GETTING REFERRALS is arguably the best way to build your financial advisory practice. There are basically two kinds, solicited or unsolicited. Unsolicited referrals are best; they imply your client is confident in your services, and the referred is in need of your services. Although there are many different approaches to soliciting for referrals, it may be difficult to find a method that you're comfortable with that works well.
Here's a referral method that's as easy as 1-2-e. Use an eNewsletter (email newsletter) as a referral target instead of a meeting. Slowly build your email list over time, and use the eNewsletter to begin building relationships with referrals until they are ready to meet with you. Although this is a long-term approach, it fosters building strong relationships with both clients and prospects. It's easy to implement, and sustain, is non-threatening and doesn't put you or the client on the spot.
Here's an easy plan to help financial advisors get referrals, more referrals!
1. Strengthen your relationship with current clients with:
a. Constant Communication
b. Consistent Communication
c. Superior Client Services, and
d. Sound Financial Advice
2. Make sure you have a website with pertinent information about you, your philosophies and your services. Highlight what sets you apart from others and how your clients benefit. An eNewsletter can drive traffic to your website where potential clients can learn more about you and your services.
3. Build your list. Instead of asking for referrals for a meeting, ask if you can send an eNewsletter. You'll have greater success asking for something that requires little commitment from referror and referred.
Why eNewsletters? They're easy to implement, effective, easy to refer (email addresses at fingertips) and easy to sustain given their low cost and ease of distribution. Best of all, you don't have to ask them directly if you don't want to. You can also supplement this type of campaign with others provided they don't conflict with one another.
4. Begin building relationships. Communicate with your clients and prospects regularly via your eNewsletter. Offer content that's interesting but not necessarily about their finances. You can also communicate information about 'Appreciation Events' and 'Administrative Reminders' which will be seen by both clients and prospects.
5. Continue to build your list and send out your eNewsletter.
6. Your expectations and analysis of success should be based on client satisfaction (loyalty), number of eNewsletter subscribers, number of opened eNewsletters and finally how many new clients you receive. Adding short-term marketing initiatives is okay provided they work in concert with this long-term approach.
In the worst-case scenario you have added more value to your relationship with current clients, this in itself can contribute to you receiving more referrals.
Kirk Lowe is a marketing consultant for financial advisors, and head honcho of Freedomarketing. Subscribe to his FREE eMarketing newsletter at Freedomarketing , and get his eBook "Building Your Business In The 21st Century - For Financial Advisors" which is also FREE.
Referrals Easy as 12e - To learn more about this author, visit Donald F. Pooley's Website.
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Donald F. Pooley
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