Scaling Referral Partnerships
A differentiated client acquisition approach for Pathfinder Wealth Management.
"The campaign has really exceeded my expectations in terms of outcomes and the whole team have been excellent."
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- Billy Moss, Partner at Pathfinder Wealth Management
Aims
Pathfinder had tried a number of different approaches to their marketing before approaching Twenty One Twelve in 2022.
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They tasked us with finding the most efficient way to acquire customers with over £1 million in funds under management.
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After a phase of consultancy, Twenty One Twelve proposed an approach designed to scale Pathfinder's most effective form of leads: referrals.
Scaling Referrals
After analysing Pathfinder's customer acquisition efforts, Twenty One Twelve noticed the firm's most lucrative and quickest client wins came from referrals from professional connections; namely, accountants and lawyers.
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Accountants and lawyers are required by their professional bodies to undergo 20 hours of continuous professional development (CPD) each year. This gave us an idea: what if Pathfinder could offer CPD sessions to these professionals?
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Our reasoning?
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The CPD sessions gave us an excuse to reach out to potential introducers i.e. accountants and lawyers, capture their data and position Pathfinder as the go to firm for financial planning assistance. It's a win/win situation.
Our Approach
1
Digital Community
We conduct outreach to lawyers or accountants and invite them to join Pathfinder's community. Once they are subscribed they start receiving Pathfinder's newsletter, which sheds light on technical financial planning issues which may be relevant to the professionals and their clients.
2
Physical Touchpoints
To build the relationships, the lawyers and accountants are invited to Pathfinder's robust calendar of events. This includes CPD sessions, networking breakfasts and fun events such as wine tasting. This strengthens the relationship and helps expedite the referral process.
3
Driving Referrals
We segment and analyse who is in the community, nurturing key individuals and offering their firms private CPDs. We also educate the community at large on how and when to refer to Pathfinder, including rewarding those that do so. To generate end-client leads we also conduct 'content swaps'.
Results
Since the start of the project Pathfinder's online community has grown to over 300 lawyers and accountants. This community is providing a steady stream of new referral partners and high quality leads.
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As we run more events and conduct further account based marketing activities, we expect to see this activity increase.