Cash Is a Conversation Starter

Sep 16th 2020

Developing your financial planning business through professional partner firms can be extremely rewarding and valuable in the long-term. Strong working partnerships with accountants and solicitors can provide a reliable source of high-quality business with very little acquisition cost. In this article, we explain how you can use a cash service to solve common problems facing solicitors and accountants, and harness these opportunities to build your client base.

Cash is a conversation starter for daily scenarios facing accountants and solicitors.

To progress a partnership successfully, professional services firms want to see evidence that you, as their chosen financial advice partner, are focused on providing a range of solutions for their clients. Take for example an accountant, dealing with a large SME client who has just sold their business. The business owner has experienced a significant cash injection and ultimately, they will be looking for financial planning advice on how to invest this cash in the future. In the short term, however, a cash management service solution is perfectly suited to their needs. They need to diversify and protect their cash, maintaining its value whilst they decide on a long-term solution. They will likely also have a tax bill due in the next year, for which the funds will need to be held in cash. Providing a cash service upfront serves the immediate needs of the client, demonstrates prudence on their part and puts you at the forefront of conversation for future financial planning discussions.

In the case of solicitors, we see countless scenarios where a cash product is essential. Where solicitors are administering cases such as Trusts, Court of Protection clients and Power of Attorney clients where cash is the primary asset, it can be difficult to open bank accounts for these clients directly, yet often solicitors have a fiduciary duty to ensure the funds maintain value and are, most importantly, protected. A cash management service with a singular sign-up process accessing multiple banks and accounts offers a simple solution with many flexible options for their clients. Again, it enables a conversation with the solicitor and creates a potential new business opportunity.

Insignis Cash offers a cash management platform whereby clients have access to multiple banks at the click of a button, activated through a single sign-up process, earning a competitive rate of interest on their cash and maximising their FSCS protection. We work with financial advisors all over the UK to help them provide a cash solution for their clients, who recognise the benefits of a cash service to strengthen and improve professional connections, and we do all we can to support you in this. We have a range of high-quality materials you can use to introduce and explain the service, and we also frequently present alongside our adviser partners to solicitors and accountants, encouraging them to adopt a cash service in partnership with their financial advisers.

By engaging your professional connections in a cash service, you solve a problem for them which in turn can open numerous doors for you and your business.

Please, get in touch with us today.