Why You Should Focus on Getting Referral Sources
I was talking with an advisor last week about how to get into conversations about what he does. He was relaying the story of going jogging with a friend who could be a good client but is, more importantly, connected to a large network of people who fit this advisors ideal client description.
And this friend happened to bring up someone he knows who may be facing a situation that fits the advisor’s specialty. “I made the same mistake I always make” the advisor told me. “I just started talking about what I do.” The conversation went on for a short time after that, but the friend did not pursue any further information.
Ever found yourself in that situation? Talking with a great prospective client who needs what you do but when you bring up what you do the conversation tapers off? Here’s a strategy you can try. Rather than talking about what you can offer, find out how you can help them. Who you can connect them to.
The more you can help people the more they will refer.
It gets back to the primary motivation behind making a referral. People refer because they want to help a friend (or family member, or client) solve a problem. If you actively engage with them to help them find a solution, they will think more of you. They will look to you for other things. Eventually, you will be that solution.
One of the comments I hear frequently from client advisory boards is how much clients appreciate their advisors willingness and ability to connect them to other people who can help. “If they can’t do it, they know someone who can” is one way they describe it. And it is one of the things those clients value most about their relationship with the advisor.
It invokes the law of reciprocity. If you do good things for someone, they will want to do good things for you. It also sets you up to be a source of good solutions, good connections. If you have a reputation for knowing who to call, you will get called more often.
Habitually introducing people has power. Making a practice of introducing people to each other made shy, introverted Adam Rifkin one of the world’s top relationship builders. “Connecting people who can benefit each other is the most useful skill you can have on the entrepreneurial ladder of skills” says James Altucher. “When you help others make money by connecting them together, the world forces itself into the Möbius strip of success that brings the money right back to you times ten.”
Besides, asking how you can help a good referral source gets them talking about themselves which will always be more interesting to them than talking about you.
Write out a few questions you might ask someone who starts talking about a challenge they face or that a friend is grappling with. Get into the habit of connecting people with other people or resources that will help them succeed. You will find yourself and lots more conversations with people who want to know how you can help them.
Most Read IRIS Articles of the Week: April 17-21
Here’s a look at the Top 11 Most Viewed Articles of the Week on IRIS.xyz, April 17-21, 2017
Click the headline to read the full article. Enjoy!
Like so many others in the industry, I was wrong. For years, I was certain that the bull market was nearing its end. I thought the market was over-extended, and that, surely, the wild equities run was coming to an end. But everyone else was bullish, and perhaps rightfully so. And while I’ve watched equities continue on their spectacular rise, I do think now is the time (really!) to put a hedge in place. Here’s why. Here’s how. — Adam Patti
The realities for fixed income investors have changed. How is this being reflected in markets? Bond investing has become increasingly difficult over the past decade. Markets have been heavily distorted by ultra-low interest rates and quantitative easing, as well as by extreme risk aversion in response to the global economic crisis and the eurozone debt crisis. — Nick Gartside
Is being a financial advisor worth it? I am an optimistic person and I encourage other people to keep a positive mental attitude (shout-out to Napoleon Hill and W. Clement Stone). However, by taking a good, hard look at the negatives in life, we can successfully pivot towards the positive aspects that will help us achieve our goals. — James Pollard
How do you treat one of your most valued, existing clients? Here’s a list of some things that come to mind. — Andrew Sobel
According to many advisors I speak with, the only clients that leave are those who have died. And while attrition may not be a big problem in this industry, I have to assume that at least a few clients change advisors without doing so via the funeral home. — Julie Littlechild
I was talking with an advisor last week about how to get into conversations about what he does. He was relaying the story of going jogging with a friend who could be a good client but is, more importantly, connected to a large network of people who fit this advisors ideal client description. — Stephen Wershing
Big picture thinkers are not unicorns - rare and mystical. And they were not born with the innate ability to think big. They do, however, pay attention to the broader landscape and take the time to think, analyze and evaluate. — Jill Houtman and Danny Domenighini
Your reputation is who you are and how you show up, Monday to Monday®. Many of us take our image and reputation for granted. Give careful thought to the kind of reputation that you would be proud of Monday to Monday® and that would resonate with your purpose and priorities. — Stacey Hanke
The generational changing of the guard is a fact of life as old as time. Young replaces old in responsibility, importance, control and culture. Outside of the family, the workplace is perhaps where this is seen most regularly by most people. — Shirley Engelmeier
Next time you hear your prospects give you price objections, it’s not because of the price. The give price objections because they don’t know the full value proposition that they’d be paying for. And it’s not based on their need, or your features and functions. It’s based on the buying criteria they want to meet internally. — Sofia Carter
Last week we wrote about the economic rationale behind going independent vs. moving to another major firm as an employee. As a follow-up topic, we thought it prudent to analyze transition packages attached to big firm moves and peel back the layers of the onion to show the components of these deals. — Louis Diamond
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