any needed support.