INVESTMENT ADVISER | ISSUE 09 2024 11
Working on these top tips help you to demonstrate you have taken the time to understand how and why they should refer , that you understand their new Standards and Regulations regime , and will differentiate you from the outset . But you don ’ t have to work on this alone - in essence this is what SIFA Professional is all about . With this in mind , let ’ s dig a little deeper into the how ’ s and whys of developing strong and sustainable professional connections . What are the key questions advisers should you be asking themselves ? What are the biggest benefits of advisers making professional connections with solicitors ? The biggest benefit is the opportunity to develop an additional referral channel from trusted legal professionals . Referrals received through this route have been ‘ qualified ’ – the solicitor ’ s code of conduct stipulates that they must always act in their client ’ s best interests so , if the solicitor recognises the need for complementary financial planning , they should be making a referral . In addition , creating professional connections allows advisers to offer their clients a more holistic , joined-up financial and legal service which an increasing number of clients need , and deserve . How can advisers best make , and maintain , professional connections ? A good starting point is to identify your areas of expertise , such as , estate planning , trustee investment , later life planning etc . Consider becoming affiliate or accredited members of specialist organisations that are respected and relevant to , your legal connections . Additionally regular communication is key when it comes to maintaining your connections in the areas of advice that affect both professions . There may be potential connections out there who are keen to link with advisers in theory but are unsure of when would be best to do this in practice . It may prove valuable to assist solicitors in being able to identify clients they should be referring for financial advice that complements their legal advice , and at what stage in the process . During these conversations , it ’ s worth also explaining to solicitors the points in your processes when you will be referring clients to them – It must be a two-way street ! What challenges are there in maintaining professional connections ? Keeping up to date with what is happening within the legal market , such as the new rules and regulations under the SRA ( Solicitors Regulation Authority ) to ensure your approach is compliant and professional can prove challenging . Similarly , ensuring that any communications are relevant to new and existing clients to enable the solicitor to understand when financial advice is essential , and a referral is in their client ’ s best interests , needs ongoing attention to ensure relationships are maintained . How can technology elevate you to be the preferred adviser with your professional connections ? One of the central tenets of the SRA ’ s plans over the next few years , is to ensure they are on the front foot regarding technology . The need to assist solicitors embrace technology to deliver better client outcomes by using it has been accentuated by the pandemic . Certainly , advisers using secure communication portals and IT such as cash-flow modelling , are well placed to have positive conversations with their solicitor connections . How important is the online reputation of advisers looking to make professional connections ? The online world of review and comparison sites cannot be ignored . As part of a solicitor ’ s duty to conduct due diligence on a financial advisory firm it plans to do business with , how a company presents itself - by either their website or any customer reviews - will likely come under scrutiny . Tools like VouchedFor in with which you can independently verify your good reputation can only help . Additionally , being on a recognised directory such as the Law Society approved SIFA Professional Directory is an easily recognisable kite mark . What business networks are useful or essential to join ? We suggest that membership of organisations that come with a high degree of affiliation and accreditation through examinations reflects that you are serious about that area of advice . Organisations such as SOLLA , Resolution and STEP all complement working with legal connections . Resolution and STEP members are primarily from the legal professions , so their meetings provide superb networking potential , whereas joining an organisation such as SOLLA provides excellent support and credibility when dealing in the later life market . Let us help you build better connections So , if you found the above observations and tips of interest and want to know more about how we assist financial advisers to be that ‘ safe pair of hands ’ when looking to grow their business using professional connections , please get in touch . I ’ ll leave you with this quote as I believe it sums up what we are looking to achieve for our members :
“ Coming together is a beginning , staying together is progress , and working together is success .”
Henry Ford .
ANAGER AT SIFA PROFESSIONAL – CONTACT | P . SEAWARD @ SIFA . CO . UK