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Automatic Referrals for Financial Advisors

Leveraging a Client Advisory Board in a Referral Marketing Program

Most financial advisors report that referrals are their most important source of new clients. Yet, amazingly, relatively few have a formal referral marketing program.

Asking for Referrals Doesn’t Work

Of the firms that actively solicit referrals, most of them do it in a way that is both ineffective and actually compromises the client relationships they have.  The new report Anatomy of a Referral by Julie Littlechild proves that all the hackneyed, obsolete referral training programs of the past are as ineffective as they are uncomfortable for the advisor and for the client.  It also shows how and when referrals actually happen, and points toward a strategy that can work to attract consistent referrals – even without asking directly for them!

A Referral Marketing Program that Works

Referral marketing works best when an advisor uncovers what the best target prospects and clients want most, and works hard to provide it. The most powerful component in the program is the client advisory board.

An advisory board is a collection of some of an advisory firms best clients, brought together to advise the advisor on the strategic direction of the practice. It is the most effective way of stimulating high level and rich conversations about how to leverage the greatest value the advisor offers to clients. When the recommendations of the advisory board are communicated and then implemented in an advisors practice, the quantity and quality of referrals can increase dramatically.

This report will briefly review why this is true, and give you some basic tips on how to leverage a client advisory board as the foundation of a powerful referral marketing program. Embrace these concepts, and start attracting referrals more than you ever could before.

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To learn more about how a Client Advisory Board can deepen your client relationships, get you more share of wallet, more clients and more referrals, contact us.