Luckily, financial advisers, such as the Heritage team, can help Yorkshire-based law firms during this difficult time.
Outcome 6.3 requires solicitors to ensure that “clients are in a position to make informed decisions” as to the suitability of referees.
Compliance “would involve the client in the decision-making process and the client would need to be given sufficient information about the status of the financial adviser, and all other pertinent information, to be able to confirm their consent”
Section 4 of the Trustee Act 2000 says that trustees must:
- Ensure suitability of investments (including tax efficiency)
- Keep investments under review
- Take advice
Consequently client referrals are now a compliance matter, requiring due diligence and an audit trail. Compliance Officers for Legal Practice (COLPs) must ensure decisions are made centrally and applied throughout the firm. Our financial advisers aim is to provide good client outcomes with regular feedback and a clear audit trail.
Client Relationships – Solicitors do not conduct fact finds on their clients and often clients engage them in transactional business. At Heritage, our chartered financial planners not only make sure they know our clients with thorough fact finding, we take care to nurture client relationships with regular ongoing reviews. We are able to do that as our team are ideally situated in Leeds to reach all of our Yorkshire clients. We are very keen to ensure clients receive holistic financial advice and we focus on providing good client outcomes for the clients of our professional connections.
Our financial advisers focus on specialist areas for our solicitor partners including:
For more information on the services our financial advisers can offer to solicitors in the Yorkshire region, please do not hesitate to get in touch with our Morley-based office on 0113 350 2080.