Page 1

Working Together

Our Professional Partners Programme Successful and mutually beneficial relationships don’t just happen, they develop over time.


Who Can We Support ?

Trust & Estate Planning

Personal Injury & Medical Negligence

Matrimonial IFS (Professional Connections)

Wills & Probate

Business Affairs & Commercial


How Can We Support You ? Our service programme has been put together to help your practice:

Keep your clients loyal to you Allow you to employ external expertise on related matters Make sure your clients have all the facts they need to make decisions on related matters Avoid client conflict Maximise opportunities related to financial services Minimise threats relating to financial services


What Practical Support Can We Offer ?  A dedicated point of contact to manage our relationship.  Adviser support tailored to the demands of your practice and your clients.  Ideas, Education and Ongoing support available to partners and fee earners.  Regular management information showing activity and results of client referrals.  Support in any marketing initiatives, including Seminars, Newsletters and Blogs  Regular meetings to review how our support is working.


Risk Management Risk can be defined as the combination of the probability of an event and its consequences (ISO/IEC Guide 73). In all types of new matters you undertake, there is the potential for events and consequences that constitute opportunities for benefit or threats to success. How do you manage this risk ?

The Law Society’s View: Where clients require advice etc. on investing in an asset that can rise or fall in value—for example, an endowment policy, life insurance with an investment element, or a pension policy—rule 9.03(6) of the Solicitors' Code of Conduct 2007 (the Code) states that they must only be referred to independent intermediaries authorised to give investment advice. Solicitors Regulatory Authority July 2009

Even where the DPB regime permits a legal firm to carry on a regulated activity, you must always consider whether you are competent to provide the service, and whether it would be in the best interests of the client to use an authorised person. These principles apply to everything you do If a firm of solicitors wants to approach financial services with a cautious or safety first approach then the following broad principle should be applied: use an authorised person whenever the investments are packaged products or shares offered to the public, particularly when the client is acquiring the investment Financial Services and Solicitors— Aug 2001: professional ethics dept of the Law Society.


The Court’s View: The case of Jones v Firkin-Flood (2008), concerned the estate of the late Douglas Firkin-Flood who died in 2001 leaving two sons and a daughter, his wife having predeceased him. The bulk of his estate consisted of shares in the family companies which included a country club and a nightclub. Four trustees were appointed, who were a solicitor, two long-standing friends and employees of the family business and one of the sons who was involved in running the business. The key problem was that, basically, the trustees left the running of the business (which was the main asset of the trust) to the deceased's son (one of the trustees) who was left "in sole and unsupervised control of the business". The Court held that this amounted to a total abdication of the trustees' duties. As controlling shareholders of the companies they should have supervised the director's conduct of the company affairs (this is sometimes referred to as "Bartlett duties", following the decision in Barklett v Barclays Bank Trust Co ltd 1980). The trustees' failures included:  Failure to take proper stock of the situation when they took responsibility for the assets under their care  Failure to have meetings to discuss matters (the court suggested that most trusts would require at least one meeting a year with a suitable agenda being agreed in advance)  Failure of the solicitor trustee (the only professional trustee) to provide suitable advice  A Unconscious bias in favour of one beneficiary (where it is a duty of the trustees to treat all beneficiaries fairly)  Failure to address conflict of interest and the self-dealing rule  Failure to pay trust income as required under the trust  Failure to draw up trust accounts As a result of all these failures the judge dismissed three out of the four trustees. The only trustee left was one of the company employees. Both the solicitor (the only professional trustee) and the deceased's son/company director were dismissed in addition to the fourth trustee. This was notwithstanding the fact that the business actually prospered under the management of the son/director. This was not, however, an excuse to ignore the failings of the trustees, according to the judge.


The PI Insurers View: PI insurers expect Solicitors to have in place simple systems in relation to the DPB regime. They expect staff to be trained, referral systems to be clear and that DPB activities are only undertaken by staff who have been deemed competent to do so. Firms which have procedures in place and are actively implementing and reviewing them are known by PI insurers to carry less risk. PI cover may be worthless where firms have not taken reasonable steps.

IFS (Professional Connections) View Your practice is more at risk today than ever before from clients who believe that the advice, however good, was incomplete. Your recommendations regarding any financial arrangement must cover ALL the financial resources FULLY to avoid subsequent litigation. Litigation is happening more and more. Incomplete advice is as dangerous as bad advice. We do firmly believe additional input from specialists will help ensure best practise.


Client Care At the centre of everything we do, are our clients, be they personal, corporate or professional partners.

Today, we still maintain relationships with many of the same clients whom we first started to work with when our business was established. We are very proud of this fact, as it endorses our commitment and desire to work with clients on a long term basis.

Paul has advised me outstandingly since our first meeting in 2000. He has advised me on pensions in particular and even in the current economic climate has helped me to make the most of my portfolio. He has the ability to make sense of all the financial legalities and nuances and explain them to me in a way I totally understand! He works with integrity, humour and is totally trustworthy. I recommend Paul 100% for his advice, knowledge, personable approach and ability to really listen to his clients' needs and requests. Liz Wilson – Director, Facilitator, Coach & Author IFS (Professional Connections) have provided our practice and our clients with this security and they ensure that advice is tailored to their requirements. I would have no hesitation in recommending their services. Mr I C Hanson FMAAT: Wallace Hanson Chartered Certified Accountants & Registered Auditors Reviewing and understanding one’s portfolio is hard work on your own. With the support of IFS (Professional Connections) it was easy, and more enjoyable with someone you can trust to guide you through it.” Miss A I Carew-Cox – Managing Director


Who Are We ? Independent Financial Services (Professional Connections) Ltd are highly experienced Financial Planners and IFA's. The individual strengths of our team are extremely complimentary, allowing us to give our clients access to an extensive range of personal and business financial planning services. Our business is built on the belief that the key to future success is through establishing long term mutually beneficial relationships with our clients - be they personal or business - and our professional partners. This is achieved by developing strong mutual trust and respect through a professional, ethical and friendly approach. Our aim is to help our clients meet their financial and life goals through the innovative and entrepreneurial use of our expertise, working with people in an open, honest, and professional manner.

The Good Advice Awards were launched in 2010 to reward the very best advice organisations in the country, at a time when it has never been more important to recognise and promote those that provide excellent financial advice. We were delighted to hear the sponsor of our award announce that we were Highly Commended this year within the best tax and estate planner category. T We have worked with both solicitors and accountants since inception of our practice in 1999, and have a proven track record, with an extremely valuable extension to like minded professionals core services. All your clients can be assured that our services will be advice led and not sales driven: A common theme though with the majority of our clients is that they have been recommended to us, either by an existing client or through one of our professional partners. The Discerning Investor will receive from us dependable money management allowing them to focus upon enjoying life and spend little time worrying about money matters. The small to medium sized business owner can focus their energies on continuing to make their business a success, as we save them time on matters financial and give confidence that someone has their interests at heart.


IFS Key Personnel Paul Gorman Certified Financial Planner, Dip PFS— Managing Director: Paul has worked with like minded professionals for over 15 years and has amassed 25 years experience within financial services. Paul is a Certified Financial Planner - a highly prestigious achievement which has been awarded only a 1000 or so financial advisers in the UK. He is a member of the Personal Finance Society and holds advanced qualifications in taxation and trusts and pensions. He has attained additional pension qualifications acknowledging his thorough understanding of the current and still complex pension regime.

Paul works with many wealthy clients advising them across all aspects of financial planning: be it personal or business related. Paul is an affiliate member of Resolution - and has been accredited by them as a Pension and Divorce specialist. He is one of only a small number of IFAs on Resolutions preferred register whom members can refer to for support and advice on financial matters related to divorce.

Gavin Hunt Dip PFS— Wealth Executive: Gavin has 25 years experience of tax and financial planning, is a member of the Personal Finance Society, with advanced qualifications in Taxation and Trusts and Pensions. He also holds an Association of Taxation qualification. For much of his time, Gavin has worked within the Accountancy sector, where his roles included helping to create and develop a Financial Services department for a Top 20 accountancy firm. Whilst providing a comprehensive service, his main areas of work include portfolio management, post retirement planning and Inheritance Tax issues. .


Contact Information

Administration Office Suite 29 Hilton Hall, Hilton Lane, Essington, Staffs. WV11 2BQ www.ifsproconnect.co.uk t: 01902 863494 f: 01902 863457 e: advice@ifsproconnect.co.uk Also at 27 Waterloo Place, Leamington Spa. Warks CV32 5LA

We are closely associated with Independent Financial Services (UK) Ltd — a national firm of Independent Financial Advisers — and are appointed representatives of the Falcon Group plc, which is authorised and regulated by the Financial Services Authority.

Professional Partners Programme  

A guide to our services to accountants and solicitors

Read more
Read more
Similar to
Popular now
Just for you