Financial Adviser Client Referral Program for Business
Financial Advisors and wealth managers are often reliant on traditional modes of referral, something that can cost them money and qualified resources in the long run. With complex cases and clients that look to get their issues addressed by a single professional, there often arises a need for specialist intervention. Issues like pension planning and equity release need to be handled by verified and competent professionals who have an in-depth knowledge and intricacies of the subject. When such cases are passed to external professionals, it is essentially referral to an unverified resource which may hamper quality, as well as resulting in financial loss for advisors, which research platform FBA.com, pegs at GBP 100,000. FBA.com conducted significant research on such referrals, and their studies threw up some startling facts. It was found, that almost 251 UKbased financial advisers and wealth managers pass their referrals to external professionals. The main reason for this was a general lack of knowledge on how such referrals could be leveraged to earn more, as well as the absence of a database of quality specialists. Referral systems have been used since decades to pass on work that cannot be handled by financial advisors beyond a point. The ad hoc nature of this referral activity however, makes the entire sector unregulated. Considering such a scenario in broader terms, there appears to be a huge gap that prevents financial advisors from tapping into this attractive resource, thereby increasing their revenue and dipping into a verified talent pool that can be utilized to its potential. The Financial Advice Client Referral Program, runs on the premise of an open market portal which has like-minded, highly qualified professionals who can bid for opportunities to service client cases, given to them by financial advisors. Having a portal such as this, not just answers most of the shortcomings of this unregulated sector, but also acts as a regulated online platform for quality, verified leads The outcome of such a client referral program for businesses, are twofold. Financial advisors in the UK can use this verified system of lead
generation to provide their clients with quality referrals, while expanding their client base and earn money doing it. FBA.com has listed a few options for referral management, and these include; • Commission based referrals – Commissions for client work that has been referred to an external professional advisor • Advisor Markets – Access to a knowledge bank of qualified advisors and portals of open market systems • Specialist referral portals – Ability to upload case details on a specialist portal , that invites registered external advisors to bid for leads. These Financial Advisor Client Referral programs ensure that quality leads and referrals are passed on, which can benefit both the advisors and wealth managers.