A steady and successful supply of new clients from a professional introducer is the holy grail for most growing advice businesses. However, it takes a lot of time and effort to convert an initial agreement to introduce clients, into a consistent source of high quality new business.
One area we can help with is identifying the performance of new business leads.
We can easily show you how much business is coming in from each introducer by funds under management, or by expected fee, but we can also help you drill into the detail to understand:
- Number of leads referred by each introducer during discrete time periods
- Conversion ratio of leads
- Average client revenue per introducer
Some firms pay introducers a split of recurring revenue in perpetuity. This can be expensive if those introducers stop referring in clients and simply take income from leads passed over years ago.
Whatever the source of new clients, we know that ideal clients refer more ideal clients. An introducer who is consistently referring in clients you don’t really want will keep on doing that unless something changes. You might not spot it quickly enough to fix it without the right information to hand.
Reviewing this type of data has helped those firms identify which introducers they need to review their relationships with, revise their commercial terms for future deals and, where necessary, terminate agreements with existing introducers where the relationship is not working for them.
A very small number of high performing professional introducers, even just one, is more effective than a greater number of occasional hit-and-miss referrers.
Using gut-feel and subjective opinion, without the data to back it up, leads to biased decisions and waste. Doubling down on the introducers that work, by placing advisers in their offices, running events for their clients and taking their key people to social events, is an easy choice to make when you can identify who the best performers are.
Adviser Sales Performance
Who is bringing in the big bucks?
Where is the money at the moment?
Where are they getting their business from?
What’s their conversion rate like?
Want to find out more about how Hatch can help your business?
Book a demo today and lets talk.