Advisers are increasingly optimistic that partnerships with accountants and solicitors will help drive new business in the coming year, according to new research published by Prudential.

In its 2018 Adviser Barometer, the firm found that 57% 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.

The barometer revealed that 16% of advisers rated partnerships with lawyers and accountants as the best source for new business, substantially below the 39% that say existing clients are the best source.

According to the research, company or network websites were voted as the best source of leads by 13%, while 11% claimed direct marketing, including social media, drives the most new business.

Commenting, Prudential director of specialist business support Vince Smith-Hughes said: “Advisers pride themselves on delivering excellent service and support to existing clients and that is reflected in the fact clients remain the best sources of new business.

“However, partnerships are becoming more important to help drive business and working with lawyers and accountants is clearly a good way for advisers to expand support for existing clients and attract new business.”

Prudential has credited inheritance tax protection and retirement income taxation as the primary reason for advisers seeking to build relationships with accountants and solicitors, particularly whilst these topics are the biggest sources of business.

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