How Advisors Can Onboard Referrals

A common myth about Referrals: My clients tell me they “don’t know anyone” who needs my services.

Have you ever heard a client say, ‘I don’t know anyone’ when you made mention of referring? Do you think that’s true – that they actually don’t know anyone who may benefit from your services? Chances are they know lots of people, they’re just not motivated to give you names right now.One of the most successful strategies I’ve seen for giving clients a reason to immediately refer is an event called, “Don’t Miss the Boat.”

This is similar to a client appreciation event however the only people invited are clients that have referred others to your firm.

You tell your clients – “Mr. Client, don’t miss the boat! We’re doing this big event on March 15th on the Detroit Star, that dinner boat on the Detroit River. It’s going to be a gala event with music and dinner and dancing. You and you’re wife can get all dressed up! But, don’t miss the boat, because the only people we’re inviting are those that have referred clients to us by the event date.”This event gives clients an immediate reason to think of someone. Yes, it may be a little gimmicky, but we’ve never seen this strategy fail and it has consistently produced referrals of 40 or more per event!

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