Axa Financial Advice Network (FAN) has launched an initiative it anticipates will increase revenue of its member firms by $63 million, over the next five years.
The new program will use Roy Morgan research, along with data from existing Axa clients, to help identify the people from client books of advisers and their business partners, who would most need advice.
“It really helps the business partner… to sit down and identify the propensity or the opportunity within an accountant’s client base, to seek advice according to where they are at in life,” Axa national manager Charter Financial Planning and Axa Financial Planning Paul Williams said.
The process ranks clients of referral partners, for example accountants or mortgage brokers, into several categories with those most likely to seek advice at the top.
More analysis is done to determine the types of investments they are likely to favour, and the type of investment structure they will need, for example a transition to retirement, or the establishment of a self managed superannuation fund.
The same Roy Morgan research can also be applied to existing books of business held by Axa and Charter financial planners.
“It can then establish things like the number of years since the last client transaction, details around the client’s funds under management and revenue, and the products they have, with a view to establishing that advice need,” Williams said.
The third part of the program revises the culture of practices, to encourage a greater number of referrals from existing clients.
