Dominique Bergel-Grant: Diversifying your business revenue

 

May 6, 2015 - Industry Round Tables:  MFAA National Convention 2015, Melbourne Convention and Exhibition Centre, Melbourne, Victoria, Australia. Credit: Pat Brunet / Event Photos Australia

May 6, 2015 – Industry Round Tables: MFAA National Convention 2015, Melbourne Convention and Exhibition Centre, Melbourne, Victoria, Australia. Credit: Pat Brunet / Event Photos Australia

Dominique Bergel-Grant is well-placed to speak about diversification. A financial planner and mortgage broker, Bergel-Grant has not simply branched out, she has built a business that takes a holistic approach to clients’ finances and lives, and her innovative approach has been recognised in the No More Practice Transformation Series, which she and her mentor, MFAA Chairman and Vow Financial CEO Tim Brown, won late last year.

The key to successful diversification, for Bergel-Grant, is creating multiple offerings that suit a practice’s ideal client.

Bergel-Grant recalls Gail Kelly, 10 years ago as CEO of St George, saying that if a client has five products with the bank, it is almost impossible for them to leave.  While the question of which five products a broker and financial planner can offer a client is a relatively simple one, the regulatory line preventing brokers from offering financial advice makes it a little more complicated for brokers.

In order to make a client sticky, Bergel-Grant suggests teaming up with a financial planner in order to offer more products and broader advice.

“You might only have two things to offer, but the financial planner that you work with might offer three more.”

At Leapfrog Financial, Bergel-Grant also offers innovative fee-for-service products to her clients, such as a spending tracking service that both creates a revenue stream from clients even when they are not yet ready to purchase a property, and sees clients invested in the business so that, when they are ready, there is no question of who will write their loan.

Being able to offer diverse products without needing to intimately know a limitless list of products is reliant of identifying an ideal client, and knowing them backwards – well beyond their financial needs.

This also helps with marketing initiatives, as getting people continuously excited about money is difficult. Once you know your ideal client however, you can talk to them about so much more – health, sports, travel etc – and create far more engaging content to keep in touch with the client.

Bergel-Grant offers two simple ways to stand out by providing exceptional, personal service:

  • Get in touch, regularly. Choose 20 clients a month to call for a chat.
  • Get back to basics – send a hand-written thank you card after meetings.

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