IN TERMS of GVA (Gross Value Added) contribution to the Liverpool city region economy, financial and professional services (FPS) is the biggest sub-sector within the knowledge economy.
The last available GVA figures from 2007 showed the sector’s annual contribution totalled more than £4.3bn.
FPS includes law, accountancy, wealth management and stockbroking, banks, building societies, insurance brokers, venture capitalists and other investment companies.
The existence of good FPS firms is important to all of the other business sectors.
The North West is one of the biggest centres for FPS firms outside London.
Although Greater Manchester has a big slice, the Liverpool city region still has its own strengths.
Merseyside has the biggest concentration of wealth management operations outside the capital, with firms including Rensburg Sheppards and Rathbone Brothers.
A report by accountancy firm Ernst & Young ranked six firms as "tier 1" in terms of their strategic importance.
They were SSS Holdings Corporation, Royal Liver Assurance, DWF, Brabners Chaffe Street, Hill Dickinson and Weightman’s Solicitors.
The future of Royal Liver’s city centre operation is now under a cloud of uncertainty after the mutual agreed to a takeover by Royal London.
Other significant FPS firms in the city region include Barclaycard, Vertex and Santander.
Accountancy firm Mitchell Charlesworth has operated in Merseyside for more than 125 years and now has offices in Liverpool, Widnes, Warrington, Chester and Manchester.
It employs 125 people and its key market is the small business sector.
Managing partner David Darlington said: "What matters is that professional services companies have a feel for enterprise.
"Small businesses are the engine room of the Merseyside economy – never more so than now, when the public sector is shrinking.
"In this sense, the calibre of accountants and lawyers and other key advisors is fundamental to the future prosperity of the region.
"We need professionals who can help drive business growth and match entrepreneurs’ energy, enthusiasm and skill.
"Accountants, in particular, are at the very heart of this. The era of just doing end-of-year accounts is emphatically over.
"Today, accountants need to be virtual finance directors, advising SMEs week in, week out.
"We must do all we can to attract and retain the brightest minds in professional services."
