Reviewing the service proposition
An adviser will need to review the service proposition the referral partner is offering and ensure they are comfortable with the level of advice fees being charged from a fair value perspective.
Once the referral arrangement has been agreed, it is important to maximise the business opportunity that has been created by promoting the wider range of services now being offered.
Steps advisers can take include amending their website to show customers they can be the first port of call for any aspects of their financial needs they would like advice and support on.
Creating an effective referral eco-system around a business could be the answer to maximising the opportunities for advisers and clients alike within this volatile market.
Stephanie Charman is strategic relationships director at Sesame Bankhall Group
