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Best Ways for Financial Advisors to Ask for Referrals

Referrals are, without question, central to growing your business; however, whatever path you take to generate referrals, make sure it’s true to you and your brand. This post will explain how to gain referrals without asking.

 

 

 

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Best Ways for Financial Advisors to Ask for Referrals

Best Ways for Financial Advisors to Ask for Referrals

The Three Best Ideas for Generating Referrals … That Don’t Include Asking

It can be tough, even awkward, to ask clients for referrals, even if we know they may be the most effective way to generate new clients. Perhaps, the best way to get referrals is not to ask at all.

Three Ways to Gain Referrals Without Asking

  1. Give to receive. The Beatles sang that “…in the end, the love you take is equal to the love you make.” Surely, Paul McCartney did not have referrals in mind when he wrote these words, but the notion of what you derive from anything in life, in the long run, is the product of what you give to it.

With that said, asking for referrals tends to be a one-way street. Instead, end your next conversation with clients by asking them if it would be okay for you to send them referrals in the future (e.g., “I often hear from my clients about how they want to redesign their home’s interior. I know you’re an interior designer, would you mind my giving them your name?”).

If this works well for you, you might even create a referral exchange network among your clients (the doctor, dentist, contractor, etc.) by meeting regularly over lunch or dinner.

Naturally, in all cases, you will want to be sure that you’re comfortable with the quality of your clients’ products or services.

  1. Redefine the client event. Typical client events may be about an appreciation night or a discussion of retirement planning, but it tends to be an exercise of talking to existing clients. With your next event, find a topic and relevant speaker related to a core market niche of yours (e.g., “Making Medical Practices Efficient” or “Legislative Update on Replace and Repeal”), and ask your doctor clients to invite fellow doctors to attend. It’s a great way to meet new prospects in your key market niches.
  1. Give away something of value. Perhaps you’ve written a book or support a local historical society that has published an account of local history. Give your clients a copy, along with an extra one or two and invite them to forward it onto a friend.

Referrals are, without question, central to growing your business; however, whatever path you take to generate referrals, make sure it’s true to you and your brand.  Being comfortable with how you generate referrals will translate into greater discipline and consistency, and lead to better results than ever.

See referenced disclosure (2) at http://blog.americanportfolios.com/disclosures/  

About The Author

Gary Gordon

 

President of American Portfolios Advisors, Inc. (APA) 
631.439.4600, ext. 233 

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