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:
- Briefly investigate the strength of the relationship between your client and his referral.
- Based on your findings, define a contact method adapted to the situation:
- Contact the prospect and close the deal
- 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.
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.