How to get tons of referrals by throwing parties

Want high net worth referrals without having to ask? Want a well oiled machine for getting referrals month after month?

Then don't ask for referrals. Throw parties instead.

Here's How Financial Advisor, Michael, Does It.

Using his system, he surpassed his original goal and pulled in over $25 M in new AUM. And vacationed the whole month of August sailing between three seas.

How Most of That Money Came in

He comments: "Of that amount I brought in this year, 90% of the money came in organically and through referrals. Getting referrals is simple."

Here's His Party System Step-By-Step

His big secret is throwing parties. Every month he gives a totally free birthday lunch for his high net worth clients and their friends. Like birds of a feather, most of the friends are HNW too.

You can imagine being introduced to all those new HNW prospects. This is his chance to get them on his mailing list. He offers to send them his articles with valuable free financial advice. Most of them agree and become part of Michael's sales funnel.

That's just the beginning. He announces his current educational event. It might be a woman's retirement lunch and learn, or a more formal educational event.

Not only do his clients attend, but their guests from a birthday party.

Each guest at a birthday party is a warm prospect. Everybody at an event is a hot prospect. You have a golden opportunity to get more assets from your present clients and new business from their friends.

The best thing is, it's easy for the client. They are not asked for the name of someone who will be exposed to a sales pitch.

You may not have realized why you found asking for referrals is so hard. You just know your gut told you not to do it.

What your gut is trying to tell you is you're not only asking your clients for a favor, you're asking your clients to risk their relationship with the friend they might refer.

The friend might resent being exposed to an unwanted "salesman."

The exception is when the friend asks for the name of an advisor from your client.

Then the client is in the happy position of doing two people in favor – his friend and you.

Of course, you have trained your clients to alert you to such requests so you can be sure to honor the referral by following up. People are very busy these days. You can't rely on them to get around to calling you.

That being said, being introduced to friends at a party makes an end run around the asking problem.

Your sales funnel gets filled every month without ever asking for a referral.

Here's Michael's Summaries of His Events

"I only do 3 or 4 public seminars a year, mostly on women and social security.  I do about 4 or 5 client education events a year which clients are encouraged to bring friends. 

I also do 2 client appreciation events a year not including my Client Growth Initiative event where I take the clients who have referred someone to the office (does not make a difference if they became a client) on a special event.  Usually a day trip and dinner. 

For client education events, I do a Welcome to the Year in February (review of the past year), an estate planning or new tax law event mid-year, a September event, this year identity theft, and a year-end either tax or economic update."

So there you have it, a step-by-step strategy for getting tons of referrals without ever having to ask. Instead, you simply give great birthday parties. How cool is that?

My next blog will describe how Michael gets even more referrals by providing a WOW experience for his clients

Best wishes,
Stan

P. S. If you'd like to see Michael's website, send me an email.