Winterthur Life has rolled out a business connection and education service to help intermediaries learn more about building professional relationships with solicitors and accountants.
Launch of the Winterthur Chambers service follows a successful pilot earlier this year – as reported on IFAonline in March – of the bi-monthly workshops and education service which is designed to help financial advisers understand the way accountant solicitor firms operate and hopefully lead to referral business from such relationships.
Financial services firms are under pressure to cope with rising costs, falling margins and increasing regulatory developments so advisers should be courting and maintaining business relationships with other professions which also have good links with high-net-worth individuals.
David Thompson, director of distribution at Winterthur Life, says the service – run by management consultancy firm IPD as part of Winterthur’s Professional Edge proposition – should give advisers the tools required to help them understand the way accountants and solicitors’ practices operate including the stringent code of ethical conduct and professional etiquette through regular seminars, ongoing support and updates on regulatory changes.
Ian Little, director at Wade Financial Services, was involved in the Chambers pilot earlier this year and says it has already presented new business opportunities with HNWs.
“As an IFA firm, we assume that other professionals fully understand what we do – and they don’t – and that’s been made apparent to us through Winterthur Chambers,” says Little.
“Beforehand, we didn’t have any structured joint ventures with other professional firms but we do now. And it has made us therefore more profitable as a result. It has certainly raised our profile and more importantly so, it has given us an open door to a higher net worth client,” adds Little.
Contact the Winterthur Life adviser support unit on 0845 129 9993 for more information.
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Julie Henderson on 020 7968 4571 or email [email protected].IFAonline
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