Increasing the number of referrals advice businesses receive will be crucial to mitigating the pressure industry reforms put on business revenue, says the director of a South Australia-based advice practice.
Charter-aligned advice firm Enva's director, Michael Baragwanath, said after his own experiences working in the advice industry he realised there is a strong need for a solution to bring more Australians to get advice.
To address the situation, Mr Baragwanath has launched Connection Engine, a tool that aims to help advisers build and maintain a professional referral network.
Connection Engine aims to significantly increase productivity and help more advisers be put in contact with clients, a statement said.
"With many marketing programs focused on targeted messaging and life stages, the My Financial Fitness health check provided by Connection Engine takes a different approach," the statement said.
"My Financial Fitness measures a client's financial health across five critical aspects: legal protection, debt management, personal insurance, wealth planning and cash flow."
"After receiving a score and personal insights, clients are encouraged to connect directly with the diary of a professional who can help lift their score and improve their financial fitness," it said.
Beyond assisting with referrals, Enva said Connection Engine can also provide analytics to an adviser's business on the time taken to provide advice and client financial health.
SUBSCRIBE TO THE IFA DAILY BULLETIN
14 Dec 2017AUSTRAC adds to list of CBA allegationsBy Killian Plastow
14 Dec 2017‘Forward-thinking’ advisers drive mFunds growthBy Aleks Vickovich
14 Dec 2017FASEA announces education requirementsBy Staff Reporter
14 Dec 2017HNW advice take-up plummets: reportBy Staff Reporter
14 Dec 2017CBA issues response to AUSTRAC allegationsBy Staff Reporter
13 Dec 2017Proposed ASIC penalties inappropriate: FPABy Staff Reporter
- view all