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START A CHAIN REACTION: GROWING A CLIENTELE USING REFERRALS

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Although the top financial advisors list referrals as their number one
way to increase business, many still shy away from this approach.
Whether out of fear or lack of effort don’t let this very important
method of building your business get pushed to the side.

Published in: Business
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START A CHAIN REACTION: GROWING A CLIENTELE USING REFERRALS

  1. 1. © 2014 Advisor Research Group Inc. | All Rights Reserved. GROWING A CLIENTELE START A CHAIN REACTION: GROWING A CLIENTELE USING REFERRALS
  2. 2. © 2014 Advisor Research Group Inc. | All Rights Reserved. GROWING A CLIENTELE Although the top financial advisors list referrals as their number one way to increase business, many still shy away from this approach. Whether out of fear or lack of effort don’t let this very important method of building your business get pushed to the side. EXECUTIVE SUMMARY
  3. 3. © 2014 Advisor Research Group Inc. | All Rights Reserved. GROWING A CLIENTELE • Up to 45% of most service-providers are selected by customers based on the recommendations of others. Source: Getting Business to Come to You - Paul and Sarah Edwards • 48% of survey respondents indicated that they provided a referral because a friend asked them for a recommendation. Source: Anatomy of the Referral – Julie Littlechild • 57% of survey respondents indicated that they provided a referral due to a detailed description of a financial challenge. Source: Anatomy of the Referral – Julie Littlechild • 2% of survey respondents indicated that they provided a referral because their financial advisor asked them to refer their friends. Source: Anatomy of the Referral – Julie Littlechild QUICK STATS
  4. 4. © 2014 Advisor Research Group Inc. | All Rights Reserved. GROWING A CLIENTELE 1. Find a Niche - If you are servicing a specific type of client or an expert in certain aspects of financial planning that your competition tends to ignore, make it well known to your current client base. Don’t simply state you are better at certain aspects of your role but clearly let them understand that you are different than the competition. People of similar needs and interests tend to stick together through life. 2. Track Referrals / New Client Acquisitions - Ask your new clients if they were referred and by whom. Make sure to follow up with a thank you note or small gift to the referrer. ACTION PLAN
  5. 5. © 2014 Advisor Research Group Inc. | All Rights Reserved. GROWING A CLIENTELE 3. Paying for Referrals - Offering incentives, such as discounted services or the promise of a finder’s fees is a strategy, however anytime you short yourself, this could hurt you in the long run. Offering people discounts will always lead to more discounts and take away the image that you are worth every penny. 4. How to Ask your clients for referrals • Don’t say this: “Can you think of any friends or family that would be interested in meeting with me?” • Say this instead: - “You are a member of (club, association, group etc) is that right? - “Do you attend (said place) once a week or one a month?” - “Is there anyone in your (said place) that you believe could benefit from my services? Maybe one or two people you’ve known in the group for awhile or sit next to regularly?” ACTION PLAN
  6. 6. © 2014 Advisor Research Group Inc. | All Rights Reserved. GROWING A CLIENTELE 5. Sending written communication - Capitalize on other forms of communications such as personal letters and/or email. The links below will offer you two ready to edit templates to get you started – both can be used in letter and email form: • Click here for a letter asking current clients for referrals • Click here for an introductory letter to said referrals ACTION PLAN
  7. 7. © 2014 Advisor Research Group Inc. | All Rights Reserved. GROWING A CLIENTELE Happy clients provide referrals! In this day and age of increased competition and new online methods of personal financial planning always ask yourself this: Have I gone above and beyond the call of duty to make my clients happy and stand out from the rest of the field? The answer needs to be yes. SUMMARY
  8. 8. © 2014 Advisor Research Group Inc. | All Rights Reserved. GROWING A CLIENTELE To receive complimentary SAMPLE REFERRALS LETTERS CLICK HERE

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