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IFG Financial Services chief: Advisers’ drive for referrals is a mistake

Advisers are making a “big mistake” by constantly seeking referrals without qualifying the type of client they are gaining, according to IFG Financial Services managing director Tim Sargisson.

Speaking at the PIMS conference on board the Aurora last week, Sargisson said client referrals are only successful if advisers target the right clients.

He said: “To work, every referral must fit your ideal client profile. Make sure they do at a very early stage of engagement, and if they do not you should disengage, and quickly.

“The biggest mistake I see in marketing is the constant drive for referrals, without ever qualifying those referrals.

“The RDR should have swept that away, but advisers still focus too much on the wrong type of client, and by the time they realise they are the wrong type of client they have spent an inordinate amount of time chasing them.”

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