Solicitor referrals: under-used and under-valued?

Ask ten advisers how they source new business and you will get ten different answers. Admittedly, some themes are more common than others. Financial advice trades on personal contact, advisers say – and the strongest relationships are formed by recommendations from existing clients. That may be true, said Paul Gorman, financial planner at IFS, but one source, though extremely profitable, is undervalued: business referrals from solicitors. “We have a dozen [law] firms who refer to us on a regular basis, which generates around three quarters of our new business,” he said. Long gam...