SIFA, the support group for financial advisers who work in or with the professions, has entered into a strategic association with 360 Legal Group, the training and management consultancy group for solicitors. Both are Legal Futures Associates.
The aim is to bring together SIFA’s population of 170 professional IFA firms, with over 1,000 advisers, and 360 Legal’s solicitor population of 700 member law firms, and to provide the training, regulatory compliance, business planning and marketing support which will assist solicitors to differentiate their client proposition by offering an holistic service which will provide the basis for on-going client relationships.
Ian Muirhead, MD of SIFA, said: “Solicitors’ response to the Legal Services Act has in many cases been too defensive and has neglected the business development opportunity offered by aligning with providers of complementary services, of which financial services is the prime example.
“Providing access to fee-based financial advice enables solicitors to regain their traditional role as trusted advisers. They will also need to develop management processes to cope with the demands of principles-based regulation, and here SIFA’s experience of working with the FSA will provide the basis for its ex-Law Society and SRA directors to complement the services of 360 Legal’s consultants.
“The synergy between our two organisations is compelling and my colleagues and I are looking forward greatly to working with Viv Williams and his team. There is much we can do together to assist solicitors to respond positively to the challenging times which lie ahead.”
Viv Williams, MD of 360 Legal, added: “The legal profession has an excellent opportunity to provide their clients with an added value service that changes their traditional transactional relationship.
“Working with an organisation that understands the importance of compliance and the needs and requirements in following the new code of conduct will encourage law firms to engage in wealth management. SIFA is an organisation that understands these issues and we will be delighted to work with Ian and his team.”