Vince Smith-Hughes,
Head of Business Development
- Nearly six out of 10 firms expect more business from law firms and accountants
- But Prudential’s Adviser Barometer shows existing clients remain the best source of new business
Advisers are increasingly optimistic that partnerships with accountants and solicitors will help drive new business in the year ahead, exclusive research from Prudential shows.
Its 2018 Adviser Barometer found 57 per cent of advisers are expecting an increase in leads from law firms and accountancy practices in the year ahead, and accountants and solicitors are rated as the second-best source for new business behind existing clients.
About one in six (16 per cent) advisers believe partnerships with lawyers and accountants are the best source for new business. That is substantially lower than the 39 per cent who say existing clients are the best source for work.
Prudential has been tracking the views of advisers since 20163 when it first launched its Adviser Barometer. In the 2016 study, 68 per cent of advisers said existing clients were their biggest source of leads but that dropped to 37 per cent in the 2017 study.