CUSTOMER PROFILE:

Company name: Professional Leads
Business type: Lead generation company
Monthly leads processed: 2,000
FLG users: 9
FLG customer since: 2016

Written by Lauren Shaw

Professional Leads, a Yorkshire-based lead generation company, provides real-time, exclusive web leads for financial advisors, accountants and bookkeepers to connect them with customers that require their financial services.

I spoke to Jonathan McGee, Managing Director, who told me all about how FLG helps them do business and how our new customer-facing Journeys feature has given them a huge competitive advantage by enabling them to provide clients with signed Letters of Authority (LOA).

Learn about the game-changing addition of online LOAs:

  • First lead generation company able to offer online LOAs to clients
  • Around 9% of leads now complete an online LOA
  • Time from enquiry to transaction reduced by up to two months

Challenge

The majority of leads supplied by Professional Leads are for financial advisors who perform pension reviews. Their aim is to speak to people seeking pension advice, set up a meeting and obtain a signed LOA to approach the customer’s pension provider.

Traditionally, this process alone can take up to two months by the time they’ve made contact, arranged a convenient time to talk, the customer decides they want to move forward, and signs and returns an LOA in the post.

The advisor then waits for the provider to release the customer’s financial information before conducting a review and offering advice. All the while, they don’t get paid until they transact, and the whole process can take up to five months from initial enquiry.

When compared to a bank account switch, which can be done in a day, the magnitude of the problem for both pension holders and advisors becomes apparent.

As the government pushes for financial services to embrace technology and expedite transfers, and with more and more providers accepting e-signatures (currently 65%), the timing is optimal for lead providers to make their offering more attractive to clients. That’s why Professional Leads approached FLG to help them speed up the process of obtaining a signed LOA.

 

Solution

Since day one, Professional Leads have used FLG to distribute leads to their clients on a daily basis. All users rely on the platform within their roles to carry out tasks such as monitoring lead allocation, identifying clients that need to top up their credits, checking lead quality issues, and obtaining information for analytics and reporting.

In terms of helping clients reduce the time from enquiry to transaction, Professional Leads have been proactive for some time – accelerating the process of obtaining a signed LOA by trialling a third-party form builder to give leads the option of completing them electronically.

The results were positive and they immediately saw 4-5% of leads completing an online LOA. However, the form builder wasn’t capable of pulling details through from the initial enquiry, meaning the customer had to re-enter information for the LOA which affected conversion rates. And, even if they were completed, the data was siloed in the third-party system.

Determined to increase conversion rates and store customer data in a single place, Professional Leads asked us to build a solution within FLG using our Journeys feature to create customer-facing forms with e-signature functionality to obtain online LOAs.

This work was completed a couple of months ago and focuses on three key elements:

  1. Customer-facing external Journeys that allow leads to complete an online LOA that is pre-populated with details from their initial enquiry
  2. Static text in the LOA allows template variables to state the name of the client requesting consent to act on behalf of the lead
  3. Customers can provide an e-signature using their cursor.

m

“The FLG product team have worked closely with us to create a game-changing solution that provides a huge benefit for our business, our clients and their customers.”

Jonathan McGee, Managing Director

Here’s an example of a completed LOA:

A sample online Letter of Authority made with FLG Journeys

Success

The new feature has been successfully trialled with Professional Leads’ biggest client, who’ve already seen an immediate increase of up to 9% of leads completing online LOAs. It’s now available for all clients and the feedback received has been extremely positive.

Professional Leads can now provide clients with a signed LOA within five minutes vs. two months, significantly cutting down the total time from lead to transaction. Of course, not every lead completes an online LOA, but on average two to three out of ten choose to do so, which avoids a lot of wasted time and allows advisors to quote for their services right away.

Advisors know that the majority of people who fill out an LOA will likely go to appointment and result in business. Plus, the LOA indicates the best time to call, avoiding any unnecessary delays so advisors can prioritise these leads and ultimately improve their cash flow.

Professional Leads is the first to market with online LOAs, giving them an unrivalled competitive advantage by being able to offer immediately qualified hot leads to clients in real-time.

Planned improvements to FLG include displaying the client’s address and Financial Conduct Authority registration number in the LOA form, making them even more valuable as they’ll be much more widely-accepted by financial service providers.

So what’s next for Professional Leads? In 2020 they plan to start providing legal leads, which they expect to take them up to a total of around 5,000 leads generated each month, and they’ll continue to distribute these leads to clients in real-time using the FLG platform.

m

“I’d recommend FLG for its ease of use and great support. We’ve been using it for 11 years for lead management in our sister company, and for Professional Leads we’ve been using it since day one to automatically distribute leads in real-time to our clients.”

Jonathan McGee, Managing Director

Visit Professional Leads‘ website or download the PDF version of this article.

Book a demo

Find out how FLG can help automate and control your processes