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Win-win situation

IFAs and solicitors can work together for everyone’s benefit, providing a holistic service for the client and future generations, says Scott Gallacher

2 July 2014

The solicitor of one of my clients missed chances to assist them (see ‘Are you missing a trick?’). As a result the solicitor’s own potential fee income was somewhat lower than it might have been. In addition, the oversights could arguably create a future complaint.

On the other hand, I recently worked with another solicitor to identify opportunities for the benefit of our mutual client. Not only did we significantly improve the client’s financial position
but also our own fee earnings – a true win-win for all.

The client had received a substantial inheritance from a parent, and both the solicitor and I explained to them that the money, once in their hands, would be subject to inheritance tax (IHT) on their eventual death. Combined with their other asse...

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