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Law firm targeting IFAs with partnership deal

Chancery Law Group is setting up Partnership for Profit, a legal support

service aimed at opening new business opportunities for IFAs.

The firm hopes the service will create a legal platform for IFAs to help

their clients get to grips with legal financial planning issues, including

inheritance tax.

Chancery Law hopes advisers will pass on details of the firm to clients

needing legal services such as for writing a will. In return, advisers get

12.5 per cent of the fee the client pays Chancery Law.

Chancery says it will also pay IFAs a percentage of any future business

conducted with the client.

The company hopes the service will open up new income streams and give

IFAs the opportunity to provide a more rounded service to their clients.

As Chancery Law is not authorised to give investment advice, it claims it

does not interfere with advisers&#39 relationships with their clients. It says

70 per cent of people in the UK do not have a will.

Managing director Tony Gimple says: “This service securely links financial

advice into a legal framework. It can help financial advisers ensure they

are minimising the impact of inheritance tax on their clients&#39 wealth as

well as manage wealth after death. It is a very powerful relationship which

can open up new markets for intermediaries.”

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