Top 3 Referral Softwares for Financial Advisors

Bryn Evans
Bryn Evans • Posted on Jun 14, 2018

Technology is replacing how people and businesses interact every day. This can be seen in self-checkouts at grocery stores, online banking and robo advisors. The convenience and speed of these interactions are what is driving the automation movement. Business individuals have such busy, on-the-go lives that the click of a button is much more appealing than handling a conversation. This is apparent in the act of gaining referrals for financial advisors. Only 10.7% of advisors actually ask for referrals even though it is an excellent way to grow and improve your business. It is uncomfortable and time consuming but with some of the new softwares available, this can become an automated and stress-free experience. Due to the mass amount of reach a financial advisor wants to gain from asking for referrals, an intricate software is exactly what advisors are looking for.


How does Referral Software Work?

The basic concept is that the software promotes clients to share your business with friends and family. Although instead of this being an awkward ‘favour’ you are asking of clients, an incentive is given. This can be whatever incentive the platform offers or there are customizable options if you want to add on additional incentives. Typically there is a tracking system implemented in the software that will tell you who has given you a referral and who the receiver of the referral was. These are all extremely helpful tools in growing your network and is a vital online marketing weapon for financial advisors especially. Email is the classic way for people to refer each other and most softwares contain a template for investors to share. Social media tends to be integrated as well and this is ideal once your name is out on messengers and home pages. The end goal would be to produce organic word-of-mouth after implementing so people will refer you without a push to do so.


Who to turn to?

ReferMe IQ is one of our first picks, as this software is tailored specifically to financial advisors. ReferMe IQ focuses on ‘Relationship Marketing’ which focuses on a specific target market and can generate leads through a more direct route. Their focus is building on more client activity from their monthly email campaigns. If you are looking for a system that knows financial advisors, this could be the one. ReferMe IQ offers a $50/ month plan as well as free test drive if you don’t want to commit right away.

Outbound Engine is another excellent resource that is specific for financial advisors. Although not exclusively used for referrals, this outbound marketing system sends email campaigns, contact organization and more. It also evaluates compliance and connects to your social media so you have an entire dashboard at your disposal. The basic plan starts at $179/ month because of the multiple CRM capabilities.



Referral Rock is a well known name in the industry and it advertises as a referral software for any business. It can run multiple “refer a friend” campaigns, sets notifications and statistics tracking. They also reward with Paypal, coupons and gift cards. The system allows you to track the referrals through every stage and gives you an impressive amount of control. This is the most customizable option compared to the others. The starter package begins at $200/ month, however there is still value for money with this more expensive option.

Automation is becoming a much more efficient way to do anything in business. Financial advisors have tools at their disposal that will abolish the traditional methods of asking for referrals. Many advisors are choosing this quick and easy online system that can reach targeted audiences and grow their brand reputation.


About Advisor Websites

Founded in 2012, Advisor Websites specializes in helping financial advisors stand out and grow their business online with conversion-friendly, personalized websites and targeted digital marketing solutions, all which follow FINRA and SEC guidelines.

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.

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