Strategic development at its best

Our partner is a medium-sized accounting practice that has recently established a separate but related financial advisory firm.

While both businesses have common ownership, they have separate brands, differing marketing strategies, and individual websites. As a result, each business attracts clients from different sources, with distinctly different needs.

The Managing Partner shares,

“The challenge we faced was how to intelligently enable each business to become a referral source for the other. The solution was to partner with Yodal and use estate planning as the catalyst.”

A Yodal Pro solution was established under the newer financial planning brand, with the web integration and client engagement tools adopted across both businesses. Today, every client, regardless of which business they originate from, is asked to complete the ‘Yodal Needs Assessment’.

The Yodal Recommendations Report generated from this exercise articulates precisely what is required to ensure the clients wealth is transferred and protected as they wish. It helps the business identify risk and highlight areas where advice and support are required.

With the Financial Planning business set to develop and manage the client’s wealth creation strategies, and the accounting business ready to provide professional advice on any taxation and succession implications, the Yodal solution has led to huge opportunities for growth.

To date, the group has managed to extend their client relationships across both brands for 1.3 of every 3 clients. It has also resulted in a deeper understanding of the totality of their clients’ circumstances, continues to help build stronger client relationships, and ultimately drives better client outcomes.

Commercially, the group has recorded increased revenue and identified an upward trend in projected customer lifetime value.