Referrals in the financial sector: Accountants and financial advisors

France, Adrian and Grant, Bill (2011) Referrals in the financial sector: Accountants and financial advisors. In: 2011 AFAANZ Conference: Papers Being Presented at the 2011 AFAANZ Conference. Accounting and Finance Association of Australia and New Zealand.

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Abstract or Summary

Information asymmetry occurs in the finance market where the seller is also the expert that determines customer needs. There appears to be little market research into the use of promotional activities and referrals by accountants and financial advisors. This current study determines whether the financial services market is well served, customers are satisfied, and explores the search behaviours of customers. The questionnaire was developed in consultation with two financial advisory firms before distribution to clients of each of the two firms. Clients seriously consider personal financial matters and investment opportunities on the initiation of the topic from their accountant or lawyer. Ninety six per cent of clients (consistent results across all three locations) were comfortable with their accountant or lawyer referring them to an advisory firm. A recommendation is to encourage accountants or lawyers to play a more active role with their clients on financial or investment matters.

Item Type:Book Section
Additional Information:Conference held 3-5 July, 2011, in Darwin, Northern Territory, Australia
Keywords that describe the item:Networking, word of mouth, accountants, referrals, financial services, financial advisors
Subjects:H Social Sciences > HF Commerce > HF5601 Accounting
H Social Sciences > HG Finance
Divisions:Schools > Centre for Business, Information Technology and Enterprise > School of Business and Adminstration
ID Code:1162
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Deposited On:10 Aug 2011 01:17
Last Modified:10 Aug 2011 01:17

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