Referral Questions Asked and Answered

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I’ve been helping financial advisors get more and better referrals for 20 years. Throughout this time, advisors have not changed much as they continue their quest for the holy grail of referrals. Many want a bag of fairy dust that they can sprinkle on their client’s head to anoint them with the power to refer.

There are ways to expedite a referral process. But everything is contingent upon the depth of the relationship and relationships take time to develop. They require nurturing and an investment of time, energy and strategy.

I’ve been asked many, many questions about referrals from advisors all over the country. This article has the most popular questions I’ve heard time and again, followed by my response. Of course, there’s much more that can be said for each of these topics. That’s why you’ll see links to many of my other articles for Advisor Perspectives. If you wish to discuss any of these further, my contact information is below.

Here we go!

Q: If my clients love me so much, why don’t they refer me?

A: Having clients who love you creates a solid foundation for client referrals. However, it’s been proven that clients don’t refer for several reasons. Most clients don’t understand who or what you’re looking for, so they can’t recognize an opportunity for you. Even if they can recognize an opportunity, many struggle with knowing what to say and how to bring you up in conversation. The good thing is, this can all change and dramatically improve through educating your clients on how to refer you. Read more about this topic in my article, The Three Biggest Mistakes Advisors Make with Referrals.