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Our Partnership With Other Professions Leaflet HANDSCOMBE
FINANCIAL PLANNING LTD OUR PARTNERSHIP WITH OTHER PROFESSIONS |
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Accountants and solicitors are an obvious and indeed a preferred choice of financial adviser for many clients. They possess an in-depth knowledge of client affairs and are well placed to ensure that any advice is incorporated within their terms of reference. To capitalise on this clear market edge, professional practices need to work closely with financial planners. It is ultimately in the best interests of the client if legal, accountancy and financial planning advice is fully combined to provide a co-ordinated strategy. In our experience, a properly resourced financial planning relationship with Handscombes could yield additional income of 15% of a firm's current turnover. It can also protect the client base from competition and provide a commercial edge. Our success in this marketplace has been achieved by a distinct approach. This advocates that financial services business is correctly integrated into each practice, reflects the culture and identity of the profession, is properly controlled by the partners and last, but by no means least, is a commercial success. Furthermore, we recognise and respect the strong personal relationships built between professional advisers and their clients, often over many years, and work to enhance those relationships. An arrangement with Handscombes can be structured as a separate limited company, joint business venture or done on a simple referral basis. Fundamental to the approach is a jointly developed business plan which can be anything from a formal document to a short operational statement outlining the commercial objectives of both parties. All our revenue sharing arrangements are geared to building long term income from recurring fees and from investment funds under management. We allocate a dedicated financial planner for each of our connections.The planner will be sensitive to the culture of the firm and will work alongside partners and fee-earners to implement the business plan and to provide client advice. |
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Handscombes is the trading name of Handscombe Financial Planning Limited, |
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