View more on these topics

Caroline Anstee

Some IFAs feel that making contact with lawyers and accountants is a waste

of time because they gain very little business for the effort it takes.

From my experience, nothing could be further from the truth. A structured

approach can lead to long-term relationships which benefit all parties.

Ask yourself who are you going to target? Small and medium-sized practices

are unlikely to have their own in-house specialists, especially after many

tried to offer financial services but found the compliance issues too

onerous and costly. A timely approach could be solving a problem for them.

How you go about approaching them needs careful consideration. Writing

letters, even with a follow-up phone call, has little effect as your letter

will be one of many. A face-to-face meeting will

be more successful.

Before an approach is made, consider carefully your unique selling point.

Are you the only woman IFA in the area? Do you have specialists in any

particular area within your company? The company I work for has an

insolvency/bankruptcy trustee department which can offer a tailor-made


Accountants and solicitors are the same as you and I – they eat, drink and

socialise, so get out there and network. Join the clubs that other

professionals join, such as Rotary, Lions, National Association of Ladies

Circles, Round Table, golf and sports clubs.

You will also find that most local chambers of commerce hold breakfasts or

lunches that can prove to be an invaluable source of contacts.

Once you have become a member, find out what other events members attend

and you will soon find a network circuit in which you can become involved.

Remember, this all takes time. The more you are seen, the greater your

profile. Make sure your contacts understand your role and see you as the

person to approach to solve their problems. Even if they use somebody

already, do not give up. Make sure your name is second in the frame

because, if their contact lets them down, they will turn to you.

From these meetings, find out their specialist areas and the financial

issues they have difficulty with. You will be surprised how little is

understood of financial legislation changes. Obviously, there would be

little point in discussing pensions in divorce with a personal injury


Consider holding local seminars to advise on such topics. Their office

would be a good location as then you are seen to be part of their team.

Do not forget the profile-raisers, such as good quality Christmas cards

and calendars. Could you write an article for their client newsletter?

Remember, business needs to flow both ways. Perhaps you can recommend them

to clients who need a will written or accounts prepared.

Always keep a record of the business you send their way and remind them of

this when you meet. Ask for business back. Once the introducer terms are

agreed, the relationship is usually cemented. But, like a marriage, you

will need to keep working at it or somebody else will move in.

The reason the exercise of relationship building is so important is that

all parties involved will benefit. The client benefits from having

specialist advisers in all areas. They put great trust in their accountants

and lawyers and, therefore, a referral they make is highly thought of. The

lawyer and accountant benefit from knowing that the financial advice given

is strictly regulated, which takes the onus off them. The IFA benefits as

the relationship will produce more profitable business now and in the

future. The IFA industry also gains as we are seen as a professional team.

Caroline Anstee is business development manager at Berry Birch & Noble

Financial Services.


L&G aims to fulfil pension planning goals

Legal & General is teaming up with Newcastle United FC to provide itsplayers and staff with access to stakeholder. The Magpies have chosen the life office to provide pensions to all its1,100 fulland part-time staff. The deal will also be extended to the club&#39sregional business partners in the North-east. Around 4,000-5,000 small and medium-sized companies […]

Solus – Solus US Select Opportunities

Tuesday, 28 August 2001.Type: Oeic.Aim: Growth by investing in US equities.Minimum investment: Lump sum £500, monthly £40.Investment split: 100 per cent US equities.Isa link: Yes.Pep transfers: Yes.Charges: Annual 1.5 per cent, initial 3.5 per cent.Commission: Initial 3 per cent, renewal subject to negotiation.Tel: 0161 214 6868.  

Rough on the smoothing

I refer to the letter from Terrence O&#39Halloran, Who can beat the returnson with-profits? (Money Marketing, August 16). One of the problems with with-profits is determining what the returns havebeen. Surveys of maturity values on with-profits funds are often quoted butthese only cover a tiny fraction of the policies on the books and by nomeans […]

Black to the future

The recent MM profile of Towry Law chief executive Douglas Black promptedan unprecedented response from readers but one correspondence caught theDiary&#39s eye more than any other stunt on the back of the IFA&#39s current betenoire. Scottish Life general manager (sales) Jim Gilchrist was so inspired byBlack that he suggested someone should establish a Douglas Black […]

Neptune Global Income: Is Japan the best dividend market in the world?

By George Boyd-Bowman, Fund Manager at Neptune The Neptune Global Income Fund seeks exposure to the very best – and often overlooked – income opportunities from across the world. Unconstrained by benchmarks, the fund currently has 24 per cent invested in Japan, differentiating the high conviction portfolio from many of its peers. Watch Neptune Fund […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm