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Newsletter XVI - Referrals

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 Newsletter XVI

Give Your Clients an Opportunity to Help You

A consistent stream of positive endorsements from clients is what all financial advisors dream for their business. Wouldn't it be great to have client advocates who help build the client base?

Most advisors realize that they need to build a foundation first to be referable. Many advisors, myself included, meticulously build client service systems, conduct ourselves within our communities to the highest standards, initiate engagement processes with our client base to build relationships and stay top of mind. As we adopt systems and processes to improve our foundation our hope is, if we build it they will come. 'They' being the coveted client referral.

Are you vocal about referrals?

Clients need to know that you are open for business, accepting new clients. Clients also need to clearly understand and be able to communicate your value and your specialty. Being clear about what you offer and who can benefit from your help, will make it easier for your clients to tell their family members, friends etc.

Use the following three questions to communicate your expertise:

  • What makes you different?
  • Who is your target market?
  • What areas of finance do you specialize in?


Are you reachable?

Is it easy for your clients to give you referrals? Client meetings are a perfect scenario to collect referrals. In my office, we always show our clients the letter of introduction that we send referrals. The letter of introduction introduces us to the prospect and describes the services we offer. We work from a template letter and customize it for each prospect. The most important aspect of the letter is the carbon copy: at the bottom of the letter of introduction we indicate that a carbon copy will be sent to the client. This builds credibility with both the client and the prospect and increases the chance of securing an initial meeting with the prospect. 

For a copy of our template letter, please email: ideasforadvisors%23com|michelle.

Every time a client gives you a referral, at a minimum a thank you note should be sent to the client. No matter what the outcome is with the referral. It shows professionalism, good manners and gratitude. The goal is to make the entire experience a positive one for both the client and the referral.

Referrals from happy clients is the #1 way to grow your business.


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Watch for Mike's new book, The Loyalty Edge, coming soon!


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