Planning clients best evangelists

The key to unlocking the latent potential in an advisers’ client base is “evangelism”, according to Don Swanborough, director of Balance at Work.

Addressing a room full of advisers at yesterday’s Financial Planning Association 2007 National Conference, Swanborough urged planners to seek out clients who will “spread the good word” of valuable advice.

According to Swanborough, existing clients are the best source for new clients because the trust step has already been established and advisers are more likely to result in a better call-to-appointment ratio.

And almost 90 per cent of clients are prepared to refer a planner to someone they know, according to Business and Health CATScan research, which revealed more than half of the clients surveyed for the research claimed to have referred a friend.

The best time to request a referral is “anytime you and your client are in a relaxed environment”, Swanborough said.

However, do not strike up the referral conversation at the conclusion of your appointment.

“If they are drinking your wine and eating your food they find it difficult to refuse,” he said.

But be respectful, take plenty of notes, and should advisers face “speed bumps to success”, Swanborough has a few tips to reframe the approach.

“Become known as a financial expert, recruit a powerful evangelist, use the media and win even more credibility,” he said.