Professional Introducers
Introduction
Driven by fierce competition and the increasing likelihood and ease for clients to switch their allegiances, the strategic focus for many professional services firms is shifting ever inwards towards their client service propositions.
In addressing these challenges, a growing number of firms are discovering the benefits of enhancing their service proposition by the inclusion of new and complementary client services.
Offering a broader range of services can create a powerful means of competitive differentiation while in turn responding to the increasingly diverse personal and professional needs of clients. With more reasons to use the firm, the opportunity increases to attract new clients, and to deepen relationships with existing clients.
For those professional services firms considering this strategy, independent financial advice is often viewed as a natural fit alongside traditional services. In conjunction with the rising demand from private and corporate clients for sound financial guidance, independent financial advice really can make a valuable service addition.
However, delivering an independent financial service presents its own set of challenges. Whether to establish an in-house financial advice capability or use an outsourced service is a key consideration.
Of those firms taking the in-house route, many have discovered the growing demands of the Financial Services Authority and the costs associated with regulatory compliance have begun to eclipse the benefits of offering a financial advice service. More and more firms are looking to provide this service via relationships with independent financial advisers.
But to which independent financial adviser would you entrust your clients?
While the financial advice market would appear to be well served, the fact is that there are comparatively few advice firms that can claim to be both independent and nationwide, and even less who can boast a heritage of working with other professionals, to the degree that they have developed a distinct proposition, supported by specific expertise, resources and processes.
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