Time for Financial Advisers and the Legal Profession to ‘Assemble’

Financial Advisers AdvangersBy Carl Stephenson, Chartered Financial Planner based in Stamford, Lincolnshire.

For anyone with children, or maybe the inner child in you, I am sure you know that the key premise of the Marvel ‘Avengers Assemble’ movie being the bringing together of a team of superheroes, each with a unique set of skills and expertise. The team is made up of Iron Man, Thor, The Hulk, Captain America, Black Widow and Hawkeye. I don’t think I have missed anyone out.

The movie constantly points out that it is not easy to bring together a group of talented individuals and what makes The Avengers special is that even though they all have special abilities which in isolation makes them a superhero, but it’s when they combine their talents or ‘collaborate’ we get to see some great things.

So how does this relate to the Financial Advisers and Legal Profession?

What on earth am I talking about and how does this relate to the financial services and the legal profession. Our marketplace is no longer defined by our job title and profession, with professional services being increasingly bundled together.  This includes many overlaps between the services being offered by both the legal and financial sector.    Clear examples of this being, advice in the areas of inheritance tax planning, setting up and running trusts, winding up estates, making wills, retirement planning etc….

How does this affect the client outcome?

As a result, in the interest of a superior client outcome, both ‘Private Client’ Solicitors and Financial Advisers require a mutually beneficial collaboration to market additional services to both new and existing clients. This will enable Solicitors to offer a more attractive client proposition by adding complementary services and to create the foundation for ongoing client relationships and maybe reduced dependency on transactional business.

In financial services, the normal model is one of continuing contact, where clients will be positively invited for annual reviews. This is good for both the financial adviser and the solicitor, who will be brought in when new needs arise for the client, thus maintaining contact and growing the client base.’

Is it time to “Assemble”?

Personally, I would strongly argue that every client meeting a Solicitor has, could generate an opportunity to introduce some form of financial planning. And of course, the same is true for advisers undertaking financial planning meetings, very often there will be a need for legal services.   Some examples of this include wills, power of attorney, creation of trusts.

Thus, to create the perfect superhero team, it could be the perfect opportunity for both financial advisers and solicitors to ‘assemble’ and create some great client outcomes.

How Anstee & Co.’s Financial Advisers, can help you?

If you would like to arrange an appointment with Carl or one of our other Independent Financial Advisers (IFA’s) then please get in touch. We have offices located at-

  • Stamford, Lincolnshire
  • Kettering, Northamptonshire
  • Birmingham, West Midlands
  • London, Greater London.

Our financial advisers also make use of meeting rooms in Bedford, Towcester, Northampton Wellingborough, Grantham and Worcester.

2018-02-21T15:50:14+00:00 February 13th, 2018|News|