Three more Solicitors Financial Centres to launch as national push gains impetus

ADVICE: Devon, Lincolnshire and Glasgow poised to unveil their branches next month

Solicitors Financial Centres (SFCs) are proving a success, with three more opening in September and 50 predicted nationwide by 2005.

Centres in north Devon, Lincolnshire and Glasgow are set to open their doors next month to complement the existing Exeter, Thames Valley, Teesside, and newly opened Newcastle branches.

The financial service departments of Exeter firms Slee Blackwell and Veitch Penny have joined forces to open the Devon SFC, while Humberside-based Hett Stubbs & Kemp and Scottish firm Peterkins have hived off their finance teams to form the Lincolnshire and Glasgow centres respectively.

Ian Muirhead, director of Solicitors for Independent Financial Advice (SIFA) and the driving force behind the SFC concept, said: 'In our view, this is clearly the way forward for the profession.

Firms which are not authorised for financial services have the reassurance of knowing that they are referring their clients to another law firm, but one which undertakes only financial services business.

'There has been expressions of interest from all over the country.

We are currently working with firms to establish centres in Durham, Leeds, York, Cornwall, Bristol and Falkirk.

We are looking at getting the number of SFCs up to around 50 in the next four years.'

Mr Muirhead said that owing to the excessive volume of business being offered to SFCs 'we are encouraging them to work with no more than six referral law firms at present'.

The positive response to the centres is echoed by Malcolm Graham, director of the Newcastle SFC, which opened this June.

'Law firms are clearly buying into the idea, as we've had a phenomenal response in the first two months,' he said.

'We have signed up with four referral firms and we are way ahead of our first-year business plan.

However, we have to limit ourselves, due to staffing numbers and maintaining high standards.'

Mr Graham added he was so convinced SFCs would be successful he turned down the offer of partnership at Birmingham financial services law firm Armstrong Neal, where he previously worked, to take up his current post.

Andrew Towler