Lawyers and accountants are increasingly looking to make professional connections with advisory firms according to a high profile financial adviser.
In the past advisers have struggled to make these connections. However, Bloomsbury senior partner Jason Butler says the increased professionalism of the industry along with strong client relationships mean lawyers are now approaching advisers to develop these relationships.
"The way we run our business means we are close to the client in a way that lawyers for instance might not be," he says. "Lawyers tend to see their clients less often than an adviser would and so the fees they charge tend to be bulkier. As a result lawyers and accountants are more likely to want to cosy up with advisers now."
Butler was speaking at the launch of Standard Life research into what makes a successful adviser business. The report demonstrates that financial advisory firms are increasingly operating as professional services businesses.
Standard Life head of business services Innes Miller said: "Advisers will be held in the same regard as top lawyers and accountants and I think we will see a growing trend towards these lawyers and accountants looking to make professional connections with these types of firms."
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