Positive Partnerships allows member IFAs access to professional introducers who can team them up with solicitors and accountants for referral arrangements, put them in touch with employers seeking a financial planning service and offer them the opportunity to take on orphaned client banks.
Former head of business development at AWD Chase de Vere, Abbey and Halifax Jonathan Morley has been appointed as business development director to launch the initiative.
Morley says: “This is a market with huge potential, not just accountants and solicitors but also insurance brokers, banks and private banks, sports agents, corporate clients and many other affinity contacts.
“Many professional firms and employers are under pressure to become more commercial and look at alternative ways to generate revenues, not only due to the slowing economy but also because of rule changes such as the Legal Services Act.”
Non-IFA firms which have so far signed up to the initiative include 360 Legal Group, which has 600 firms in its network, and Take Legal Advice, an internet-based business.
Tenet distribution and development director Keith Richards says: “With increasing demand for advice, accountants and solicitors are often keen to establish a close working partnership with a professional IFA firm and indeed it is worth bearing in mind that the legal profession will only deal with IFAs and not other types of financial adviser.”