The financial services industry has been through a very challenging decade, with both economic and regulatory changes generating major changes across the industry.
Many of these changes, in particular the retail distribution review, have made it far easier for solicitors to work collaboratively with financial advisers.
A carefully considered financial plan based upon sound, independent, professional advice ensures clients obtain maximum value from their assets. When we deal with high net worth clients we will always seek to identify and involve their financial advisers in the process to ensure we provide clients with a complete service. Inheritance tax planning, in particular, cannot be undertaken without a proper consideration of both future needs and the income that can be expected from existing assets.
We have provided various training sessions both with and to investment advisers and their clients across the region. We have found that Wills and tax planning, the Trustee Act 2000, the Court of Protection, building a vulnerable client service and dealing with financial abuse are the most popular subjects.
Engaging investment services
As professional fiduciaries and trusted advisers we often need to refer to investment professionals. We run a panel system for the instruction of financial advisers to ensure that any referrals we make are to advisers who meet our required standards. We will seek to pair clients and portfolios with the most appropriate adviser on the panel, taking into account the relevant personalities and the nature and size of the portfolio.