The Three Biggest Mistakes Advisors Make with Referrals

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New parents are anxious. They want to know what to expect. They search the internet for their answers. They read books by the experts. They talk to a lot of people who have children to satisfy their curiosity and desire to learn as much as they can before their little bundle of joy arrives. Like most of us, when doing something new or challenging, they hope to learn enough to avoid the most common mistakes and find the wisdom to influence their parenting skills.

Advisors do the same when it comes to getting referrals. Getting referrals is not something new for many advisors (although it is for some), yet it remains challenging. So, like new parents, advisors find the latest book, seek out best practices, sign up for a course, look for a mentor, get advice from their broker dealer or wholesaler, hire a professional coach, attend a seminar at a conference, listen to a podcast or read an article.

All for the almighty secrets to getting more referrals and to avoid making those common mistakes.

Experts, like myself, who spend all their time coaching advisors like you, writing articles and books, conducting interviews, speaking to audiences and reading studies, have a lot to say about referrals. We have seen and heard it all from our clients while helping them to grow their practices.

As you might imagine, I have much to say about referrals. For this article, let’s focus in on three of the biggest mistakes I have seen advisors make with referrals. You’ll get the insight you need to avoid making or repeating the same mistakes over and over.