In this scenario, your advice and ability to create bespoke solutions is vital.
Solicitors and accountants aren’t allowed to give their clients financial advice.
So putting some time and effort into building a good relationship with local solicitors and accountants can be very rewarding for your business by generating a good deal of reciprocal business, such as shareholder/partnership arrangements and company valuations.
Having good working relationships is key to a successful business, but the thought of developing new professional connections can be daunting.
But there are clear advantages to having a steady ﬂow of high-quality clients who have been referred to you because they have an identified need and are willing to seek advice.
Clients like this are more likely to be interested in profitable areas of business, and will have a higher than average conversion rate.
We all know word of mouth is the best kind of advertising. If you work successfully with other professional organisations in your local community, word will soon spread.
Making professional connections
From a client’s point of view, solicitors, accountants and advisers are perfect partners.
Clients rely on their solicitors and accountants at crucial points in their lives, such as moving house, setting up a business, getting divorced or making a will. These are also the sort of situations where they’ll need help with financial planning, including reviewing their protection needs.
And if a solicitor or accountant they trust recommends your services, they’ll be more likely to follow up and seek your advice.
On the other hand solicitors and accountants are unable to give their clients financial advice, so they may well be looking to refer clients to a financial adviser they trust – and that financial adviser could be you.
By forming a successful relationship with you, solicitors and accountants can offer their clients a wider range of services.
This will lead to greater client satisfaction as their wider financial and legal advice needs will be met. In turn, this will lead to improved client retention and repeat business, as well as extra income from referrals.
Satisfied clients will recommend their solicitor or accountant to friends, while you might be able to refer clients of your own back to them.
Stephen Crosbie is protection director at Aegon UK