How to court a lawyer

The Argyle Partnershippartner Peter Bobbin says while the legal industry remains largely untapped as a referral source by financial planners, solicitors themselves make it a very tough nut to crack.

“Were it not for the arrogance of solicitors, I would say that there’s large scope in the legal industry still yet to be accessed,” Bobbin says.

“But the inability of solicitors [to accept assistance from planners] is the major problem.”

So while the number of solicitors who are understanding the importance of financial planning to their businesses is increasing, the vast majority remain in the dark.

But there are ways to alter this mindset in a lawyer.

One is to make clear to your prospective partner how they can enjoy a recurrent income, be it either through referral or commission split.

Another is to reinforce your knowledge base as a planner, and how this can complement their practice.

This is one tactic financial planner Judy Schmidt of Leggett Financial employs when building relationships with solicitors through her own client base.

“When a client already comes with a solicitor, to formulate a good relationship and gain understanding of them as clients we need to work in a three-way relationship with their solicitors,” Schmidt says.

“This has an added benefit in that the solicitors see what we actually do and the value in using us as financial planners to assist them. This gives them the confidence to trust in referring their clients to us, and similarly, if we’re impressed with the work they do, we’re happy to refer to them.”

Thirdly, be out there.

It is important to allow yourself as a planner to be courted. The majority of Argyle Partnerships’ relationships have been established through marketing and seminar presentations to the financial services industry, with financial planners sought out as potential direct clients, as well as referral sources.

And Bobbin says the number of lawyers looking for financial planning partners will only rise.

“In the seminars I give to lawyers encouraging them to seek relationships with financial planners, there are more and more agreeing that it’s a valuable thing to do.”

So make sure you’re in a position to take advantage of it and make contacts professionally by attending estate planning groups and other meetings of professional bodies.