Here’s a Four-Pronged Plan to Become a Highly Referable Advisor

Here’s a Four-Pronged Plan to Become a Highly Referable Advisor

Most financial advisors find it difficult to ask for referrals. That we know because less than 11 percent even bother to ask. Maybe that small cadre of advisors knows something the other 89 percent don’t—that nearly three-quarters of high-net-worth clients say they would refer friends or colleagues if their advisors asked. That’s quite a disconnect, so I’m wondering if there is something else going on that’s preventing advisors from tapping this precious and obvious source of new clients.

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Top 10 Most-read Posts on Our Blog in 2019

Another year is about to end tomorrow – we hope it was as great for you as it was for us at Don Connelly & Associates. We’d like to close our blogging year with a recap of the most-read posts on the blog by tens of thousands of Financial Advisors and Wholesalers in 2019.

They are mostly on using stories and analogies, getting referrals and becoming brilliant at the basics. But there were also a couple of posts on preparing yourself for market corrections, overcoming your fears and building strong relationships with prospects and clients. Enjoy and thanks for reading!

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11 Best Practices for Gathering Referrals

11 Best Practices for Gathering Referrals

People trust recommendations from people they know, and the lifetime value of a new referral customer is higher than of a client acquired in another way. Despite this, advisors shy away from asking for referrals – citing that to be one of their most awkward tasks.

The good news is that, if asked at the right time, most clients would be happy to advocate on your behalf. Less than a third of advisors ever ask though. Don’t act like the majority – because referrals are at the core of growing your business.

In this post we’ll look at some best practices for gathering referrals.

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Why You Need a Referral Strategy and How to Develop One

Why You Need a Referral Strategy and How to Develop One

Many advisors are uncomfortable asking clients outright for referrals, finding it hard to strike a balance between being aboveboard about wanting to acquire new business and being pushy or needy.

If that sounds like you, then you need to change your mindset because there are only three ways to gather new clients: From existing clients, people you know who are not yet clients, and people you don’t know yet. The best way by far to find new clients is via referrals.

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How to Get More Referrals

How to Get More Referrals

Referrals are integral to growing your business. They are one of the most profitable sources of new clients. So asking for referrals is a priority – even if the thought of doing so fills you with trepidation.

In order to get more referrals be selective where you focus your energy. Determine the right time to ask your clients and try these different approaches in order to make asking for referrals more natural – and more productive.

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