Want More Systematic Referrals? Here’s How to Do It!

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Practical and entertaining education for
attorneys, accountants, business owners and
executives, and investors.

Disclaimer
The material in this webinar is for informational purposes only. It should not be considered
legal, financial or other professional advice. You should consult with an attorney or other
appropriate professional to determine what may be best for your individual needs. While
Financial Poise™ takes reasonable steps to ensure that information it publishes is accurate,
Financial Poise™ makes no guaranty in this regard.
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Meet the Faculty
MODERATOR:
Joshua Lyons - Joshua Lyons Marketing, LLC/ CRE Marketing Group
PANELISTS:
Jodi Brown - Jodi Brown CEO
Benjamin Hein – Edward Jones
Courtney Peterson - Peterson Insurance and Financial Services
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About This Webinar-
Want More Systematic Referrals? Here’s How to Do It!
In part one of this series, we shared strategies on how to effectively implement
networking as part of your marketing strategy. But, as your network grows, how do
you leverage it to systematically send referrals? Referral marketing has its own
unique strategy, that should be carefully cultivated and nurtured. In this webinar,
we break down the process of building a referral network, knowing how to identify a
great referral, and how to effectively give and receive a referral. Upon completion
of this episode, the audience member will have a much deeper understanding of
how to create their own referral marketing machine.
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About This Series: Marketing Tips for the New
(or Old!) Business Owner 2022
Approximately 83,300 small businesses in the United States are closed every year because of
ineffective marketing. This indicates many business owners are unknowledgeable of how to
leverage the power of marketing. While this is unfortunate, it is not surprising. There are
countless marketing companies trying to sell their services, and these services range from
billboards, to social media marketing, to telemarketing and more. Though these marketing
tactics can be very effective, improper planning and execution can lead to failure. As such,
this webinar series is designed to educate business owners on how to prepare, execute and
refine their own customized marketing initiatives. After finishing this webinar series, the
business owner should have a much clearer and strategic plan for their own marketing.
Each Financial Poise Webinar is delivered in Plain English, understandable to investors, business owners, and
executives without much background in these areas, yet is of primary value to attorneys, accountants, and other
seasoned professionals. Each episode brings you into engaging, sometimes humorous, conversations designed to
entertain as it teaches. Each episode in the series is designed to be viewed independently of the other episodes so that
participants will enhance their knowledge of this area whether they attend one, some, or all episodes.
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Episodes in this Series
#1 How to Do Networking That Actually Gets Results
Premiere date: 08/16/22
#2: Want More Systematic Referrals? Here’s How to Do It!
#3: Learn How to Do Content Marketing From the Pros
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Episode #2: Want More Systematic Referrals? Here’s
How to Do It!
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Getting Started
“The best form of marketing is word of mouth.” That’s a phrase that’s often shared by
business owners. But, so many businesses aren’t getting the word of mouth referrals they
would like. In fact, most businesses in the United States aren’t even making enough revenue
to cover their expenses. If word-of-mouth marketing is so valuable, then it would make sense
to find a way to systematically acquire it. The question is, how does one do this? And to
answer that question, it’s important to understand what an “ideal referral” is. It’s also important
to understand what a “referral source” is.

Ideal Referral
If you ask someone what an ideal referral looks like, you’ll often hear them respond by saying
“anyone who needs [blank].” For example, ask a loan officer at a financial institution, and
they’ll likely say something like “an ideal referral for me is anyone who needs some money.”
But in reality, that isn’t an “IDEAL” referral. When you dig deeper, you might find that the ideal
referral is someone who’s needing a $20,000 roof replacement. Not only that, but they own
their home and would be qualified for a home equity line of credit (HELOC), to be paid off
over a 15-year period of time. They might even want the referral to be in their mid/late 30’s
with an annual household income of $100,000+.
This could be an ideal referral, and is far more accurate than just saying “anyone who needs
money.”

Ideal Referral Source
The other important concept to understand is the ideal “referral source.” This is the individual who
is constantly talking to the ideal referral, but they don’t provide the same exact service. Let’s
continue with the financial institution example. In this case, an ideal referral source might be a
roofing company. The roofing company may provide a quote for a $20,000 roof replacement. But,
the homeowner may not have been planning to replace their roof, and not budgeted for it. If the
homeowner can’t finance the new roof, the roofing company could lose out on the sale. However, if
they can send the homeowner to the financial institution, the homeowner can get the new roof
financed, the roofer can get the job, and the financial institution can get the referral. It’s a win/win
all the way around.
In this case, the referral source is the roofing company. They become a source of continual
referrals to the financial institution, because their clients need financing, but the roofing company
doesn’t provide financing. Ultimately, having one great referral source introduction can be far more
profitable than having one great client referral.

Finding Referral Sources
The idea of creating relationships with referral sources is great. But, actually creating and
cultivating these relationships can be much easier said than done. So, how does one actually
go about finding referral partners, and nurturing those relationships?

Make a List of Prospective Partners
• For starters, make a list of each type of profession that would be considered a good
referral source for you, and your business.
• When doing this, take a moment to explore professionals both in your industry, and outside
your industry.

Look Inside Your Industry
Oftentimes there are fantastic referral partners that could almost be considered competitors. But, it
may be that their ideal client isn’t quite the same as yours. As a result, this could turn them into
outstanding referral partners, rather than competitors. Using the financial institution example
previously shared, the ideal referral was a homeowner needing a $20,000 home equity line of
credit (HELOC). This is a personal loan. Here are a couple potential referral sources in the same
industry:
● Commercial Bank: They don’t deal with personal HELOC loans. But, if a bank member asks
for a loan to repair their roof, the commercial loan officer would want to be able to refer them to
someone who can help.
● Financial Advisor: The homeowner may approach their financial advisor, and request to have
$20,000 withdrawn from their investments, to cover the cost of the roof replacement. While
making that withdrawal would cover the cost of the roof, it may not be the wisest financial
move. This is especially true if the interest rate on the HELOC is much lower than the earned
interest from the investments made with the financial advisor.

Look Outside Your Industry
Some of the best referral sources could actually be outside your industry. The logical in-
industry referral partners may already have relationships in place. Trying to get them to send
you referrals, rather than to their existing partners, can be challenging. However, partnerships
with professionals outside your industry are often overlooked, and far easier to create. Here
are some examples to consider, using the same example, previously used.
● Roofing Company: This concept was already shared. Any roofer that doesn’t offer
financing could easily increase their sales if they were to partner with someone else who
can offer financing.
● Other Trades Companies: Any trades company that provides high-ticket home
improvement services, could likely benefit from having a financing option to provide to
their clients. Roofing is just one example. But, consider HVAC, landscaping, tree removal,
remodeling, and other similar types of companies.

Why Should a Referral Source Send You Referrals?
First, create a list of ideal referral sources. Then, the next step is to identify why those referral
sources would even want to send you referrals. What’s in it for them? Take a moment to write
down the benefit they would receive, as a result of sending you referrals. Here’s an example,
using the financial institution:
1. Commercial Bank: If they don’t provide a solution for the personal loan (which they don’t
do), the member could potentially find another bank that handles both commercial and
personal loans. Finding a one-stop-shop is a selling point that could cause the commercial
bank to lose members. It would be in the best interest of the commercial loan officer to
send their member to a great contact with a bank or credit union that does not provide
commercial banking services. This will increase retention.

Why Should a Referral Source Send You Referrals?
(cont’d)
2. Financial Advisor: The financial advisor is likely seeing a 10% return on the investments
made by their client. This is good for the client, and will also likely impact the revenue
made by the advisor. If the client pulls out their invested funds, that can cause a negative
impact on both the client and the advisor. Assuming the interest rate generated is good, it
would benefit the financial advisor to send the client to a loan officer, and educate them on
the reason for why they are being recommended for a HELOC. The financial advisor just
needs to know where to send their client.
3. Roofing or Trades Company: High-ticket home repair costs can be a difficult sell. The
client will be very tempted to go with a “cheap” alternative to a quality service. This is likely
not in the best interest of the client. If the roofing or trades company can provide quality
services and partner with someone who can offer financing, this can make the sale much
easier. As a result, the client gets a better quality service, the referral partner gets the
sale, and the financial institution gets to both help the client and also get a sale.

Make the Connection
Walking up to a prospective referral partner, and telling them to do business with you because
they need you, might not go so well. It’s more effective to sit down with them, and help them
brainstorm the reasons you could benefit from each other. When it comes to the first meeting,
start by telling them you want to send them business, and need to figure out if they’re a good
fit. This should be the truth. The objective should be to get them to sit down with you, and
explore how you can help them. For starters, you just need a hook. Give them a reason to sit
with you.

Make the Connection (cont’d)
Here are some examples on what a financial institution might say, to their prospective referral
partners:
1. Commercial Bank: We (financial institution) have people come to us, asking for a commercial loan,
which we don’t do. We need a commercial bank to send referrals to. I’d like to sit down with you, to
learn more about your business, and see if you would make sense as someone to send our members
to.
2. Financial Advisor: We don’t provide help with 401ks, stocks, mutual funds, life insurance, or other
financial services of that nature. We need someone to send those referrals to. I’d like to sit down with
you, to learn more about your business, and see if you would make sense as someone to send our
members to.
3. Roofing or Trades Company: We sometimes have people take out a loan for home improvement.
Sometimes we’re even asked for recommendations on local companies to turn to, when doing home
improvement projects. It would be great to provide referrals to local brands we know and trust. I’d like
to sit down with you, to learn more about your business, and see if you would make sense as
someone to send our members to.

See if They’re a Great Fit
Almost everyone you speak with, during the referral partner search, will say they can handle the work
and would like the referrals. However, they might not actually be a good referral partner. Make sure to
spend some time with them, to see if they are indeed a good fit for not just you, but also for your
clients. Here are some tips on how to approach the vetting process:
1. During your meeting:
a. Really get to understand who their ideal referral is.
b. See if they have the level of experience that’s needed, to truly be a great resource to your
clients.
c. Get an idea as to whether or not they’ll be around for many years to come. It’s typically better
to work with someone who’s experienced, but still hungry to grow.
d. Seek to understand why they do what they do. Is there a deep rooted passion for helping your
ideal client, or are they just trying to collect a paycheck? Those who are passionate about their
work and treat their business like a ministry, tend to be better referral partners.
e. See if you like the person you’re meeting with. Can you imagine having a great ongoing
relationship with them?

See if They’re a Great Fit (cont’d)
2. Check out their reputation. Do they have a reputation for being an amazing resource, or is it
very questionable?
3. Do they have capacity? Some businesses provide amazing services, but aren’t able to scale
very quickly. If you suddenly flood them with referrals, would they be able to maintain their
quality of work, or would it decline?
4. Bonus: Most of the time, during a first meeting, the person being asked the questions is happy
to let the conversation center around learning about them. However, sometimes the person
being asked questions will have a deep desire to learn more about you. This is not common.
However, these can be great referral partners. If they are asking intelligent questions about
you, then they would likely also ask intelligent questions to those you refer their way. And if
they do ask intelligent questions, they probably provide a greater level of service than those
who don’t ask great questions. Although, when you’re learning about them, try not to get too
distracted down rabbit trails about you. Offer to have a follow up meeting when you can share
more about what you’re looking for. For the first meeting, focus on them.

Test the Relationship
Once you’ve found someone you have confidence in referring, give them a referral. After the
referral is sent, follow up to see how it went, and ask if the referral was a good one. You
should look for two things.
First, you want to see if the referral matches up with what the partner is looking for. If they
give you feedback, you’ll have a better understanding of what types of referrals to send in the
future.
Second, you should see if the prospective referral partner provides you feedback. A good
referral partner should have good communication skills. If they’re able to do so (without
violating client confidentiality), they should let you know that the referral was good, and say
thank you. If it wasn’t good, they should let you know, so you’re aware. The referral partner
that’s communicative will be more likely to be a great partner in the long term.

Make Referral Source Introductions
If you feel good about the prospective referral partner, introduce them to your other referral
sources. Chances are pretty strong that if they are a good referral source partner for you, then
they would likely also be a good referral source partner for your other referral sources.
Consider the referral sources you have, and think through which ones would also be able to
benefit from a relationship with the prospective referral partner.
Once the introductions are made, see what your referral partners think. Is the prospective
partner a good fit, that everyone would feel comfortable sending recurring referrals to? If so,
you’ll want to nurture and strengthen that referral source relationship.

Strengthen the Referral Partnership Relationship
The best referral partners don’t just know you. They also understand your industry, and why
you’re such a great resource. It’s important they know what sets you apart from your
competition, and how to make a quality introduction. There are several ways you can
strengthen the relationship. The points below are what you should do for them. And
ultimately, your partners should be nurtured to do the same for you.

Recognize When a Referral Opportunity is Before
You
Intellectually knowing when someone is a good referral, isn’t the same thing as actually
recognizing that a referral is needed. But, recognizing the need doesn’t usually come easily. It
takes time, and lots of conversation, to really get to know who a good referral is, and actually
notice the need in everyday conversation.

Know How to Fire Your Partners Competitors
• It’s important to know that a referral partner should truly be a fabulous person to send
referrals to. You should absolutely avoid sending your contacts to average or sub-par
referral partners. If those you send referrals to are truly exceptional, this means by default,
your referral partner's competition isn’t as good at their job as your referral partner. What is
it that makes your referral partner better? What are the competitors not doing, that they
should be doing?
• Once you know what the referral partner competitors aren’t doing, you can use this
information as an easy way to introduce your partner to your client or customer. Here’s
how it works, as an example. Let’s say the big difference between you and your
competitors is that your competitors don’t provide quarterly reports/updates. Maybe you
feel they should, and it’s a problem in the industry.

Know How to Fire Your Partners Competitors
(cont’d)
• In this situation, your referral partner could ask people they know to be your ideal client,
what they thought of the quarterly report they received from their provider [who’s in the
same industry as you, and is a direct competitor]. We know the prospect will say they
didn’t, and never do, receive a quarterly update. Then, you express your surprise and
share how appreciative you are that your person in the industry does provide quarterly
updates. Then, offer to make an introduction and see if they can get an example of a
quarterly update, which they theoretically “should” be getting.

Don’t Fire the Competition, if the Competition is
Better for the Client
• Of course, whatever the competition isn’t doing needs to truly be a problem. When you
bring it up, and make the referral introduction, it should be because your referral partner
really does provide real value that is missing from the competition. And your referral
partner should actually be a better solution. But, if you believe the value provided by your
partner is truly a better fit, and that a referral makes sense, then firing the competition on
behalf of your partner is a great way to bring up your referral partner in casual
conversation.
• In order to fire the competition, you must first get to know your referral partner, and really
understand what sets them apart.

Know How to Manufacture a Conversation
Sometimes it’s very easy to make an introduction. This is especially true when your referral
partner is in the same industry as yours. However, when the referral partner is in a different
industry, it could be a stretch. But, if you feel like you can really benefit your client by making
an introduction, but you’re not sure how to bring up the referral partner, you’ll want to
manufacture a conversation, so it comes up. Here’s an example of how to do this, using a
financial advisor as an example:
Let’s say you’re the roofing company mentioned above. You provide a quote to the
homeowner for a roof replacement, and the homeowner clearly can’t cover the cost. In this
case, you can certainly send them to the financial institution for a loan. But, you can also
introduce them to a financial advisor. Here’s how the conversation might go:

Know How to Manufacture a Conversation (cont’d)
Homeowner: “That’s way more than I can afford right now. Is there anything we can do to lower the
cost, or finance the roof?”
You: “Definitely talk to the financial institution I just mentioned, for a loan, and maybe a HELOC loan.
But other than that, have you already talked to your financial advisor about your unexpected roof
expense?”
Homeowner: “No. Why would I do that?”
You: “Well, I’d suggest you talk to my financial advisor. The reason I say that is because 90% of the
time he’s able to help everyone I send his way, reducing their expenses by $500 per month, or
$1,000+ per month if they’re a business owner. If he can save you that much per month, plus you
can get a loan, the money saved would be able to pay back the loan, and you might even save more
money on top of that. Also, it doesn’t cost anything for a conversation, so, I’d suggest you schedule
a time to chat. What do you think?”

Know How to Manufacture a Conversation (cont’d)
It may not typically seem to make sense to mention a financial advisor to someone who
needs money for a roof. But, asking if they have one, and then giving the reason for why you
asked, can make perfect sense.
In your case, consider the different reasons and ways in which to bring up your referral
partner, in a way that will truly provide value to the person you’re speaking with.

Have Regular Meetings
The best referral partners invest time getting to know each other. This goes back to the
concept of not just knowing what the referral partner does, but actually recognizing the need
when it comes up. If you don’t regularly spend time with your referral partners, it can be easy
to forget about them, or not recognize the needs, when presented to you. It’s said that it takes
200 hours to really get to know someone, and become a close friend. This is where you
should strive to be with your referral partners. And the closer you get to this mark of time
spent, the easier it will be to refer to them, and the better you’ll know them.
Of course, in the earlier stages of testing a prospective referral partner, if it turns out you don’t
like them as a referral partner, then don’t keep investing time in courting them. They will likely
fade away if you don’t nurture the relationship. And if they want to nurture the relationship and
not fade away, then they are likely good communicators, which is a positive referral partner
characteristic.

Put the Ball in Your Referral Partners Court
When you have a good referral, don’t leave it to the referral to reach out to your referral
partner. Rather, put it in your referral partners ballcourt. There are a few ways to do this:
1. When meeting with the referral, ask them to pull up their calendar on their phone. Then,
get permission to call your referral partner and see if they can pull up their calendar as
well. Once they’re on the line, have the partner and the referral coordinate a time to meet.
This is the best possible referral you can make. By the end of your conversation, the
meeting is booked between the referral and the referral partner.
2. If this situation above doesn’t work, consider sending a three-way text between you, your
referral partner, and the referral. If you connect them via text, you’ll know the connection
was successfully made. Then let the referral partner nail down a time to meet with the
referral. Of course, this is assuming you and your referral partner have no objection to
their cell number being shared. But, if they don’t mind, this is a good approach to take.
The referral likely won’t make an objection, if you suggest that form of introduction.

Put the Ball in Your Referral Partners Court (cont’d)
3. If the two methods above don’t work for you, try sending an email introduction between the
referral partner and the referral. In that introduction, suggest they reach out to each other
to schedule a time to chat. This will make it so the referral partner can go ahead and
schedule the time. But, it also makes it possible for the referral to take the initiative.
4. One other way to make the referral is to schedule an in-person lunch meeting that
includes you. You can schedule a time for you to meet with the referral, and ask for
permission to invite someone else, whom you believe would be a good resource to the
referral. Then, coordinate the lunch or coffee meeting with the referral partner. Sometimes
being present at the meeting can be very helpful. Other times it’s not. But, this is certainly
another option worth considering.

Grow Your Referral Network
The concepts shared above are all centered around building a relationship with one
individual, and introducing them to your other referral sources. In an ideal world, you will grow
an entire network of referral sources. This is often referred to as a “power team.” The larger
your power team is, the more referrals you’ll receive, and the more value you can provide to
your customers or clients. Also, you can meet with your power team on a regular basis over
lunch, or in other settings. If possible, systematically get to know each other, and let everyone
share what they’re looking for and working on. The more this happens, the stronger your
network will become. Ultimately, this approach will help everyone involved, to receive the best
possible service and value.

About The Faculty
Joshua Lyons - josh@jjlyonsmarketing.com
Joshua Lyons, the managing director of Joshua Lyons Marketing, has been part of the marketing world
since 2009. He began his marketing career upon graduation from the University of West Florida, with an
education in public relations and marketing. Joshua worked for several companies, developing and
implementing proven online marketing strategies and boosting their exposure and revenue. After many
years of marketing, in commercial real estate, hospitality and other industries, Joshua began his own
marketing agency, Joshua Lyons Marketing. He launched his business in 2015 and continues to provide
marketing services for clients around the United States. Joshua works with new businesses,
entrepreneurs, larger established companies and organizations that are internationally recognized.
Additionally, his clients range in industry from banking, home repair, medical, professional coaching and
more. His company provides a variety of marketing services, but the core services offered include
website development, content writing and search engine optimization. Those who wish to learn about
marketing can read his company blog, which is designed to help individuals and marketing teams as they
develop their own online marketing strategies.
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About The Faculty
Jodi Brown - nolajodi@gmail.com
Jodi is a problem solving change agent who will organize, facilitate and drive your steps to success
whether your challenges are personal or business related. With 40+ years of work, life and travel
experience, she has a unique breadth of knowledge that can help you coordinate your next
move(s). Jodi has professional skills and experience in entrepreneurship, banking, taxes, event
production, the music industry, restaurant ownership, crisis management, health and wellness,
digital marketing, real estate & construction, as well as life and business coaching. Whether she's
wearing her chef's jacket or working as the development director of a start-up artificial intelligence
company, there’s not much ground she hasn’t covered. Her network is large and her reach is
global. She loves to help others achieve their dreams.
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About The Faculty
Benjamin Hein - Benjamin.Hein@EdwardJones.com
Benjamin Hein started his career over a decade ago after correlating the farmers almanac with the stock market and thus creating a near
80% predictability within specific sectors of the stock market. He formerly worked at the corporate office for Edward Jones in St Louis,
working in various departments including estates, and offices in transition. He serviced over 3000 clients, while holding his license in 50
states and managed over 100 million in assets. When asked why he moved back to his native pan-handle (Pensacola), He jokes “I had a
receding hairline, and not a receding waistline!”
Something few know about Ben: He had Harvard applications with recommendation letters in a bid for a ‘full ride’ to get a masters In divinity
to become a pastor. (ultimately God canceled his plans!)
Like many financial advisors, in an industry where the failure rate is a near 90%! It is easy to doubt your path.
The statistics: Around 250,000 resumes were summited the year Ben was hired, about 56,000 people got through the electronic application
process, 9000 were interviewed (across 50 states) and a little over 200 were selected to go through FA Career Development Program. (its
easier getting into Harvard)
He worked with and studied under the underwriter who worked with Sam Walton for the public offering of Walmart, as well as O'Reilly's auto
parts. Has had the privilege’s of working with the former Economic Advisor under the Regan administration; Is apart of the technology
counsel for Edward Jones on advancing client and advisor-facing financial technology. He has independently interviewed over 100 financial
professionals on, ‘what would you do differently’ and ‘at what point did it ‘click.’ (someday he will publish his findings!). Since starting with
Edward Jones, he hasn’t worked a day yet and finds that his true ministry is serving people and business so that they may serve others.
40

About The Faculty
Courtney Peterson - courtney@cpetersonfinancial.com
Courtney Peterson is an insurance agent who specializes in employee benefits, Medicare and individual
health insurance as well as executive benefits throughout Florida since 2005.As a native of Pensacola,
he enjoys spending time with his family, camping, and spending time along the coast around the
Pensacola-area, Panama City and Tallahassee.He is an active member of the community through
volunteer work with the Pensacola Runners Association and Pensacola North Rotary Club. He has
served in leadership roles in the Pensacola Young Professionals (Internship Pensacola and
Environmental Committee) and Pensacola Suburban West Rotary. As a testament to his commitment to
Pensacola, Escambia County and the Florida Gulf Coast, he served as Vice-Chair of the Zoning Board of
Adjustments for the City of Pensacola and Escambia County, Florida RESTORE Advisory Committee.He
is a graduate of the University of West Florida in Pensacola with a BSBA, Finance. He is a graduate of
Leadership Pensacola, Class of 2007 and Pensacola Neighborhood Leadership Academy, Class of
2008.As a commitment to serving his clients, he is an active member of the National Association of
Insurance and Financial Advisors in Pensacola, FL and has served as an officer with NAIFA – Pensacola.
41

Questions or Comments?
If you have any questions about this webinar that you did not get to ask during the live
premiere, or if you are watching this webinar On Demand, please do not hesitate to email us
at info@financialpoise.com with any questions or comments you may have. Please include
the name of the webinar in your email and we will do our best to provide a timely response.
IMPORTANT NOTE: The material in this presentation is for general educational purposes
only. It has been prepared primarily for attorneys and accountants for use in the pursuit of
their continuing legal education and continuing professional education.
42

About Financial Poise
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