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From 6th October 2011, solicitors will face competition from banks, supermarkets and insurance companies as the Legal Services Act's Alternative Business Structures (ABS) comes into force.
While solicitors fear this move to increase consumer access to legal services will lead to the closure of nearly a third of practicing firms, SIFA, the services group representing independent financial advisers working at solicitor and accountancy firms, believes it will encourage solicitors to work with IFAs.
SIFA is recommending that financial advisers begin building alliances with firms of solicitors ahead of the regulations coming into force as a way of gaining valuable professional connections and increased business.
The trade body believes solicitors will also benefit from such alliances, which will give them the opportunity to build client relationships and take a wider view of their clients' needs, as well as to work with organisations that provide the relevant complementary skills.
However, before entering any joint venture or referral relationship, solicitors should ensure that the IFAs in question work on a fee basis and are highly independent, as required by the Solicitors Regulation Authority.
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