AXA Financial Advice Network has announced a new initiative to boost their adviser’s revenue over the next five years through an accountant referral service and client reactivation program.
AXA Financial Planning national manager Paul Williams said the initiatives are expected to lift revenue by one-third for many practices, adding an additional $63 million in revenue for advisers across the network over the next five years.
According to Williams, the first program focuses on untapped opportunities for financial planners by identifying where advice is needed and not being given within an accountant’s client base.
“Using independent and AXA research data, we can analyse an accountant’s client base and determine their client’s propensity to seek advice,” he said. “In addition, using data from a client’s tax return, we can assess their likely advice needs, so the business partner can implement more effective marketing campaigns and deliver the right message to clients.” Williams said the second initiative involved a client reactivation program, whereby advisers are put back in touch with existing clients that they may not have been in communication with for a while.
“In almost every advice business, there would be an opportunity for deeper advice relationships with many clients. Our solution ensures the business has more intimate knowledge of their client base and the client’s likelihood to seek advice,” he said.
“The results of the pilot have been very encouraging, with 27 per cent of clients contacted stating they were happy to re-engage with their adviser.” The third solution aims to boost referrals from existing clients by re-aligning the culture within a practice.
The 12-month pilot phase has now been completed, with 15 businesses reporting strong results, Williams said.
