By Michael Byrnes

Techniques for gaining more business through client referrals were among the topics broached at the IMCA 2011 Winter Specialty Conference in Vail, Colo.

"The theme of referrals was recurring throughout the conference, and we are confident that the advice and tips on this topic will help our members in 2012 and beyond," IMCA spokesman Ryan Hoffman said.

Edwards Holliday, president of Atlantic Leadership Group said 71% of advisors plan to increase their new business activity.

Linda Stimac, chief creative officer at RainmakerDNA, said her firm's research has found that 95% of advisors are struggling with referrals. "Beliefs have to be in line with our actions," she said. Advisors are hampered by the belief that it is not right to ask clients for referrals or introductions.

Advisors might have valid reasons for not wanting to ask for referrals, some speakers said. David Richman, national director at Eaton Vance Advisor Institute, asked the attendees, "How would it be if your doctors hit on you for their next patients?" Would you lose some faith in them? He explained that advisors do not want to ask the wrong way and have their clients question if they are really the best at what they do.

"I have a strong belief [that] rich clients do not want to be hit on to grow your book. They don't want to be saddled with that responsibility," he said.

Referrals normally happen through the course of normal conversation, he said.

"People are talking about money more than before. In more normal times, that doesn't happen. It is a great opportunity for you," Richman said.

He asked if the attendees were getting lots of calls on Monday morning. "If not, why not?" Richman said. The best advisors are getting Monday morning calls because their clients are talking to their social connections over the weekend, he said.

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