Collaboration with advisors

Driven by fierce competition and the increasing likelihood and ease for clients to switch their allegiances, the strategic focus for many professional services firms, including lawyers, tax advisors and accountants, is shifting ever inwards towards their client service propositions.

In addressing these challenges, a growing number of firms are discovering the benefits of enhancing their service proposition by the inclusion of new and complementary client services.

Offering a broader range of services can create a powerful means of competitive differentiation while in turn responding to the increasingly diverse personal and professional needs of clients. With more reasons to use the firm, the opportunity increases to attract new clients, and to deepen relationships with existing clients.

For those professional services firms considering this strategy, independent financial advice is often viewed as a natural fit along side traditional services. In conjunction with the rising demand from private and corporate clients for sound financial guidance, independent financial advice really can make a valuable service addition.

However, delivering an independent financial service presents its own set of challenges. Whether to establish an in-house financial advice capability or use an outsourced service is a key consideration.

Of those firms taking the in-house route, many have discovered the growing demands of the national regulators and the costs associated with regulatory compliance have begun to eclipse the benefits of offering a financial advice service. More and more firms are looking to provide this service via relationships with independent financial advisers or independent Banks, national or international.

If you want to entrust your clients with an international Bank, you will discover that many International Banks do not look interested in your clients, either due to minimum capital allocations, or due to over strict compliance requirements.