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It is sound sense to expand the financial services department as soon as that becomes a viable proposition.
This is especially true since there are difficulties when only one executive is doing the specialised work. What happens when the executive is on holiday, ill or on maternity leave?
This happened in our practice a while ago and we used the fallback of the permitted third party route, using the services of a respected local insurance brokers.
However, this did not prove successful and it reinforces our opinion that it is the trust clients have in our firm which is crucial to the success of the financial services department.
We find clients prefer to use our services to those of a broker because: we are independent; we are governed by the Law Society; clients know we will provide independent advice on a low key basis and will not force them to buy anything.
It is no easy matter to find a locum and even more difficult to find someone who is satisfactory. Consequently, there are potential problems with having one executive unless you organise one financial services executive and one secretary properly.