Convincing a law firm to introduce a standardised fact-find is essential to make the most of a professional connections relationship, according to Simpsons Solicitors.
Partner Mike Simpson told SIFA's 2017 conference financial advisers have a standardised fact-find for regulatory and compliance reasons, as well as good practice, but this is not necessarily the case for law firms.
He said it was a turning point for his firm when they put a system in place for each client to complete a 30-page document akin to a fact-find.
He said: "For those of you who do work with law firms, you can spend a lot of time trying to train individuals to pass the lead across but the important thing is to have a process in place to get the law firm to have a standardised fact-find.
"The law firms I work with see huge opportunity in financial services and see how that works together. Clients, if you do give them advice and recommendations at a law firm, do tend to listen."
Investment director at financial planning and legal firm Chesterton House Richard Ludlow, on the other hand, said one of advisers' greater attributes in comparison with solicitors was their strength in client relationships.
He argued law firm client relationships "count for absolutely nothing, adding: "The relationships IFAs have with their clients are on a completely different level to the transaction-based relationships solicitors have.
"It's not just about transfer referrals. It's about your business surviving the longer term as a proposition."
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