Referral partners

Referral partners module unpacked

Referrals have been a core business growth generator for professional service providers for a long time. We experienced this first hand when we started FACTS Online over a decade ago, building our network of advisers mostly via referrals.

Types of referral partnership

FACTS Online caters for two types of referral setup: full referral and add-on. A full referral partnership is formed between two businesses both owning a FACTS Online database. Using this setup, data is shared across databases with strict permission.

Add-on referrals allows businesses to refer and receive referral clients from a business that does not own a FACTS Online database. In this case, all data is owned by the primary license holder.

As noted above, the main differences between the two setups are who owns the data and the features available at both ends of the referral relationship. Although it is generally better to work with full business databases to utilise the full potential of referral partnerships, add-on setups are a better fit for some business models.

Two-way street

Referral partnerships come in all shapes and sizes. We believe that a two-way referral forms strong partnerships that last for years. It does not fit all type of referral partnership, for example, when a business provides a specialised service to multiple parties. However, sending referrals both ways within generic financial services providers builds trust and shares growth at both ends.

Setup a referral partner

Referral partner setup creates a link between two business entities or, in an add-on setup, creates a login for another business entity into your database. It features strict access permissions and ensures only required data is shared across businesses.

Referring clients

Once the framework is setup, you will be able to start referring clients and receive referrals from your partner businesses. Once again, we took great care with data and privacy issues to make sure only required information is shared. We also allow for clients to be involved with the referral partnership by allowing data sharing (via email, verbal or phone confirmation).

FACTS Online allows sharing of personal details, eForm and Vault files. The way you structure this depends on your internal setup and work practices. Some businesses are sending the client details across with a short note and others fill a new client details eForm for each referral. Another option is creating a shared data collection system using an eForm where the referring business is actively participating at the task at hand. For example, a financial planning practice may generate most of the data for estate planning or loan application before sending it to its referral partners.

Data security and privacy

One of our main goals here at FACTS Online is to ensure data security and privacy. We are working to balance these with ease of use. The primary concepts here are who owns the data and who can access the data. With this simple abstraction, we can cater to all cases of data sharing.

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