REferrals

  You may be doing a great job for your clients. They understand and appreciate the value you provide. You may even have educated them on who would benefit best from your services. But you may have overlooked one critical piece.

Portfolio reviews can be a great marketing tool if you know how to go about it.
Here’s a conversation I had with one of my clients. He describes how he’s been successfully getting more clients with this strategy. Read it to learn how you to can get more profitable clients without even prospecting.

When business coaching my clients, I help them get a lot of referrals

I don’t have to tell you how great it is to get referrals. One of the strategies used is to network and form referral alliances. These are professionals who serve the same client base as you do.

For financial advisors, these would be CPAs, human resource directors, insurance agents, mutual fund wholesalers, estate planning attorneys, trust officers, and association benefits managers.

Is This Happening to You?

You suddenly get a notice to transfer funds to your client’s other advisor. What? She had another advisor? (Some clients have two or three advisors.)

Sometimes, she doesn’t have other advisors, only you. Nevertheless, an outsider gets your client’s attention, shows where he/she can fill a financial gap you didn’t cover, and then steals your client away—right from under your nose.

Target a unique audience to build loyalty, longevity and referrals.  When you define your ideal client the way I have directed you in Part 2, you’ll find that your ideal client belongs to particular groups.

This blog continues with how to get a steady flow of profitable referrals. The keywords are “steady flow.” If you’re receiving a referral only now and then, this five-star system will increase you referrals to steady flow—about three or four more every month. (Read Part One.)

There’s only one thing that’s more exciting than getting a profitable referral. It’s getting a steady flow of them.

It would mean that you’d be able to market less and have more time for the things you truly love. You could also spend more time in front of clients or prospects. Or you could spend more time with friends and family.

Nothing feels better than getting a new ideal client from one of your current clients or a colleague. It’s a confirmation that you are recognized as a valuable service professional.

Do you hesitate to ask for referrals out of concern that it will hurt the relationship with your clients? Or do you think it’s a waste of time?

Unfortunately many financial advisors bungle a terrific opportunity to position themselves for more referrals when asked the question, “What do you do?” They answer with their occupation or title.