LodeStar partnership
The recently formed alliance of eight financial planning firms, the LodeStar Group, is gaining significant business in deals with legal and accountancy firms according founding member Craig Myles.
Myles says LodeStar has developed what it calls the Professional Partnership Solution, a tool that helps legal and accounting firms build a financial advice service on the back of the trust already established with their clients.
"Few legal and accounting firms are well equipped to systematically offer expert personal financial advice to their clients," Myles says.
"Through the LodeStar Professional Partnership Solution, LodeStar advisers provide that service for the firms, while at the same time giving them the opportunity to share in the business value those clients create."
He says lawyers and accountants who refer clients to financial planners have historically received little in return.
Another founding member of LodeStar, Dennis Lennan says the Professional Partnership Solution has been very well received by firms ranging from sole practitioners to larger practices.
"As the demand for personal financial advice from trusted sources grows, the opportunities for lawyers and accountants is significant due to the bond of trust that exists between practitioners and their clients," Lennan says.
AUTHOR
David Chaplin
Recommended for you
With Fortnum Private Wealth and Professional Financial Services now unified under the Entireti umbrella company, CEO Neil Younger has detailed to Money Management the firm’s new direction and future expansion.
The FAAA has suggested looking offshore for overseas financial advisers to ease the adviser shortage, but are employers willing to take on the burden of workplace visas?
There may be a huge influx of alternatives coming to the market, but timing and access difficulties mean advisers can easily end up disappointed with their selection, according to Morningstar global CIO Dan Kemp.
An NSW individual has pleaded guilty to one criminal charge of providing unlicensed financial services after promoting crypto investments at national seminars.
