Best Professional Services Provider

What is Professional Services Provider?

The intermediary between the client and the bank is a professional service provider. Professional service providers are people like lawyers, accountants, investment brokers, and others who help their clients with their money. These providers may engage in financial transactions on behalf of their clients. For example, an attorney may perform or arrange for the performance of real estate transaction settlement, asset transfers, client fund management, investment services, and trust arrangements on behalf of a client.

A typical illustration is the interest on attorneys’ trust accounts (IOLTA). These accounts work like regular bank accounts for a lawyer’s different clients, except that the interest earned on the account is given to the state bar association or another organization for public interest and pro bono purposes.

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