Other Services

Linking up and Income

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I am exploring options on formally linking up with other services advisers. These include:

1. A firm of IFAs providing a range of services

2. Will Writing - Maybe link up with a solicitor's practice

3. Insolvency practitioner(s)

Are they any other related services, that I have missed? Also, what is normal practice, aside from cross referrals, on referral fee from other services provider. 

I know there needs to be a full disclosure to all clients when accountants refer clients to other parties and they are likely to earn a fee from it. 

What is your experience and practice on this subject?

Thanks

 

 

 

 

 

Replies (4)

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By mrme89
25th Nov 2016 10:20

Bank signatory?

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By JCresswellTax
25th Nov 2016 10:47

Marketing Guru

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paddle steamer
By DJKL
25th Nov 2016 11:24

I used to do referrals to banks in exchange for a bit of corporate hospitality- odd bite to eat/invite to the rugby etc, but have never done a referral for hard cash. (Also used to get invited to breakfast seminars re economics by one of the banks , they did very good bacon rolls)

I would not take a fee from third parties for suggesting them to my clients, part of the service I offer is general business advice and intrinsic to that is an introduction here or there; so solicitors, property managers, plumbers, electricians, engineers etc have all been recommended. I also may suggest one client uses another, e.g will suggest someone uses a travel agent I act for etc.

Maybe I still see accountants as their clients' "Man of Business" willing to assist outwith the strictures of tax/accounts.

Obviously if another professional needs information/ input from me re one of my clients I will charge my client for my time providing same, but that is as far as I will go profiting from my clients' use of other professionals.

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Glenn Martin
By Glenn Martin
25th Nov 2016 12:25

I see myself as the central hub to my clients and there first point of call with most business queries, even non financial ones.

Around me I have some "approved advisors" that I can pass on issues to I cannot handle. These are people I have all used myself personally and happy to recommend to others.
This is not forced onto clients but just an option if they want alternative advice/price to that of their own advisor.

Think of like Xero as the central hub with a series of add ons available to those that need them, it works for Xero to produce a bespoke service to the end user.

I have Lawyers, IFA, Insurance Broker, Banks, Asset Finance, Web Developers, IT Support, IP's and a utility broker.

I don't tend to get fees from it, the one stop shop approach, and the cross referrals are what makes it all work for me, as it keeps all the money in one pot.

I also cross refer my clients to each other, I referred a carpet fitter to an estate agent client, the agent gets a good job and discounted rates, the carpet guy is happy as he gets 50 houses a year to carpet.

As I put them together I suppose it also makes it less likely that they step outside of the trusted circle.

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