Hull law firm Rollit Farrell & Bladon has linked up with independent financial adviser Fraser Smith Group to set up a financial service division.
Fraser Smith will permanently base one adviser in the law firm's Hull office as part of the joint venture.
The law firm, which previously used the Solicitors Financial and Property Services, "decided there was a need for a closer and a more day-to-day service", according to partner Stephen Wright.
"I formed the view and the firm agreed that we needed that facility on hand," he said.
Michael Scanlon, senior partner at the firm, added: "This move is a natural extension of our work and by joining forces with Fraser Smith Group we will be able to offer advice more quickly and to expand the range of services."
The practice opted for Fraser Smith following recommendations from Conquest, of which Rollit Farrell is a member.
The joint venture, RF&B Financial Strategists, will offer help to businesses in a variety of areas including acquisitions and disposals, raising finance for management buy-outs, and motivating staff with an effective remuneration package.
It will review business objectives, undertake corporate restructuring and help protect against unforeseen circumstances such as sickness and accident.
It will also focus on services to the individual including life assurance, pensions and mortgages as well as devising personal financial strategies such as retirement plans and specialist advice on investment and inheritance tax planning.
Wright said the arrangement had seen a "slight increase in people asking for the service" since it was introduced.
However, he said it had created an increasing awareness among fee earners and partners and added that most of the advice at the moment was investment related.
On fees, Wright explained there were two possibilities – commission and fees. Clients could choose either option, although he said most preferred commission. He added that profits would be shared between the joint venture parties.