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Forward Thinking Magazine : August 2010
2525 growth strategies Liz McCar thy, Head of Macquarie Practice Consulting We talk to clients at review meetings about the benefits of the referral system. It means we spend less time marketing, which means we can spend more time on them. It also gives us scale, another client benefit, and also means the firm is underpinned by like-minded clients... David Price, Strategy First Targeting a client base According to Macquarie Practice Consulting’s 2010 Boutique Practice Benchmarking survey, Getting serious about profitability, many practices are starting to target accumulators, with 32 per cent of respondents intending to diversify revenue by moving into the mortgage market. Taking this approach is one way to diversify sources of income and maximise the value of the practice when it comes time to sell the business. “One way to develop client relationships among accumulators is to put in place an intergenerational strategy, says McCarthy. “The idea is to leverage relationships with pre-retirees and retiree clients so that they feel comfortable recommending the services of the practice to their younger relatives, especially their children.” Having accumulator clients as well as retiree and pre-retiree clients also reduces key man risk. Many practices comprise a number of older planners who have strong, long-term relationships with pre-retiree and retiree clients. But it is also important to employ younger planners who have a great cultural fit with accumulator clients to help develop this section of the client base. At the same time, it is also essential to introduce younger planners to older clients so that they start to develop relationships that can continue when older planners want to retire. David Price, Director, Strategy First