Challenge

A leading Manchester accountancy firm with 5 partners and no internal financial services proposition. Our objective was to work in tandem with the practice to generate additional income and profit through an extension of the services offered via IFA expertise in all areas of wealth management.

Solution

A Pareto employed and managed FA was seconded to work within the firm for an agreed number of days per week. All compliance risk with Pareto and supported with research and management resource. Introducer agreement signed in 2010, and a 3 year business plan agreed by all parties. The new services marketed both internally and externally to all clients as per firm’s existing marketing strategy.

Results

Clients have reacted positively to new service and referrals have been made from all areas of practice. Gross annual fee income from financial services currently £154k. Under agreement the accountancy practice receive 25% of gross fee income, thus £39k with no associated costs. Over £100k of recurring audit and tax work referred to practice by Pareto and Financial adviser. The firm have new clients, new service lines, new fee income with no compliance or employment responsibility.