Previously known as the FAB Initiative, Refer-a-Firm is designed to help SortRefer grow by allowing its existing introducer firms to recommend other firms to use its range of products and services, and financially rewarding them for doing so.
Managing director Kevin Tunnicliffe said: “We decided to change the name because we like clarity and were getting feedback that the original name didn’t reflect what the scheme does. ‘Refer-a-Firm’ does that and we’re hoping that the re-branding allied with the new information page on the site, will help us to deliver our message.”
In simple terms, it works as follows: if firm A recommends firm B, the scheme pays a percentage of SortRefer’s own income as ‘Refer-a-Firm Income’ to firm A on all of firm B’s business.
This percentage is applied across all of the products and services that SortRefer offer. On a typical conveyancing case for example, this would equate to a payment of £10 to firm A.
The Refer-a-Firm Initiative then goes a stage further by paying two levels deep, so if firm B themselves invite firm C, and firm C completes business, Refer-a-Firm Income will be paid out to both firm A and additionally to firm B.
Tunnicliffe said: “Coming from an adviser background ourselves we know that the best form of advertising is personal recommendation and so all that Refer-a-Firm does is to put an automated reward system in place for business which comes from those recommendations. We’re not aware of anything else like it for intermediary businesses.”
Each firm that is registered with SortRefer has at least one individual who has the ability to utilise Refer-a-Firm as the functionality is available to business owners/controllers.
Tunnicliffe added: “We haven’t set any limits; there are no maximum or minimum amounts. Obviously, the more someone works at promoting us, the greater the potential rewards.
"If you can earn your firm £1000 pa for simply just inviting one other firm which completes 100 cases a year, you’d probably be quite keen to look for others!”
