MASELLI: They have to understand that strength does not come from the size of your book. Nor does it come from the amount of commissions you generate, or the amount of assets you manage. A strong advisor is one who believes in what he does and who understands the value he brings to people. Even if you just got into this business yesterday, you are in a profession now where you bring valued help to people who are desperate for your assistance and knowledge. Your strength comes from knowing that. It's a belief in yourself, your professional skills and in your ability and desire to care for your clients.
GLUCK: So, to ask for referrals from strength, you must measure your success not by the size of your business but by the quality of your client relationships.
MASELLI: Yes. If you take the time to pay attention to what your clients want, if you stay in touch with them on a regular basis, if you listen to them and you're there for them in the tough times, then you're a superstar. Being able to come from a position of strength in asking for referrals has nothing to do with how much you earn.
GLUCK: You're flipping the way advisors ask for referrals by making them feel good about asking for referrals.
MASELLI: That's exactly right. I want advisors to understand that they bring tremendous value and that they deserve referrals because of the help they provide. Now this is not easy. Frankly, there are others out there teaching clever phrases and gimmickry that may work for some advisors. But if you are working with top clients-and frankly, those are the ones that you want referrals from, multimillionaires who can gain you access to other people of significant wealth and referral sources-then the strength referral is the way to go.
GLUCK: So it's not about being a great technician.
MASELLI: I don't think any advisor today can survive with just a nice haircut and a shoe shine. You certainly must have some technical skill. But most of the technical help you need can be outsourced or done by other people at your firm. At the end of the day, this is a people business. We are money psychiatrists.
GLUCK: You want advisors to feel like it's almost an honor for clients to work with them. That's fundamental to being able to ask for referrals from a position of strength. Right?
MASELLI: Saying it's an "honor" is probably extreme. Any good advisor wants the client to feel somewhat respectful of the professional skill they bring. You want the client to feel that he is fortunate to be working with you and that he is in great hands.
GLUCK: And you can't just act like that without good reason. You actually have to deliver great service. Right?