![\"Terry](\"https:\/\/riskinfo.com.au\/news\/files\/2013\/03\/Terry-Bell-2.jpg\")
<\/a>The \u2018New Frontiers\u2019 research, which was commissioned by the AFA and co-authored by Business Health and AIA Australia, assessed the views of over 12,000 financial advice clients over four years. It found that 87% of clients said they were willing to refer their friends or family to their financial adviser. However, only 61% of clients said they had actually referred someone.<\/p>\n
One of the reasons for this disparity, said Business Health\u2019s Terry Bell<\/strong>, was that advisers were afraid to ask for referrals.<\/p>\n \u201cThere are a number of reasons (for the drop) but one is not being asked in the proper way,\u201d Mr Bell said. \u201cFor an adviser to be successful at getting referrals they have to be referable. The client has to know they want referrals, and they\u2019ve got to know how to go about the process of passing on that referral.\u201d<\/p>\n The client has to know\u00a0you want referrals<\/p><\/blockquote>\n Part of the issue, said AFA CEO, Brad Fox<\/strong>, is that clients are not always aware of the range of services offered by their adviser. According to the research, \u2018range of services\u2019 was ranked second last in terms of client satisfaction KPIs, indicating that many clients felt their adviser operated in a fairly limited scope.<\/p>\n \u201cIn some cases, it\u2019s not that they don\u2019t offer the range of services, it\u2019s that they haven\u2019t made their clients aware of the range of support they can provide,\u201d Mr Fox said.<\/p>\n \u201cUnless the adviser changes that mindset, that person is always\u00a0being pigeon-holed against that one need,\u201d added Mr Bell, who said it was important for advisers to continually reiterate to their clients what they do and the value they provide.<\/p>\n \u201cFor example, claims management is a big issue, but no one talks about it. If I was buying protection from an adviser, then claims management is a good value add. I\u2019d pay for that. I\u2019d be very comfortable knowing my adviser will look after that process. But no one promotes that.\u201d<\/p>\n It\u2019s a fantastic market for advice<\/p><\/blockquote>\n Advisers can also unconsciously give their clients the wrong impression about needing new business. \u201cIf a client walks into your office, and the office is cluttered and there are files everywhere, or you say to them \u2018How you going? I\u2019m so busy, there\u2019s so much going on\u2026\u2019 the client will be thinking: \u2018There\u2019s no way in the world that you need any more business\u2019, and so they won\u2019t refer others to you,\u201d Mr Bell explained.<\/p>\n \u201cIt\u2019s not rocket science, but there are opportunities abounding there. It\u2019s a fantastic market for advice.\u201d<\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" The majority of clients are very satisfied with their advice relationships, but only 6 in 10 will actually refer others to their financial adviser, according to research launched by the Association of Financial Advisers (AFA).<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[282,3,5],"tags":[],"class_list":{"0":"post-19722","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-associations","7":"category-general","8":"category-services","9":"headers-new"},"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/19722","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=19722"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/19722\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=19722"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=19722"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=19722"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}