Verve delivers referral program to bankers

Bill Murray

In a bid to net high-end client referrals, Verve Financial Partners has launched a new incentive program targeting St George Bank employees.

St George staff members will now be paid $1,000 for every referral that converts into business for the Sydney-based financial group.

Verve director Bill Murray said the new program is aimed at customers with more than $200,000 to invest.

“We’re aiming for those with over $200,000 to invest or those with complex financial circumstances,” Murray said.

At present, Verve’s referral agreement with St George covers branches in Sydney’s eastern suburbs. Future expansion plans look likely to start slowly, with the next step for the group being to implement the program at a new banking branch in Burwood, Sydney.

Verve signed the referral agreement with the banking giant in 2005.

Murray also insisted that despite Verve being an authorised representative of St George’s subsidiary, Securitor, there was no competition between the groups’ financial advisers.

“No, there have been no issues there. I think as far as the bank is concerned, [Verve] provides a bit more flexibility with their bank-owned distribution within their salary workforce,” he said.

Murray said banking staff had responded positively to the new program, with two cheques already presented to bank employees.

“Staff were very responsive. I think they’re just appreciative for getting recognition for the work getting the referrals.”

Verve Financial Partners formed in late 2005 when former St George financial planners purchased their Sydney practices and began operating as corporate authorised representatives of Securitor.