The Top Six Cost-Effective Referral Activities for Financial Advisors

I recently attended a Marketing Forum given by the FPA of Michigan. Many important topics were discussed, among them being how to get referrals. Being especially interested in this topic I took some notes and here they are.

A big challenge for financial advisors is managing their time. Because of the time crunch, advisors must focus on the most cost-effective referral activities. Here are the top six. Use them to achieve a more profitable practice.

Advisor Takeaways:

  1. Make it easier for your clients to refer you. Educate them and give them the words to use. Nothing is more demotivating than not knowing how to do something. Give them your value proposition and why you are different from other advisors. You will find your happy clients more willing and able to help you.
  2. A personal introduction is the most effective approach. So whenever you get a lead, ask for personal introduction. You want to meet your prospect face-to-face.
  3. Make it a goal to spend more time in social settings where the affluent are likely to be, such as country or athletic clubs, fundraisers, or arts events. You can network and prospect in relaxed surroundings and gather excellent leads.
  4. Make yourself more visible. You can sponsor charitable community events. Offer to write investment articles in your local newspaper. This will help keep you top of mind when prospects are ready to hire someone. Your clients will be proud of having you as their advisor and be more inclined to refer.
  5. Always get the names of the other professionals, CPAs, attorneys, estate planners, who work with your clients. Research their backgrounds to find things you share in common. Use this to build rapport.
  6. Meet with three or four of the most likely candidates and create strong referral alliances. Meet with them throughout the year for lunch or a round of golf. Ask for their advice. Send birthday cards and small gifts during the holidays. Develop strong bonds.

These six high-touch tactics will give you the highest return on investment of your time.

~Stan Mann, Strategic Business Coach for Financial Advisors
Helping time strapped financial advisors get more profitable clients and more freedom

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