Are You
Asking For Referrals?

February 25, 2016

New clients are the lifeblood of our businesses, and referrals are one of the surest, most cost effective ways to reach new customers. Targeting like-minded potential clients may appear simple, but it is something that provokes anxiety in financial advisors. Take out the fear factor by incorporating asking for referrals into your planning.

Before you can ask for a referral, you first need to identify those clients who will offer the best referrals. These clients are not necessarily your TOP clients. Consider the clients you most like to work with based on their personalities and outlook on investing. Chances are good the people your favorite clients refer will have similar attitudes.

3xEquity Are You Asking For Referrals

As the meeting winds down, you need to feel out your clients. How do you know if they will be willing to refer a friend to you? You don’t, unless you ask. Consider sharing this bit of marketing research with them:

“I want to run something by you. The 20/20/60 rule of referrals suggests that 20% of clients will give referrals no matter what, 20% of clients will never give referrals. And the last 60% of clients will have the conversation with us, but we just need to bring it up. Which group are you in?”

If your clients are receptive, share with them your 15-second elevator pitch so that they have a clear and concise statement to share with their friends. Let them know the kind of clients you are looking for. Offer them business cards. And, of course, thank them for their consideration.

If clients do refer someone to you, ensure you add a note to their next meeting agenda so you can thank them again in person.

Finally, add a specific prospecting piece to the presentation to your clients, so that you, the advisor, AND your clients know that referrals are always a part of the presentation.

Who can you ask for a referral?

For more ways to help your business, visit www.3xEquity.com