Using a Cash Service to Grow your Financial Advice Business

Dec 1st 2019

Developing your business in partnership with other professional service firms can be extremely rewarding and valuable.  Strong working partnerships with accountants and solicitors can provide a reliable source of high-quality business with little cost of acquisition. In this article, we explain how you can use a cash service to help mutual clients and help the solicitors and accountants themselves improve their services. We will outline the scenarios we experience every day to help you harness these opportunities and build your client base.

Serving the Client

At the specific time when the need for financial planning advice and legal or accountancy advice meet, the client is highly likely to be in a cash position.

Insignis Cash frequently sees scenarios where a cash product is essential for solicitors; in the administration of Trusts, Court of Protection or Power of Attorney 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 are maintaining value and, most importantly, are protected.  Our cash management service, with a single sign up process offers access to multiple banks and accounts giving solicitors a simple and flexible solution for their clients.

As an example of working with accountancy practices, we recently worked with a Financial Adviser partner who, together with their accountancy relationship, was dealing with a business disposal. The business owners experienced a significant cash injection and were looking for advice on how to invest. In the short term, a cash management solution was perfectly suited to their needs. The client needed to diversify their cash position and maintain the value of the funds whilst they decided on a long-term solution. They also had a tax bill due so the designated funds to meet this commitment were deposited for the required term and achieved full FSCS protection. Providing a cash service upfront served the immediate needs of the client, demonstrated prudence, offered an improved service by the accountancy team and put the Financial Adviser at the forefront of conversations for future financial planning discussions.

Below is a list of relevant client cash scenarios we have recently helped to execute:

Finally, often the client scenarios above are during or at the end of long and potentially emotional journeys for a client.  In these cases, a cash management service allows the client time to consider strategic advice around the longer-term use of proceeds.

Enhancing your Partnerships

Cash is a conversation starter for the client scenarios that accountants and solicitors face every day.  To progress these partnerships 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.

Insignis Cash offers a cash management platform whereby, through a single sign-up process, clients have access to multiple banks at the click of a button. Clients can earn a competitive rate of interest on their cash and maximise their FSCS protection. We work with large and small financial advisers all over the UK to provide a cash solution for their clients.

Our partners recognise the benefits of a cash service to strengthen and improve professional connections.  Insignis provides significant support to this effort. We have a range of high-quality materials you can use to introduce and explain the service.  We frequently present to solicitors and accountants alongside our adviser partners to encourage them to adopt a cash service in partnership with the financial advisers. All subsequent business is identified as via you, the financial adviser.

By engaging your professional service connections in a cash service, you help them, improve the client experience and open doors for you and your business.

We have a number of case studies and other collateral to assist you, please get in touch today on 01223 200 674 or email us at to hear more about how we can help you grow your business through cash.