Law firm Regulatory Legal has set up an alternative business structure with a wealth manager to package up legal advice for financial advisers to provide to their clients.
The model has been developed by Paul Crutchley and Gareth Fatchett (pictured), partners at Regulatory Legal, and Peter Jones, former chief executive of UK Wealth Management.
Private Client Solicitors will typically partner with chartered financial advisers who will need to meet required standards and undertake relevant training on the Solicitors Regulation Authority rules.
About 15 to 20 firms are lined up to join the venture.
Rather than directly target clients, Private Client Solicitors will work with financial advisers to provide them with packaged legal solutions for their clients.
Documents will be constructed using new software to reduce duplication and improve accuracy and efficiency for clients who need multiple legal solutions.
Private Client Solicitors will also be able to provide legal solutions for corporate clients of financial advisers, such as shareholders agreements - in short any legal requirement a typical financial adviser firm needs for its client.
It is an entirely separate business from Birmingham and Leeds firm Regulatory Legal, but will have some regulatory and accounting support from the established firm as the business is built from scratch.
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