A recent survey by recruitment specialists, The Dawson Partnership and Balance at Work, found that 65 per cent of advisers surveyed intend to grow their business organically in 2014.
The clear conclusion was that the majority of advisers intended to grow via referrals from clients. Only 23 per cent intended to grow by looking for new clients.
Does that send alarm bells ringing for you, or is it just me? It sounds like a solid strategy but, as we all know, acquiring referrals from existing clients is easier said than done. Thankfully, opportunities are abound for financial planners and accountants looking to generate more value from existing clients and boost referrals.
More than 50 per cent of Australian’s are concerned about their finances: what does this mean for you?
Research by Mortgage Choice found that 53.4 per cent of consumers are either “very worried” or “concerned” about their financial situation. The breakdown of these figures is even more interesting: 44.2 per cent of Baby Boomers, 42.3 per cent of Gen Y and 39.9 per cent of Gen X are concerned about their current financial situation.
It clearly indicates that the general consumer has doubts about the way they are handling their financial affairs! For me, all this research suggests there are significant opportunities for professionals such as financial planners and accountants to be the ones at the forefront in assisting consumers with their financial concerns.
Financial planners and accountants looking to build a more valuable advice business should consider the following:
- Identifying and assemble value ads that complement the core business i.e. debt advice.
- Extend a portfolio of products or services to add additional revenue streams, acquire new clients and generate more referrals from your existing client base.
Product and service offerings can differentiate a business from its competitors and can turn a niche firm into a successful multi-faceted business. So I ask you, if you are in the business of helping others, what are you doing to alleviate the financial concerns of 53.4 per cent of Australian consumers?
Tanya Sale is the chief executive of outsource financial. outsource financial work in partnership with legal firms, financial planners, accountants, licensed conveyance’s and other professional service groups who want to offer their clients a simple and cost-effective range of lending, leasing and asset finance.
