Many clients of accountancy practices want to receive financial advice from their accountant as their trusted adviser. Pareto are experienced in working with professional practices including accountants, lawyers and general insurance practices in offering financial advice. Since inception we have established formal introducer agreements with professional practices, providing financial advice to their clients.
Over 80% of our new clients are introduced by these arrangements.
What sets Pareto apart from other IFA’s is that we have all the experts under one roof, all employed by Pareto. It’s not a ‘one man band’ with a lot of contacts it’s a cohesive multi faceted unit evaluating your requirements, assessing the options and delivering a considered effective solution.
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.
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.
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.
Manchester based legal practice with over 170 solicitors, lawyers and support staff. Providing legal services and advice for private clients and businesses ranging from SMEs to international companies on all areas of law. No internal financial service proposition. No visual offering of financial services. Many of their clients need financial advice post and during the legal service e.g. divorce, personal injury claim.
A Financial adviser was allocated to head up the relationship by Pareto after interviews with partners of the firm. Employed and managed by Pareto. Mutual presentations by Pareto and the solictors staff on what services each company does and what clients they can help. The Adviser has regular meetings with partners at their offices to ensure visibility of relationship. Pareto director has regular meeting to ensure feedback is followed up on both sides.
Clients have been referred from all departments to Pareto on various matters. Showing our strength of expertise in all areas of financial services, and a ‘one stop shop’ for referrals. Pareto has referred clients to the solicitors and has received positive feedback thus enhancing our client relationship. Within 2 years of the relationship the legal practice have billed referred clients over 100k in chargeable work. Pareto has received new clients in respect of investment advice, employee benefits, IHT protection and shareholder protection of similar amount.
A Top 100 UK Commercial Insurance Broker with no internal financial services offering. The directors of both companies had worked closely when they originally set up their businesses, but as each business grew and the opportunities to work together grew, the businesses found there was less time and resources available to develop the relationship.
A Pareto Financial Advisor was seconded to Caunce O’Hara one day per week to help develop and maintain the great relationship that had already been built. Pareto and Caunce O’Hara have a great relationship, both commercially and socially, which has grown from strength to strength. Both organisations help to market each other’s services to new and existing clients and regularly host joint events to bring the two together.
Clients have responded positively to the high-quality service received from Caunce O’Hara. Caunce O’Hara are not your ordinary insurance broker and have undertaken many due diligence exercises for our client’s insurances, making a genuine difference, adding value and in some cases recommending the clients stays with their current insurer if they are already well placed.
Feedback from clients referred in to Pareto has been extremely positive, leading to increased referrals and fee income.