65 Wealth Market Referrals: How did they do it?
Hi, I’m Jasmin Loke, the National Operations, Compliance and AFSL Manager at Wealth Market. I'm here with Alex Lambros, Loan Market Unlimited Franchisee from Kensington NSW and Scott Duffy, Wealth Market Financial Adviser Franchisee from NSW, to find out how they managed to take out the top spot on the leaderboard with 65 referrals in FY20-21.
Alex you were the number 1 broker for the 2020/2021 financial year, when it comes to Wealth Market referrals. First of all - congratulations and secondly a huge thank you from the team here at Wealth Market.
Tell us why you place such an emphasis on referring clients to receive financial advice?
Alex: Well I think it really comes down to being responsible for getting people into debt. We have to be just as responsible when it comes to protecting them in anything happens while the debt is in place.
It’s my fundamental duty of care.
Further to that Wealth Market is part of our group, we should support the team at Wealth Market.
If anything went wrong with a client and if I never referred the client for advice I would feel responsible for the consequences.
In a word! It’s the right thing to do for our client.
You referred a staggering 65 clients to your financial adviser, Scott Duffy, throughout the year. What process do you follow when it comes to referrals for financial advice?
Alex: Really there are three sections of the process where we can introduce Scott and Wealth Market;
- At the start,
- in the middle, and
- definitely at the end.
We mention it during our introduction and then remind the clients along the way. At the end of the process we insist the client has a chat to Scott, unless they have told us they’re not interested. We will then introduce the clients to Scott and as long as the client has agreed to speak to Scott we will make it happen!
How have the referrals to Scott helped your business?
Alex: We’ve had good feedback from clients that Scott has helped! The referrals allow us to have an even closer bond with our clients and deliver even greater service to them! It’s also something unique that not every broker offers.
Not all clients are initially receptive to WM but as long as they know we have the offering available as part of our service they will come back to us when the time is right for them and they have a need.
Thank you Alex! Scott, you have worked with Alex for over two years now. Is there a client you have helped that stands out? If so, tell us a little bit about how you have helped them.
Scott: A personal friend and client of Alex’s came through to us as they had just increased their debt. They had not reviewed their insurance cover for a while. We spoke about their insurance review needs and I suggested we including a super review, given that when we review a client's personal insurances we also gain access to their respective superannuation funds.
Post confirming that they had not reviewed their retirement savings either, we also included this within the advice. We ended up uncovering the insurances the client already had were not right for them, and that there were more suitable superannuation providers based on their needs and objectives. We provided advice on strategies that could save them a substantial amount of tax – it was awesome!
The clients were really happy with our advice and felt really empowered!
But that was not all! To top it off, we were able to save them over $6,500 per annum in excess insurance premiums and superannuation fees. A great result.
Scott, you always praise Alex for the excellent quality of referrals he sends to you. What do you think makes a great quality referral?
Scott: I think the main thing is that the broker sees a need for advice in any area, and that the client wants to have a chat to an adviser. The first appointment is paid for by Wealth Market and Loan Market Unlimited. So the client has nothing to lose!
What Alex and the team do really well is introduce me & the areas I can assist with, and make sure that the client knows to expect my call - that's crucial. But to narrow it down a little, clients aged between 30 and 40 that have collective income of around $150,000+, those clients we can usually help a lot! Although we have also assisted a number of clients of older demographics.
Alex: The other thing I look for is if the clients have a family, children in particular. I’m a dad! And I know I would do whatever it takes to protect my family.
What makes the referral relationship between the two of you work as well as it does?
Alex: Trust. I need to be able to trust that Scott will action the referral and do the right thing by the client. I need to be able to trust Scott’s skillset. He needs to be good at what he does!
I got advice from Scott personally to make sure that I felt he treated me right, I now know that he treats the clients the same.
Scott: Like Alex said, it’s trust! Trust that I add value to his business. I treat each opportunity like the gold that is it. I treat each client like family and like their money like our own. I love looking after clients well and getting great feedback.
Thank you both so much. You run very impressive businesses! Keep up the awesome work!