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Professional Connections

6th Jul 2009
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I go on many IFA forums and read the endless words written by IFAs talking about professional connections and the benefit of them, yet I never read about Accountants trying to forge relationships with an IFA, quite a puzzle really.

Both have client bases or spend their time in front of people who both could provide services to yet they never consider working together.

I advise on a clients pensions, tax and estate planning, tax mitigation and helping them protect and build their business - who am I? Yes that could be said by the Accountant or the IFA, both do the same job but from different angles. I see financial planning and tax planning/complaince as going hand in hand and hope one day Accountants can see the same thing..

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By User deleted
07th Jul 2009 10:50

Never?
I've built up relationships with quite a few IFAs and private bankers and at my previous firm we had a large matrix of staff to manage the relationships. The firms recognised the benefits of tapping into each other's client base.

In my experience it tended to be more that we sent more clients to them than we got back. Being that we were not FSA regulated we had to pass the investment advice over to them, but they were happy with giving some of the tax advice.

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By Mark Lee
10th Jul 2009 12:01

Some do, some don't, some won't.
I've lost track of the number of IFAs who have approached me over the last couple of years asking to be introduced or referred to my network of accountants. Some ask for more specific intros. Some make similar points to those in your blog post above. Some want insights to help them to get in front of accountants, others can do that but don't get the engagement or referrals they seek.

Six months ago I put together a half day seminar in which I now share my insights, ideas and advice on how IFAs (and others) can 'Build profitable relationships with accountants'. Feedback from the first four outings of the seminar has been consistently positive and enthusiastic. The seminar evidently contains a number of 'aha' moments where those present learn why what they've been doing todate has been counter-productive. As well as many positive ideas about how to get better results from their efforts.

I'm running it again on the morning of 16 July in London. You'd be very welcome to join us. Details here.

Mark

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