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TWO of the most active advisory groups in law firm financial services have formed an alliance to work together.
The Fraser Smith Group and Solicitors for Financial Services say the agreement will provide firms with the most comprehensive range of services in this area of practice.
SIFA, which works with around 350 firms offering discrete investment services, says it will recommend Fraser Smith to those wanting to use a permitted third party.
SIFA managing director Ian Muirhead says where possible other firms are recommended. "But in practice there is often a reluctance to refer clients to a potential competitor," he adds.
In addition, the two groups will work together in devel-
oping research, IT and training.
Fraser Smith managing director Andrew Smith says they will be undertaking joint marketing exercises. "We will be working with product providers to provide bespoke products for the legal market places."
The group works with 50 professional practices, and is the appointed financial services adviser to the Conquest network's 350-firm membership.
In a separate venture, Fraser Smith is recruiting high quality independent financial advisers to join in a franchise to serve the needs of firms and accountants. SIFA will be involved in training these for the requirements of the legal market.
Smith believes these IFAs will be able to spot the opportunities in the market and then to use Fraser Smith's central resources to develop them.
SIFA and Fraser Smith are to hold a number of joint roadshows to promote their services to firms. They believe the potential for law firms financial services business is promising.