The R Trifecta: Referrals, Retention, and Recurring Revenue

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Every day, we learn more and more about our advisor clients. After analyzing and interpreting client feedback and listening to their needs, we have deduced that advisors want the R Trifecta. We use this term to describe the ability to obtain referrals from their clients and strategic partners on a regular basis, retain their existing clients and partners for life, and generate recurring revenue as a byproduct.

In order to create a referral-generous, long-lasting, and profitable client base, it takes a lot of time and effort on the advisor’s part. Talking with our clients about the strategies that they use has given us much insight into what works.

Here’s what we’ve learned:

  • Create a marketing plan that’s feasible, and stick to it! The key is keeping your activities consistent on a monthly, quarterly, and annual basis.
  • Use value-add events, initiatives, and information to sell your services, and demonstrate your credibility.
  • Fulfill financial needs with solutions, not products. Leading with your wares turns your prospective clients off, and fast.
  • Show, don’t tell. Allow clients and prospects to learn on their own time, and draw their own conclusions with interactive tools.
  • Have a presence online. Reach clients and prospects where they are, whether that be on social networking sites like Facebook and Twitter, or having your own website where you can convey your value and collect leads.

Depending on the topics you want to cover, you can make your website a targeted, referral machine. Recently, we received feedback on our Web content packages from a group of advisors at a prestigious independent broker/dealer. By incorporating interactive tutorials, charts, and calculators into their websites, they have been able to:

  • Walk prospects and clients through topics such as education funding and retirement planning over the phone, or through an impromptu webinar.
  • Take a teacher-student approach to financial planning and better position their services as solutions.
  • Close more business because of deeper client understanding.
  • Generate referrals from the extraordinary way concepts were presented and explained.

The sales landscape is shifting. By adapting to how your clients and prospects evaluate who they work with, and what types of services they really need, you will be on your way to obtaining the R Trifecta for your practice.

Topics: building retention, financial advisor referrals, How-To, how to build a business from referrals, Marketing, Sales Ideas