Financial Advisor Marketing: More Referrals without Asking

Financial Advisor Marketing: More Referrals without Asking

A few years ago, I had the wonderful fortune of generating more than half a million dollars from one sale. While the case took me over six months to close, other advisors had spent years trying to become the advisor for this client. Why did this client choose to work with me? I believe it was because she was referred to me.

While most financial advisors understand, at least conceptually, the value of referrals, the vast majority do not consistently generate a stream of quality leads from their prospects, clients, centers of influence or reciprocal partners. The reason? One of the most common reasons, is that they do not have an effective financial advisor marketing plan and strategy.

So I decided to interview referral expert, Bill Cates, CSP, about getting referrals without asking for this year’s,Financial Advisor’s Summit. Bill has authored two books, Get More Referrals Now! and Don’t Keep Me a Secret!, which helped establish him as a foremost referral expert in the financial services industry.

Financial Advisor Marketing Strategy #1: Becoming More Referable
To get more referrals without asking for them, you need to learn how to become more referable. To achieve this, Bill shares some great strategies. One strategy is to create a great process in your financial services operation that delivers value and nurtures the relationship. Another advisor marketing strategy he shares is to create a client-service promise. The focus on this promise is to continue providing value with the goal of retaining clients for life, along with great referrals to your ideal clients.

Financial Advisor Marketing Strategy #2: Create a Proactive Referral Process
Getting referrals without asking doesn’t mean you are reactive in your referral generation. It simply means you do not have to directly ask for referrals. Many financial advisors have fears about the consequences of asking for referrals. If this describes you, then consider promoting referrals instead of asking for referrals.

Bill has a great line for promoting referrals from existing clients and it can be done verbal or in writing. The great news is that it is said in only one sentence: “Don’t Keep Me a Secret.” Whenever a client expresses their appreciation for the value you offer, you can respond, “I am so glad to hear that you see the value of the work we provide, please don’t keep me a secret.” How hard is that? If it makes you nervous, practice it in front of the mirror, on a tape or video recorder or in front of a friend or peer.

Bill shares some great strategies to promote referrals but this is my favorite.

Financial Advisor Marketing Strategy #3: Do it Like a Master
“Amateurs practice to get it right, masters practice until they can’t get it wrong.” Wow, if that doesn’t say it all! This insight is important for ever aspect of your financial advisor marketing strategy! The point is simple yet profound: How you choose to show up in life directly affects your results. It reminds me of my favorite quote by Abraham Lincoln: “Whatever you are, be a good one!” Top financial advisors show up as masters as compared to low or average producers. They expect the best and don’t settle for less.

While spending our summer vacation in Spain, we were able to watch Mexico play South Africa in the World Cup on TV. It was clearly obvious that the South African keeper was a master. While the Mexican team was favored to win and had a better overall performance, the game ended in a draw. The reason? The South African goalkeeper’s mastery of the game. He clearly had a commitment to becoming a master and it made the difference for his team, in one of the most important games in his career. The great news is that you too can have the same experience in your financial advisory practice if you too commit and take the action that is required to become a master. If you would like to learn additional insight from referral master Bill Cates and other leading, check out the Financial Advisor Telesummit.