All for one and one for all

The best outcomes for clients are achieved when their professional advisers work together. A multi-adviser approach - most commonly, the trio of financial adviser, accountant and solicitor - can give more than the sum of its parts.

But despite the clear benefits of collaboration, some people can be reluctant to make recommendations to financial advisers. Partly, this is the DIY ethos: everybody knows a bit about finances, so do I really need an expert? Another reason could be that financial advice is a much younger profession and, historically, less well regulated. That's meant we've certainly had our fair share of bad apples - salespeople rather than professional advisers. And, of course, that's off-putting.

There are two points to make on that. First, there have always been financial advisers with professionalism, expertise and skill. Second, the recent changes (in particular, the Retail Distribution Review) are making great progress in those cases where such qualities have been lacking.

A good financial adviser can obviously add value to a client, but can they actually add value to you and your practice? In simple terms, a more joined-up, comprehensive service means clients who are happier, more loyal and possibly wealthier. Also, our clients' financial needs overlap with the accountancy and legal spheres, so advisers are in a key position to recommend fellow professionals.

In the last month, I've brought together two trustee clients with an accountant - both of which I expect to become long-lasting relationships. We also have legal contacts we recommend for their expertise on wills, powers of attorney, share protection agreements, and who prepare various deeds for our clients - our mutual clients.

In the corporate sphere, many financial advisers specialise in protecting businesses from various pitfalls, among them pension compliance, keyman protection, shareholder arrangements and exit strategies. Apart from protecting the clients themselves, this will often protect other professionals' fee income as well.

Not all financial advisers are of the same calibre, and not all will be a good fit for your practice. First, ask your clients, colleagues and other professionals who they'd recommend. You could also look at directory and review sites. Then, I suggest the below:

• Look for a cultural fit: review the adviser's website. Are they in tune with your approach? Meet the adviser and check that they seem in keeping with what is on their marketing material.

• Check their qualifications: 'chartered financial planner' or 'certified financial planner' are generally regarded as the 'gold standard' qualifications for advisers.

• Look for an established firm: all firms were new once, but a long-established firm could give you a little reassurance. If the firm has recently changed its name or structure, ask why.

• Look for independence (as opposed to restricted advice): all advisers are either independent (advising on all areas) or restricted (in terms of products or providers selected). If you don't restrict your ?advice, why would you work with an adviser ?that restricted theirs?

• Testimonials: ask to speak to the adviser's ?existing clients.

• Try before you buy: ask the IFA to review your own affairs so you can experience their advice process.

Ever-tighter margins, company mergers and other commercial pressures (especially the so-called 'Tesco Law') mean that, now more than ever, it's important not to ignore ways to add real value to clients and your businesses. Actively working with a really trusted financial adviser is a great way to do that.

Scott Gallacher is a director at Rowley Turton

He writes the regular IFA comment in Private Client Adviser