The 4 Things RCBI Firms Must Do to Keep Their Agents Happy
The investment migration business relies on the most intimate of factors; trust. For a firm to convince a client to entrust them with the most crucial of personal information, as well as their funds, is no trivial matter. That is precisely why the investment migration industry relies heavily on the B2B model, as RCBI firms look to their partners in other industries to help overcome the trust barrier.
Several RCBI firms pass the gauntlet to partners in other, indirect, industries to aid in obtaining clients. Agents in tourism, banking, real estate, wealth management, tax consulting, and others are perfectly situated to gain the trust of clients, and then introduce them to an RCBI firm. The demand for these indirect industries is well established, and while the demand for RCBI is likewise abundant, awareness of it is lacking, something a reliable agent can remedy.
Signing with agents, however, is no simple affair, and goes beyond choosing the right agent to work with. You must also keep your agents happy and in your confidence. Doing so paves the way for mutual growth and prosperity.
In this article, therefore, we will consider what the most important factors to consider are when building a relationship with an agent.
#1 – Build strong foundations of trust
If an agent is to convince a client to trust your firm, the agent must trust it as well. Building trust, be it with a person or an entity, is a sensitive matter, one which carries with it colossal weight.
A company’s first concern is its image, followed directly by its bottom line; two factors that usually operate in tandem. If an RCBI firm exerts knowledge and professionalism, it will maintain – if not enhance – its agent’s own brand and image. If an RCBI firm does not know what it is doing, however, it will lead clients to lose trust in both the firm and the agent, cutting off a supply line bustling with potential clients.
By the same token, if you find an agent with a strong clientele base and gain their trust, you can unearth a hefty treasure of endless clients, ensuring both you and the agent prosper.
#2 – Provide comprehensive and intricate training
Working with agents in other industries is accompanied by a knowledge gap, a small yet crucial obstacle you must overcome.
The agent does not hold the same knowledge in RCBI that your firm does, and this can lead to agents not delivering the information correctly to potential clients, not providing you with genuine clients, or – in some cases – losing potential clients due to a lack of understanding of the product itself.
Providing streamlined and user-friendly information outlets, as well as constructing a solid foundation for training and learning assistance for your agent, provides them the knowledge required to provide you with top-notch clientele, as well as the confidence they need to source even more.
This factor will aid in your search for more agents as well, as more top-tier agents will prefer working with your firm because of the knowledge you offer them, thus creating a strong network of agents that can possibly provide you with an endless influx of clients.
#3 – Pay your agents fairly and on time – every time
No agent will undertake to work with your firm as a hobby. In business, the main goal has always been the same; to make money.
If you can elevate the bottom line of any agent, they will be enthusiastic to work with you. A good commission can make or break a deal, but there’s more to it than that. Understanding what a good commission is to an agent is not quite straightforward because agents in different industries and different services will differ on what a good commission is. Travel agents who work on bulk rather than one-hit-wonders may accept a lower commission than those in, say, wealth management. Therefore, understanding how much to pay is crucial.
One thing all agents can agree on, however, is when to get paid. Timely payments of commissions can ensure a long-lasting, and thriving relationship. Delays and dilly-dallying can frustrate an agent to the point of terminating an agreement.
#4 – Respond to your agents swiftly and professionally
Efficient communication is a cornerstone of any successful relationship. Your ability to provide your agent with swift and precise communication can greatly affect the level of trust and strengthen the bonds of your relationship.
If an agent is confident you will answer in a timely manner, they will rely heavily upon you to provide information and feedback when needed. Answering an agent within a few hours will also limit lost sales costs from both ends, ensuring both parties reap the rewards of the relationship.
One great solution is appointing an account manager for the agent. If the agent is aware that they have a person dedicated to enhancing communication and aid in their venture, the agent will always approach clients with high confidence.
An important factor to consider as well is client registration. If an agent is aware that you work with multiple entities, they may get flustered if they provide you with a client and it turns out this client was also sent by another agent; we all know clients love to window shop.
Setting a transparent and efficient client registration process will yield better results while simultaneously elevating communication lines. This will enable your firm to handle a large network of B2B and B2C agents professionally and smoothly.
10x your growth through the outstanding treatment of agents
Keeping your agents happy and affording them the tools they need to access clients on a global stage can benefit your own business tremendously. Agents that can network worldwide and scale your business on a global level while maintaining quality and a strong client base can help you take your business to the next level.
Relationships, in general, should be a two-way street. The relationship between you and your agent should be a bidirectional, 12-lane superhighway.
Published: 7 October 2020