SIFA (Solicitors Independent Financial Advice )
Corporate Tax Planning Ltd are pleased to confirm that we are a SIFA Professional Member.
SIFA is recognised by the FSA as a trade body for Solicitor Financial Advisers.
SIFA was formed in 1992 and was a founder member of The Law Society's Financial Services Working Party.
SIFA specialises in assisting solicitors to form mutually advantageous alliances with IFA firms, such as Corporate Tax Planning Ltd, which satisfy the demanding membership criteria.
The potential impact of the Legal Services Act 2007 has resulted in eligibility to become a SIFA member being based on professional status, which in the case of financial advisers means qualifying to be classified as independent in the terms of the FSA's Retail Distribution Review. The Act ushers in a new era of professional advice in which the dividing lines between the legal, accounting and financial planning disciplines will be broken down and reconfigured business entities will emerge which are focused on 'identifying clients' needs'. SIFA's objective is therefore to support and assist interaction between solicitors, accountants and financial advisers.
The Law Society has endorsed the SIFA Directory of Professional Advisers, www.sifa-directory.info , through which fee based IFAs are promoted to solicitors. The directory is also accessible via www.lawsociety.org.uk . SIFA is also a Law Society accredited CPD provider.
A solicitor's motivation for referring clients to independent financial advisers is usually a concern to ensure that their clients receive high quality advice which will reflect well up on the referring solicitor firm.
Other factors are the potential for reciprocal business referrals and the ability to maintain ongoing contact with clients by being copied in on advisers reports and also being present at meetings.
Corporate Tax Planning Ltd recognise that solicitors need to provide access to financial advice if they are to offer a comprehensive client service and thereby secure their role as co-ordinators of clients' affairs.
This means working with Corporate Tax Planning Ltd, who are:-
- Independent of product providers
- Highly qualified
- Provide advice for solicitors' clients on a fee based basis only
- Are members of SIFA
The Professional Big Bang
The potential impact of the Legal Services Act 2007 has been referred to as the 'professional big bang' exposing solicitors in the words of the Lawyer Magazine to ' a level of competition hither to unknown'. It has widely been predicted that a third of law firms currently in existence will not survive.
The firms worst affected will be those who rely on transactional business (such as Will writing), which can be provided more cheaply and efficiently by commercial retail groups well known to the public sector.
The challenge for solicitors is to respond positively to the Act by taking advantage of the opportunity to extend and enhance their business propositions.
Solicitors are well placed to co-ordinate clients' legal and financial affairs, working with fee based IFA firms listed in the SIFA Directory of Professional Financial Advisers.
Corporate Tax Planning Ltd are proud that our professional approach to independent financial advice has been acknowledged by SIFA ,and are therefore pleased to offer our services to both solicitors and accountants in order that they may provide their clients with independent financial advice to compliment their legal advice, from a fee based IFA firm listed in the SIFA Directory of Professional Advisers which is endorsed by The Law Society. Areas of advice that you may wish to consider include:-
- Estate Planning
- The bereaved widow
- Trustee investment
- Equity release
- Pensions and divorce
- Investment of compensation awards
- High net worth individuals
- Company owners and corporate executives
- The ex-patriot
The above are examples of areas where we believe we may be of assistance to solicitors and accountants, however, there are many other areas of financial advice in which we specialise.
Corporate Tax Planning Ltd are able to provide a range of SIFA produced handbooks which are available exclusively to solicitors via SIFA Professional Adviser firms, including:-
Trust Invest (Trustee Investment)
Pensions & Divorce (endorsed by resolution)
Financial Solutions for Estate Planning
Pensions for Solicitors and Accountants
In addition a new SIFA Master Publication, 'financial services for solicitors' is being produced by Law Society Publishing which covers a wide range of technical subjects, common interests to financial advisers and solicitors that is covered by the individual handbooks, together with detailed information and precedence on regulation, forms of association, tax aspects and share incentives.
To find out more about how both solicitors and accountants are able to work more closely with Corporate Tax Planning Ltd, please contact either :-
- Tony Round, Lee Mitchell or Greg Finch via our contacts page
- Email your enquiry to info@corporatetaxplanning.co.uk
- Telephone on 0845 555 7777