Financial Marketing and Cross Selling Blog
Generating branch referrals: How one program is meeting the challenge
There aren’t too many investment programs in the financial industry that can tell you they’ve had consistent growth in their branch referral program since 2007 with no signs of slowing down even during these tough times. Yet one program in Vermont at the New England Federal Credit Union is doing just that.
For starters, in order for branch referrals to be successful, you first need support from upper management. This is one point Susan Zahn, manager at New England Federal Credit Union who oversees the operations and integration of Baystate Financial Services, was clear in pointing out during our recent phone conversation. Referrals to this program are a part of the branch employee’s goals and the referral system that tracks investment referrals is the same as the credit unions. An incentive program is in place. Susan considers a referral to be when the program is mentioned by an employee to a member. Referrals are considered qualified when a member gives permission to have an advisor call or to schedule an appointment to meet. The employee only receives their incentive if the member shows up to their call or meeting.
While incentives are important, Susan went on to state, they’re not the main reason referrals are coming in. Employees refer because they understand the importance of the program’s goals for their members. Which leads us to the next important factor. Besides top management support, the next most important component is advisor credibility, or what we like to consider the “Chemistry Factor”. If the credibility of reps or... Read More >>
Branch referral generation survey
Branch referral generation is important if you’re a program manager or sales rep inside a bank or credit union. The branch network is one of the greatest advantages a bank has over the competition yet time and time again we here that the opportunities generated by the brick and mortar foundations are far and few between.
This is not a new discovery. There are hundreds of firms, including Truebridge, who provide solutions for solving the problem. Yet even with all these solutions, the branch referral problem still remains a common issue in the banking world.
Last fall we conducted a survey in conjunction with the Bank Insurance & Securities Association on Cross Selling Success Factors. In this study, which included responses from 375 individuals and 120 financial institutions, over 70% said that branch referral generation is key to the success of cross selling investment and insurance services inside a bank. Yet only 37% said that their bank was either “very able” or “able” to do just that. Download a copy of the survey.
In an effort to help understand what is standing in the way, we are conducting a new survey on Branch Referral Generation that is intended for program managers and sales reps who rely on branch referrals to grow their books of business.
If you are a program manager or sales rep and would like to participate, please contact us at info@truebridge.com or by calling us at 800-476-6118 and we will send you a link to the survey. If you know anyone... Read More >>