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Referrals | 13
doing some extra examinations and paying IFA Promotions website, refer them to a local Once commission has been paid for a
increased fees to their network. IFA or make a referral to a business like us who successful transfer, the introducer will receive
The chances are that if they don’t have these specialise in the pension transfer market. payment within 5 working days of the money
qualifications then they would rarely talk to being received by Gatsby.
clients about reviewing their pensions. What are the benefits to an
This, as we know, is a missed adviser using a firm like How long will it all take?
opportunity. If a client asked them yours? The portal has been designed to flow so that
directly for assistance, they could Being a mortgage broker is a very time the introducers do not have to spend a lot of
direct them to the consuming role, especially for smaller firms. time submitting referrals and taking them
The broker is the salesman, marketing expert, away from their core business. You can submit
admin assistant, and tea maker all rolled into a referral in under one minute, depending on
one. Using a provider like Gatsby for their your typing speed!
pension transfer referrals is like having a Once the referral is in our system, the
pension expert sitting in their office, but selected advisers will do all the necessary work
without having to pay them! involved. The broker has the benefit, if they so
The whole referral process is very easy and wish, of logging into the members area of the
should the lead result in paid business, the website and seeing at a glance what stage each
money is split between the broker, the provider of their clients application are at. If at any time
such as Gatsby and its selected pension further assistance is needed, then a Business
advisers. The broker will earn 1.5% of the Development Manager is only a phone call
pension pot with an average case away.
size of £25,000 therefore earning
the broker £375. It’s as easy as that!
How does it work?
Taking Gatsby as a example. We
Gatsby Limited was formed in March 2005
offer a pension transfer referral
as a technology company, specialising in
service via an online portal. This
providing software solutions to the
gives full online support for both
the initial referral as well as case
Financial Services industry. As it grew it
tracking. There is also full Business
focused on niche applications which, in
Development Manager support, as well as
2009, resulted in a web based portal being
specific marketing material available to our
designed for pension transfer business;
Introducers.
bringing together those with clients with
The process is very simple. If you wanted to
those that can give advice, for mutual
sign up you can visit
financial benefit. Gatsby Financial
gatsbyfinancialsolutions.com and fill in a short
Solutions was born!
registration form. Once your application has
Within Gatsby, the design and
been processed, which takes 24-48 hours you
technology functions are headed up by
will be provided with your log-in details. experts in their field, with many years of
Then it is just a matter of asking your experience.
clients a simple question such as “When did As Senior Business Development
you last review your pension?” or “Would
Manager, my background includes being
you like a free pension review?”
an ex mortgage broker and Northern
Once you have confirmed to your clients
Rock BDM, so I fully understand both the
that they will be getting an email and then a
pressures and opportunities facing
phone call from our pension specialist, you
brokers in the current climate.
can enter the details on to the system. This
Although there are other companies
only takes about 60 seconds and consists of
who brokers can refer pension business
recording some very basic information about
your client.
to, we are proud of our levels of service,
Your clients will receive an email outlining
particularly in terms of the way we use
the service, hence it is important to remind the
technology to create a very simple ‘on
clients about the email. Any clients who do not
line’ referral system as well as detailed
have access to email will receive a letter instead.
case tracking. We also pride ourselves on
The existing pension providers will be
the level of marketing support made
approached to provide specific information
available to introducers to help them
about their funds and the transfer value for
approach both existing and new clients.
each policy. Once all these details have been
One of our cornerstone commitments is
collated, the information is analysed,
a strict no cross selling guarantee. We
overviewed for compliance purposes and a very much see ourselves as providing a
recommendation prepared. business to business service – we want to
If it is better for the client to transfer to a boost our introducer’s income, not take it
new provider, then this will be discussed with
away from them.
the client and completed on their behalf.
www.mortgageintroducer.com October 2009 Mortgage Introducer
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