I am a qualified chartered accountant, and spent 12 years as a director and then deputy managing director of Henderson Financial Management before setting up in 1995 a financial planning company, Cassidy Davis Financial Management Ltd, which was owned by a Lloyd's Agency.

Cassidy Davis Financial Management offered investment management advice, was an approved PEP manager, offered life and pensions advice, and was regulated by the PIA.

I was pleased in July 1997 to join, and transfer my clients to, Birketts -- a well-respected firm of solicitors in Ipswich with an established financial planning department.

I joined the firm as a director of investment and financial planning.You may well ask why, as a chartered accountant, I joined a firm of solicitors, especially as it is not at present possible for a non-solicitor to be a partner, and furthermore remain non-executive chairman of the Lloyd's managing agency until 31 December 1997? I needed to find a long-term home for my clients following the sale of the Lloyd's agency and in the light of my intention to retire in two or three years time.

I also identified the need for back up support in both technical and administrative matters.My main reason for choosing Birketts was that I had known the firm for many years and respected their trust, taxation and legal expertise.

It was also crucial that Birketts had already set up a financial department offering advice on similar topics to my previous firm.

The additional attraction to me and my clients of having access to in-house advice on all legal subjects was obvious.The period of integration has now been completed, and the arrangements have certainly met my expectations.

The Birketts partners, whatever their specialisation, are more than willing to support the investment department.I believe it is logical for solicitors to provide a full range of financial services to private clients.

Solicitors will have built up the confidence of clients from the traditional range of services offered.

Offering financial advice combines an important service for clients with the ability of the solicitor to keep in regular contact with the client.

In some cases this helps retain a client who might otherwise have been lost through lack of contact.Independent financial adviceSolicitors can offer independent financial advice, and the advantage of this to the client should always be stressed.

A full range of advice can be given to clients, unlike the restricted service from tied agents, and this can often avoid high commission and unsuitable products being sold to clients.Furthermore, other advisers may be slower to recommend national savings and other products which do not pay commission.The basis on which advice is given, whether fee paying or by commission, must always be made clear to the client at the outset.

If the commission route is chosen, the choice is between the indemnity and non-indemnity commission.The latter is more prudent, as no commission arises until it is earned, and assists in demonstrating that advice is not commission biased.On the other hand the commission route can have some advantages.

For example, the client does not have to provide cash for a fee, and VAT on the fee is avoided.SecurityThe solicitors' profession has over a long period of time built up a good reputation for legal advice.

It should therefore be a natural progression that the public be encouraged to choose a solicitor rather than a bank manager or company representative for financial advice.Solicitors are at present regulated by the Law Society, although regulation of financial services is under review.

Protection offered by the Law Society is potentially much greater than the maximum of £48,000 provided by the Financial Services Act 1986.ExpertiseIt is vital that the solicitor should have to obtain the necessary expertise, or employ suitably qualified personnel.

It may be that the solicitor will wish to commence by restricting the subjects on which advice is given, before extending into more technical areas as experience is gained and the client base builds up.Back-up support is also essential, particularly to cover holidays and sickness.

Indeed, probably the greatest problem facing any small firm of solicitors wishing to offer financial advice is the need to have at the outset sufficient partners or staff who are qualified to give advice in all financial subjects before a sufficient level of business is established.A solicitor starts with the natural advantage over most other advisers of having experience of such matters as wills and trusts both inextricably linked with financial planning.ComplianceCompliance is a vital part of the service, both from the best practice and regulatory point of view.

I have found that it is very helpful to keep for every client file, a pre-printed check list to ensure no aspect is overlooked.

In addition to everyday matters, such as fact-finds, key features and alternative quotes, it covers more technical matters such as on risk dates, trust wording and transfer analysis.

Such a summary is also good compliance practice.Financial planningSolicitors are, if unauthorised, able to offer advice on all relevant topics such as pensions, life and protection cover, inheritance tax planning and suitable investments.

Advice can be given only after obtaining a full fact find of each client's financial position and objectives, much of which may already be known as a result of legal work.

It is efficient to keep each client's financial records on a PC, so they are readily available and can easily be updated.

In order to provide a proper service it is then also necessary to have expertise in specific areas of these general subjects, one example being the attractions, complexities and pitfalls of income draw-down plans for clients with substantial pension funds.Another example is the fast growing area of self-invested personal pensions planning, often with income draw-down in view, which offers to larger clients greater investment flexibility combined with lower charges.Investment managersMany solicitors will also wish to offer management of investment portfolios, whether on a discretionary or advisory basis.

Systems can easily be developed in-house to provide a full valuation, management and nominee service.Regular investment management fees are a more reliable source of income than relying only on fees or commission from pensions and life assurance advice.In building up and managing an investment portfolio it is essential to review with each client his or her income and other requirements, and also in particular his attitude to risk.The futureIt is probable that it will not be long before a non-solicitor financial adviser can be admitted to partnership and this will improve the career prospects of someone recruited to provide financial services.