A majority of advisors depend on client referrals for business growth, so it's surprising that many just leave things up to fate.
Yet advisors who are the most successful in building advocates out of their clients are the ones that have specific tactics. Here are 11 proven approaches, in the words of successful advisors, that can help your new business efforts.
1. Be Charitable
“We have turned our client referral program into a loyal advocacy program -- simply, we have identified our top 20 who can convey our services and at the same time have the willingness to be advocates. An example is one of our clients hosting a cocktail reception at their home naming us as the guest of honor.
"We typically try and support a charity at these events. Last April, one of our clients that were affected by Hurricane Sandy wanted to have a cocktail reception in which we invited all of their friends and family members who were also impacted. We made the night about them and donated a sum in the name of each family to save the Shore Foundation.
"This is the kind of stuff that they are proud to share with others and therefore creating a ton of referrals!”
Doug Lockwood, principal at Harbor Lights Financial Group Inc.