Although the top financial advisors list referrals as their number one way to increase business, many still shy away from this approach. Whether out of fear or lack of effort don’t let this very important method of building your business get pushed to the side.

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START A CHAIN REACTION:
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USING REFERRALS

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Although the top financial advisors list referrals as their number one
way to increase business, many still shy away from this approach.
Whether out of fear or lack of effort don’t let this very important
method of building your business get pushed to the side.
EXECUTIVE SUMMARY

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• Up to 45% of most service-providers are selected by customers based
on the recommendations of others.
Source: Getting Business to Come to You - Paul and Sarah Edwards
• 48% of survey respondents indicated that they provided a referral
because a friend asked them for a recommendation.
Source: Anatomy of the Referral – Julie Littlechild
• 57% of survey respondents indicated that they provided a referral due
to a detailed description of a financial challenge.
Source: Anatomy of the Referral – Julie Littlechild
• 2% of survey respondents indicated that they provided a referral
because their financial advisor asked them to refer their friends.
Source: Anatomy of the Referral – Julie Littlechild
QUICK STATS

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1. Find a Niche - If you are servicing a specific type of client or an
expert in certain aspects of financial planning that your competition
tends to ignore, make it well known to your current client base. Don’t
simply state you are better at certain aspects of your role but clearly let
them understand that you are different than the competition. People
of similar needs and interests tend to stick together through life.
2. Track Referrals / New Client Acquisitions - Ask your new clients if
they were referred and by whom. Make sure to follow up with a thank
you note or small gift to the referrer.
ACTION PLAN

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3. Paying for Referrals - Offering incentives, such as discounted
services or the promise of a finder’s fees is a strategy, however
anytime you short yourself, this could hurt you in the long run.
Offering people discounts will always lead to more discounts and take
away the image that you are worth every penny.
4. How to Ask your clients for referrals
• Don’t say this: “Can you think of any friends or family that would be
interested in meeting with me?”
• Say this instead:
- “You are a member of (club, association, group etc) is that right?
- “Do you attend (said place) once a week or one a month?”
- “Is there anyone in your (said place) that you believe could benefit
from my services? Maybe one or two people you’ve known in the
group for awhile or sit next to regularly?”
ACTION PLAN

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5. Sending written communication - Capitalize on other forms of
communications such as personal letters and/or email. The links below
will offer you two ready to edit templates to get you started – both
can be used in letter and email form:
• Click here for a letter asking current clients for referrals
• Click here for an introductory letter to said referrals
ACTION PLAN

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Happy clients provide referrals! In this day and age of increased
competition and new online methods of personal financial planning
always ask yourself this: Have I gone above and beyond the call of duty
to make my clients happy and stand out from the rest of the field? The
answer needs to be yes.
SUMMARY

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To receive complimentary
SAMPLE REFERRALS LETTERS
CLICK HERE