As Chartered Financial Planners and Wealth Managers with around £1 billion of client funds under management, we understand the value of supplying expert financial advice and building good client relationships.
We believe that the provision of financial services can help to enhance your business relationships too.
Next month, we’ll be running a webinar on the topic of ‘Creating a successful financial services solution for you and your clients’. It will be your guide to understanding how you can use financial services to enhance your client relationships.
Here’s a taster of what we’ll be covering.
The need for high-quality financial advice
The Institute of Chartered Accountants in England and Wales (ICAEW) has highlighted personal financial planning as a key growth area. They argue that ‘In this increasingly complex and important market sector, clients need high-quality advice from professionals.’
Building a successful relationship with a financial planning firm can have benefits for you. These include:
From an authorised Third Party Agreement to a Joint Venture, you can put together a formal arrangement and service level agreement with the ultimate aim of ensuring your clients get the right advice for them.
Your options explained
There are three main ways to introduce your clients to financial service solutions. Each has its benefits and drawbacks and our seminar will help you arrive at the right solution.
1. Introduction on an ad-hoc basis to multiple contacts
The benefits of opting for ad hoc introductions are:
There are negatives too, though:
2. Creating your own in-house financial services offering
You might decide to create your own financial services offering and supply an in-house solution. This way, you could:
On the other hand, though, setting up in-house could have drawbacks too:
3. Creating a Joint Venture company to provide financial services under your own branding
While there is no ‘one-size-fits-all’ approach, we believe the most effective way to provide financial services to your clients is through a fully branded Joint Venture.
Creating a Joint Venture will allow you to supply financial services under your own branding. It will also offer the following benefits:
On the negative side, a joint venture means that:
Challenges versus rewards
Providing a consistent and effective financial services offering isn’t easy.
There can be barriers to overcome. Commonly perceived issues include lack of confidence in the adviser firm, added regulation, and compliance, and prohibitive costs.
On Thursday 24 September, we’ll be presenting a webinar providing you with more detail on all the options above, and the benefits we think they can bring.
We’ll also be sharing our top five tips for how to get it right for your business.
There’ll be more information to follow, so stay tuned for further updates.
Get in touch
If you think you’d like to discuss any aspect of selecting – and implementing an agreement with – a specialist partner, get in touch. We can help talk you through the pros and cons of each of the available options and supply further detail on our due diligence procedures.
If you would like to discuss the possibility of a Joint Venture agreement, please get in touch with us. Email firstname.lastname@example.org or call 0116 2407070.
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