Why You Shouldn’t Be Apologetic when Asking for Business or Referrals

Why You Shouldn’t Be Apologetic when Asking for Business or Referrals

For many financial advisors, that moment right before asking a prospect to take action on a recommendation or, in sales parlance, asking for the order is filled with tension. It can be more stressful when asking for referrals. Less seasoned advisors are often overcome with the fear of rejection, which is natural until you’ve developed more confidence in your ability to close. That comes with practice and experience.

The bigger problem is with advisors who, for whatever reason, approach that critical moment feeling apologetic—as if asking a client for a referral or a prospect to act on their recommendation may seem offensive. It’s a bigger problem because it stems from a mindset that can be more difficult to overcome. It demonstrates a lack of conviction in what they are proposing or, worse, in what they do for a living. They’re not convinced they are providing genuine value. If you don’t believe in yourself at that moment, how can you expect your prospect to have conviction in your solution or your client to believe in you when you ask for a referral?

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How to Clearly Demonstrate Value so Your Clients Don’t Question Your Fees

How to Clearly Demonstrate Value so Your Clients Don’t Question Your Fees

As a financial advisor, you know you bring value to your advisory relationships, which, in your mind, justifies the fees you charge. Your challenge is that, from your clients’ perspective, value is difficult to define. It doesn’t make it any easier when you consider that a client’s assessment of value is subjective, which can vary from client to client. A study by Vanguard attempted to quantify an advisor’s value in terms of how the right advice—primarily keeping clients from abandoning their strategy—can potentially increase a client’s returns by as much as 3% annually. The problem is that difference in performance isn’t apparent in your clients’ statements.

So, how do you demonstrate value in a way that makes your clients not feel the need to question why they’re paying the fees you charge—that they are getting their money’s worth? It may be as easy as simply giving your clients what they want.

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