Guide
Guide to growing through professional connections
As a financial adviser, your relationships matter. A great deal. Connections with professionals – like accountants and solicitors – can help you provide an even better service to your clients. They can also help you grow your business through referrals. So here, we explore why and how you should harness the power of collaboration.
Why collaborate with professional connections?
Why collaborate with professional connections?
Our research found that financial advisers who actively seek professional connections as part of their business strategy see a significant increase in referrals.
In fact, they rack up four times as many referrals as those who let the referrals come to them. Just think what that might mean for their businesses.
But the benefits of collaboration go way beyond the success of your business. Your clients want and need you to have connections outside of finance too. As Dave Seager, managing director of SIFA Professional, says:
“Clients have a set of problems that need solving, and within that there might be tax, investment, and legal needs… they want a joined-up process with trusted advisers.“
Your referral opportunities through working with solicitors and accountants
Your referral opportunities through working with solicitors and accountants
There are many opportunities for solicitors and accountants to refer clients to you – and vice versa – including some you might not have thought about until now. As you can see from the huge list of possibilities below, it can pay to collaborate.
Financial advisers
Financial planning
Dealing with probate
Investment management
Tax-efficient investments
Inheritance tax planning
Pensions
Family or Business Protection
Additional permitted subscriptions
Business sale
Solicitors
Wills
Power of attorney
Trusts
Inheritance tax planning
Lifetime gifts
Divorce
Financial advisers
Financial planning
Investment management
Pensions
Tax-efficient investments
Inheritance tax planning
Selling a business
Capital gains tax within investments
Inheritance tax planning
Business Relief
Cashflow modelling
Accountants
Personal tax advice
Tax returns
Pensions planning
Capital gains tax
Corporate taxation and structuring
Trust tax
Did you know… the Solicitors Regulation Authority (SRA) changed its rules back in 2012? Solicitors have been able to refer to restricted advisers ever since.
How to win more referrals and build relationships
How to win more referrals and build relationships
What do accountants and solicitors look for in a financial adviser before they make that all-important referral? We thought you’d like to know, so we asked them.
We’ve uncovered four simple ingredients that will set you apart from your competition:
Be highly qualified
Having industry-standard qualifications and being accredited by organisations such as the Society of Later Life Advisers (SOLLA) and the Society of Trust and Estate Practitioners (STEP) show a willingness to go above and beyond.
“Solicitors like referring their clients to me because I’m chartered, a fellow and SOLLA qualified.”
Lynne Gadsden, financial planner at Grovewood Wealth Management
Be clear on your proposition
Accountants and solicitors will match a client to a financial adviser who has the right specialist knowledge and ability. It’s important to be clear about what expertise you bring. That way you’ll be front of mind when a suitable client needs to be referred for advice.
“Specialisation is important. Being a generalist isn’t always the right thing.”
Nick Simkins, accountant and partner at BDO
Be a good fit for clients
It’s clear that most – if not all – accountants and solicitors match clients with financial advisers based on personality. For this reason, don’t be discouraged by accountants and solicitors that have a panel of financial advisers. There will likely be enough room for your area of expertise and unique strengths.
“We match clients based on personality.”
James Lockyer, wealth management consultant at Weald Wealth Management
Be collaborative
An accountant or solicitor will be looking for signs a financial adviser can work collaboratively. Keeping on the same page and communicating naturally is key to sustaining professional relationships.
“I want an adviser that wants to work as part of a team. It’s about taking care of the client and acting in unity.”
James Hall, solicitor and Managing Partner at Gaddu & Hall
Hear from industry experts
Hear from industry experts
We have the privilege of working closely with our own professional connections, including thousands of financial advisers, as well as industry experts in accountancy and law.
We’re always more than happy to pass on their tips, starting with the two videos you can watch here.
Hear from Solicitors for Independent Financial Advice (SIFA)
Among other useful advice, Dave Seager, Managing Director of SIFA, shares the challenges that solicitors face and how financial advisers can help.
Hear from the Institute of Chartered Accountants in England and Wales (ICAEW)
John Gaskell, Head of Personal Financial Planning at the ICAEW, discusses the opportunity for financial advisers to work with accountants.
How Octopus Investments can help you
How Octopus Investments can help you
We’d love to help you harness the power of collaboration and boost your professional connections. We have an award-winning business development team, and we can provide education and support to facilitate your conversations with fellow professionals.
Related helpful resources
Related helpful resources
We have lots of resources to help you connect with the right professionals:
Our events. Keep an eye on our events page for CPD-qualifying learning opportunities.
Read more on how to harness the power of professional connections.
Read more on how to win clients and grow your brand with tax-efficient investments.
Lily Whale from London-based law firm Goodman Derrick explains how financial advisers should work with private client solicitors.
John Gaskell, Head of Personal Financial Planning at the ICAEW, shares his best advice on how to work with accountants.