Financial Advisors Marketing Tools: Referrals

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Referral has to be one of the most successful way in getting new clients as a financial advisor.

When we talk about client referral in our seminars or sales presentations, there is one question that is asked almost every time:

"I get more referrals than my colleague, so why does he always convert more clients than me?"

The key factor in converting a referral into a new client is your ability to interact effectively.

As an advisor, it is your job to determine how best to contact the prospect in order to acquire a meeting:

  1. Briefly investigate the strength of the relationship between your client and his referral.
  2. Based on your findings, define a contact method adapted to the situation:
  3. - The weaker the relationship, the stronger the contact method should be.
    - If the relationship is strong, virtually any contact method, including a phone call mentioning the client's name will suffice.

  4. Contact the prospect and close the deal

Here is a list of possible methods of contact you can you (from strongest to weakest):

  • Invite your client AND your prospect for a lunch meeting
  • Ask your client to call the prospect
  • Send a testimonial letter from your client to the prospect
  • Ask your client to email the prospect
  • Call the prospect directly

Apply these simple steps and you should be able to significantly increase your referral-based clients.

Author: Loic Jeanjean

Topics: conversion, financial advisor, Referral, Marketing

Disclaimer: The content of this article is for informational purposes only. If you are planning to implement a new marketing practice and are unsure what the regulations are, always contact your compliance department first.