Independent financial advisors earn a decent amount of money. They use their expertise in finance to advise their clients about investment, insurance, and other financial products. They earn commissions, but there’s always scope to make more. Independent financial advisors can use referral applications like the IDFC FIRST Bank MyFIRST Partner App to earn extra money in their free time.
What are referral apps?
Refer and earn is a method of making side income. One of the most significant advantages of these apps is that you do not need to invest significant effort to make money. All that’s required of you is to refer the apps to your social circle. Some apps require something as simple as reading a news story, while others require a product or service referral.
Referral apps are beneficial both for referral partners and the users using the referred product or service. You are rewarded with a certain sum by referring products or services in your circle. Additionally, if you’re a wealth planner, you can learn skills like:
- How to market a product or service
Marketing is more than just advertisements. An essential aspect of marketing is determining the number of times an ad reaches a customer. However, there are still certain products that are dependent on word of mouth. These apps are a prominent example of products that function on referrals. Every time someone convinces, i.e., markets these apps to someone to install one of them, you are paid something as a reward.
- How to leverage your contacts
Social circle or network comprises your friends and family. By regularly using referral apps, an individual can identify who in their friend circle can benefit from the service offered by the app. You get paid for every successful referral.
For instance, let’s assume that you’re using the IDFC FIRST Bank MyFIRST Partner App. The app offers a 1.5% flat payout for every successful loan referral. You are expected to refer personal loans in your contacts. Once the person you referred gets an IDFC FIRST Bank personal loan, you receive 1.5% of the disbursed loan amount as your reward.
- Spot spending trends
With time, financial advisors can learn to spot the trend in spending. Let us understand this using IDFC FIRST Bank’s MyFIRST Partner App as an example. As a partner of MyFIRST Partner Program financial advisors refer people for taking personal loans by using the app and in turn can slowly learn how people spend their money They can also know when and in which months people are more likely to spend money. It is best referral app to make money.
A significant benefit of referral apps is that everyone, from money advisors to insurance agents, can earn income just by recommending an app. Referral apps are also flexible, allowing you to work at your convenience.