Brokers do not need to work longer hours or adopt new behaviours to earn more income. If working smart is your aim then there are two best practices that should be considered.
The first one is to turn previously ignored sales opportunities into revenue by revisiting customers to offer new services. The second option is to then offer these additional services to all new customers.
These actions could see wealth management and investment advice offered to customers who only previously received mortgage or protection service. And providing general insurance will ensure significant trail income is generated in an area where sales penetration has probably been low.
It is true that for those advisers wishing to control the customer sales process, undertaking the above actions may require new skills but this does not need to be the only solution.
Setting up introducer arrangements can be a smart way of maximising income and ensuring clients get a holistic sales experience. It can also be effective in keeping rivals away from clients.
Finding the right partner can be profitable and a worthwhile exercise. For example, five weekly referred GI enquiries should generate four weekly sales which after four years equates to £40,000 annual income.
Considering this approach seems a sensible way to improve profitability without needing to work harder.