18 September 2010
SIFA provides services both to fee-based financial advisers and to solicitors. We believe that many aspects of solicitors’ work gives rise to the need for financial advice and that solicitors’ client retention can be greatly enhanced by the regular contact which financial advice involves.
SRA Outcome 6.3 requires that solicitors conduct due diligence on the financial advisers to whom they refer their clients, and the Law Society has urged solicitors to work only with independent financial advisers. Helpfully, the Society has also endorsed SIFA’s on-line Directory of professional financial advisers, which can be found at www.sifa-directory.info. This lists financial advisers by reference to the business specialisations which they share with solicitors.
Solicitors can no longer be remunerated for making client referrals, and this is prompting an increasing number of firms to set up financial services joint ventures, which are managed by the financial advisers but part-owned by the solicitors. SIFA has commissioned DWF LLP to create a joint venture documentation kit, which is now available.
SIFA also advises on ABS, some involving financial advisers but most involving other non-solicitors. SIFA’s MD was previously a Director of the SRA and consequently has extensive knowledge of how the regulator works. SIFA’s guidance on ABS is available free of charge via www.sifalegal.co.uk
For further information please contact Stuart Bushell (firstname.lastname@example.org – 07815 840078) or Ian Muirhead (email@example.com – 01372 721172)