Risk insurance referrals represent one of the largest untapped growth opportunities for financial advisers, according to Mark Neil, National Risk Specialist at ClearView Wealth.
Speaking at the capacity Riskinfocus 26 event in Melbourne, that industry research showed existing clients remain the largest source of referrals, generating about eight out of ten introductions to advice businesses.
He said accountants remain the second-largest referral source, responsible for roughly 45% of referrals, reflecting long-standing relationships between accounting and financial planning firms.
However, Neil said referrals between advisers themselves represent a largely underdeveloped opportunity, particularly for those who specialise in insurance.
…No single adviser can realistically specialise in everything…
Of all the advisers authorised to provide risk advice, he said a relatively small group write the majority of new insurance business each year. That concentration, he said, highlights the opportunity for risk specialists to partner with advisers who focus primarily on investments or retirement planning.
“Retirement planning, social security, superannuation and aged care are all complex areas,” Neil said. “No single adviser can realistically specialise in everything.”
Instead, he encouraged advisers to adopt a more collaborative approach within the profession by establishing referral partnerships that allow clients to access specialist advice across different areas.
Neil said successful referral relationships are built on shared values, strong communication and a focus on client outcomes rather than financial rewards.
Referred clients typically onboard faster because trust has already been established…
He outlined several practical strategies advisers can use to build stronger referral pipelines, including:
- Hosting joint client education events with accountants or lawyers
- Producing regular educational content, and
- Encouraging multi-generational conversations within client families
Online reviews and digital visibility also play an increasing role in referral decisions, he said, as prospective clients often research advisers before making contact.
Neil also highlighted the behavioural benefits of referrals, noting that clients introduced through trusted relationships tend to have higher levels of engagement and confidence in the advice process.
“Referred clients typically onboard faster because trust has already been established,” he said. “They’re also more likely to become advocates and refer others themselves.”
Ultimately, Neil said referrals remain one of the most cost-effective ways for advisers to grow their businesses while improving client outcomes.
“We may not be able to deliver every service ourselves, but by working together as a profession we can make sure clients receive the advice they need,” he said.
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