A notice relating to the new training and competence requirements for solicitors and their staff wishing to conduct discrete investment business (DIB) appears on p.32 of this issue.

Qualification standards are being introduced by all the self-regulating organisations (SROs) and recognised professional bodies (RPBs) concerned with the regulation of those conducting investment business within the meaning of the Financial Services Act 1986 (FSA).DIB is defined in the Solicitors Investment Business Rules, being essentially the class of investment business where the solicitor's role includes giving separate qualitative advice on a client's investment needs, be it endowment policies, pensions, portfolio management or whatever.This contrasts with non-discrete investment business, the type of business conducted by the overwhelming majority of firms authorised by the Law Society, where generally the qualitative advice is that of a third party such as a stockbroker.Since the FSA came into force our profession, it is true to say, has not taken advantage of the opportunity to expand into financial services to the extent which might have been hoped.

This is disappointing, since the areas of work in question are very big business indeed and the opportunities are many.The effect of the Act was to impose on other financial services practitioners the sort of detailed regulatory regime to which solicitors have always been subject.This put the profession on something more like a level playing field - a point not generally appreciated.

The Investment Business Rules were often seen as yet another obstacle put in the way of our attempts to practise successfully and provide a service to clients.The truth is, however, that our RPB regime is benign as compared with competitors because it recognises that many of the Act's regulatory requirements are already embodied in the principles of normal solicitors' practice.There have been notable successes.

The Law Society's Solicitors Financial Services (SFS) has given an excellent opportunity to many firms to 'dip a toe' into what is seen by many as a new world.

The Association of Solicitors Investment Managers (ASIM) is making its presence felt.

And a number of individual firms have built successful DIB departments or subsidiary companies.On the whole, however, take up has been slow.

This is surprising from a group of highly trained and generally shrewd business people who, even before 'Adapting for the future', must have had an inkling that many of their traditional fields of work were shrinking whether from competition, recession or government policy.Against that background it is essential that the new financial services competence requirement be seen as an opportunity to expand, not as an excuse to give up a valuable new practice development area.Every solicitor should know that the gaining of professional knowledge and practice skills is hard work.

It means finding time and energy over and above the normal demands of client work.

But those who seize this chance will position themselves to develop the financial services aspects of their businesses to their and their clients' benefit.

This applies whether the intention is to carry out DIB or to work through permitted third parties and SFS.Financial services have all too often been seen by us as a new and even hostile field where we fear to tread.

Gaining financial services competence qualifications should help to change our professional culture and, to those who take the trouble, demonstrate just how much our role as 'people of affairs' already places us well on the road to becoming excellent investment advisers and financial planners.None of the qualification routes are likely to present a serious intellectual problem to persons of the calibre to become solicitors in the first place.

They all, however, involve gaining some new knowledge and reorganising the sort of pre-existing skills which any good solicitor, particularly private client practitioners, already have.

The process should only prove stimulating.The Society has approved the Securities Institute to provide the examinations which will be a solicitors' variant of the institute's investment advice certificate (IAC).

The specific feature of the variant is that it recognises what happens in practice in firms - namely that financial services divides naturally into either retail branded/packaged products or securities and portfolio management.

The variant allows the candidate to choose one version and not necessarily the other.

This will avoid a certain amount of irrelevant work being done.For those who would prefer a qualification not as specific to our profession then others are available, particularly the 'standard' IAC of the Securities Institute or the financial planning certificate of the Chartered Insurance Institute.This class of work is not a panacea for all the ills besetting high street non-contentious practice.

It is, however, one of the ways in which firms can expand their businesses.

There is plenty of evidence that our clients and potential clients will respond.

If nothing else, we can offer the sort of disinterested professional integrity which is basic to us but still, often, a novelty in the financial services world.Nothing comes easily.

We all found this when learning conveyancing, probate, will drafting and so on.

To add financial services requires some degree of determination, new technical subjects, new organisational skills.But we must ask whether we can afford not to make the effort.

These areas are logical developments for many practices.

There is business to be won and plenty of support available from the Law Society.

Now is the right time to seize this opportunity!