Q: What is a referral?
A referral is any transfer of a business opportunity from one adviser or firm to any third party that is able to fulfil the need of the referred.
A referral should be considered as an endorsement of the level of advice previously offered to a client or contact which has resulted in them feeling it appropriate to recommend the service to another potential client.
Referrers are typically remunerated for their introductions once a transaction has taken place between the referee and the referred.