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Better Together: Financial Advisers, Accountants and Law Firms.

When facing major decisions, small businesses commonly turn to experts with whom they have worked previously and built a relationship of trust. Often, these experts are Accountants or Solicitors. Accountants are certainly equipped to advise on such issues, possessing a knack for big-picture thinking and understanding the precautions needed to keep a business in good shape. But while an Accountant's skillset transcends number-crunching and book-balancing and Solicitors provide a wide range of legal expertise, there are areas where a client's queries might be better directed elsewhere.


This is where Financial Advisers can help. Boasting keen insight into the human side of business operations and possessing a wealth of relevant research and case studies, Financial Advisers are well-placed to communicate the value of general business advice including for example business protection to SMEs on a personal and professional level.

With a complementary blend of skills and knowledge, a strong case can be made in favour of increasing cooperation between Accountants, Solicitors and Financial Advisers. In most cases, these networks are not always obvious and certainly not from a client's perspective. Many small businesses may have traction with an Accountant, Solicitor or a Financial Adviser, although sometimes these relationships are vague and not particularly well developed, and those that do not are at least aware of reputable firms working in either sector.


With this in mind, Accountants, Solicitors and Financial Advisers sharing a client, should consider increasing communications with one another. This suggestion is grounded in sector feedback. When put in place, these networks are proving effective in illustrating the values of business protection to small businesses. Of those in possession of Key Person insurance, the majority of SMEs reported that they were encouraged to take out cover by either their Accountant, their Financial Adviser, or both, although there's no direct evidence that Solicitors think of the compelling case to refer a client through to a Financial Adviser.

A Case for Cooperation


More than half of the UK's small businesses lack any kind of business protection insurance. For a small minority, this is a conscious decision. Having calculated the risks and evaluated their options, these organisations have decided that, for now, business protection is an unnecessary investment. But for many, this could prove a fatal oversight. Whether underestimating the risk associated with the illness or death of a key employee, or being unaware of the cover which can provide respite in such an event, these firms are putting themselves in a vulnerable position should the worst happen.


Helping Hands


Cooperation is not just good for clients. Working together to provide a consistently high standard of tailored customer service, Accountants, Solicitors and Financial Advisers can build a shared reputation larger than the sum of its parts. With customers satisfied and word spreading about their services, all parties are more likely to retain clients, and attract new ones. To be clear, in agreeing to cooperate, Accountants, Solicitors and Financial Advisers are by no means signing away their independence. Indeed, by working closely with Trusted Xperts as one of our Approved Partners, Accountants and Solicitor firms can acquaint themselves with a new set of clients and cross-market their services to interested parties. The same applies when the roles are reversed. In this respect, cooperation is a good way for Accountants, Solicitors and Advisers to expand their portfolios, without compromising their organisation's individuality.




Ensuring you Insure


Add the client into this symbiotic network, and everyone is set to win. In many respects, Accountants and Solicitors are protecting themselves by encouraging clients to take out business protection or accessing additional services from Financial Advisers. When a small business loses a major stakeholder and isn't covered, it faces hardship, if not potentially total ruin. If the company folds, Accountants and Solicitors find themselves without a client. Turning the situation on its head, were this client to have taken out protection insurance, their immediate future would be secure, and their name would remain on the organisation's books. Moreover, looking to plan its long-term recovery, the client would inevitably seek counsel from experts.


In doing so, it provides Accountants, Solicitors and Financial Advisers on the Trusted Xperts platform with lasting demand, and the revenue which comes with it. Furthermore, in no way does this mean that the client is being exploited. Clearly, it is SMEs who benefit the most from being covered. Most realise this, and a resounding 90% of small business owners have reported that they would like to seek advice about insurance from Accountants or Financial Advisers. But for those that do not, cooperation will prove most valuable.


By encouraging small business owners to consider how their organisation would respond to the loss of a major stakeholder, Accountants, Solicitors and Financial Advisers can stress the value of business protection and other mission critical services or products. Meanwhile, by asking them to consider the impact which this loss would have on the families of those affected, they can promote lesser-known but equally valuable Relevant Life Plans.


Everyone's a Winner


Clearly, we all benefit from cooperation. Accountants and Solicitors have a duty of care which goes beyond processing finances or legal representation. By working with Financial Advisers to make SME clients better-informed of the risks which they face, they can fulfil that duty of care, consolidate their interests and build a network with which to look towards the future. By pooling their efforts to promote protection and cross referral of each of their respective services, we all become that bit more secure.



The above was prepared with close cooperation from Richard Kateley, Head of Intermediary Development at Legal & General, and we would like to thank Richard for his valuable input.





How much does Trusted Xperts Partnership cost?

  • £19.95 + VAT Per Month per TX Partner.
  • Pay a Subscription by Debit/Credit Card.
  • Just a Month's Notice to Cancel a Subscription.
  • Leads are Inclusive.*
  • Sole Practioner/Large Company - the same fee.
  • Additional Location Pins available.**


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*   Our Contract includes information on what our Introducer's Service Fee is (currently 20%). For example where we provide a lead as part of the Trusted Xperts Partnership, and a Financial Product is subsequently created with the customer - then Trusted Xperts will secure a 20% introducers fee of any product commission generated. Law Firm referrals are inclusive of the Subscription. Cross Referrals from TX Partner Law Firms to TX Financial Advisers and where a financial product is generated, may result in a share of any Introduction fee with the referring TX Partner Law Firm. Our Contract contains full details on this.


** Additional Location Pins cost £150 + VAT each per year. We can accept Monthly Instalments as part of your TX Partner Monthly Subscription. Each additional Location Pin would add £12.50 + VAT per month to your Subscription. We believe this gives you excellent value whilst extended your area of coverage and exclusivity. Please note that you cannot place a Location Pin into a town/geographic location that already has one for a different TX Partner in the same specialism; unless we deem there to be significant population threshold e.g. major cities where we can add further TX Partners to neighbouring districts/boroughs as you might find in London for example.

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