Tag Archives: Pension Appointments

TalkTalk data hack reduces the number of pension appointments made by 20%

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Pension Appointment
IFA Direct Appointment

The recent TalkTalk data hack and the very negative publicity that has lingered on during the month of October and November has reduced the number of booked pension appointments made during this period  by 20%.

The last month has seen an increase in the ratio of calls to appointments made up from the past years average of 1 in 64  to 1 in 81 (appointment made that meets criteria versus calls made that are not interested).

The same period last year saw a ratio is 1 in 67, making it 20% more difficult.  However, it has been higher than 1 in 81 in the past year. March broke the record at 1 in 95!

Strangely in March it was a record month for IFA Direct where it booked in excess of 200 appointments –  perhaps a strange mixture of the anticipated pension reforms that were due to take place in April and the news that the ICO were to impose huge fines on  firms who flout rules on direct marketing,

The reason it went to 1 in 95 was the action by the UK government to fine cold callers. This news was announced on the 25 February 2015. http://www.bbc.com/news/uk-31616523

You can search on Google for trending words such as nuisance calls or cold call to gauge consumer sentiment . You can see in March and October  that the number of searches for nuisance calls or cold calls spiked in response to the news.

In October the TalkTalk data hack news led to a spike on the 25-31 October 2015  at 100 (100 is the max during that period) for the term nuisance calls. However, a week later 1-7 November 2015 it was down to 55 a huge drop of 45%, looking like the news was already fading and past its peak.

google trend

Ryan Mellor is Co-founder of RMT Group, RMT Direct Leads, IFA Direct Home, RegulatedAdvice.co.uk and Local Professional Direct.

RMT Direct Pension Appointments gets a 4.75 Rating for Speed of Delivery

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Pension Appointments

We asked our clients how fast we deliver our pension appointments. 75% of them gave us full marks – 100%, giving an overall rating of 4.75 out of 5 for speed of delivery.

Delivering the appointments fast and efficiently is however, pointless unless an IFA converts his or her pension appointments into actual business. 75% of our clients submitted 6 or pension cases out of 10 cases and a further 1.42 cases per 10 in other areas of financial advice.

Speaking to Imran Ashraff of Aspire Financial Management Ltd an IFA who has been a client with RMT Direct for 2 years,  stated that last year he had spent some £18,000 on pension appointments. This investment generated a return of somewhere between £70-£80,000, a return on investment of 277%!

I asked Graham Thompson of Huntington Ross the same question. This was his response:

Hi Ryan,

Further to our telephone call earlier this week, please find below a quick testimonial of the RMT IFA Appointment service :-

Since I began taking appointments from RMT in 2014, I have had a steady supply of appointments relating mainly to pension reviews. Overall, I have been very happy with the quality of these appointments and they have been invaluable in helping to build up my client bank over the past year. Whilst the size of the pension pots vary considerably, I would say that on average, I generate around £10,000 to £15,000 worth of fees per 10 appointments (Costing around £3,500). With my last 10 appointments, I expect to write business generating something in the region of £13,000 in initial fees and many of these clients will go on to become long term clients, paying on-going advice fees.

I hope that helps and gives a feel for the productivity of your appointments.

Overall RMT received a 4.08 rating out of 5 and 50% of our IFAs gave either a 9 or 10 out of 10 when asked how likely they were to recommend to another IFA.

See the survey for yourself.

https://rmtdirect.typeform.com/report/zMflzm/Q2DG

Ryan Mellor is Co-founder of RMT Group, RMT Direct Leads, IFA Direct Home, RegulatedAdvice.co.uk and Local Professional Direct.