Getting Referrals Without Asking

The leads that we have generated as a result of the gift have more than paid for the costs."

Client Events
"We tried some events that weren't successful and finally discovered what works best.  We have a very upscale holiday open house.  The invites that go out are nicer than what I used for my own wedding invitations.  We do not mention products or services at all.  

Through guests bringing a friend, like widows or other singles who do not like to come alone, we have been able to impress individuals and eventually bring them on as clients.  As a whole, our guests are so delighted they provide more referrals without even being asked.  You can't advertise happy relationships, you have to create them and let the news spread on its own."

Client Advisory Boards
"For 15 years we have had a client advisory council that meets twice a year.  In that time, our clients have provided honest and candid feedback that has improved our service offering, by letting us know what we are doing well and what we need to do better.  As I often say, 'It is tough to give yourself your own haircut.'

Through giving our clients a more powerful voice, we have had the benefit of better educating them on what kind of clients we want to bring onboard.  One example of this is when we recently showed a draft of a new brochure we were creating.  From doing so, it was asked why we didn't have younger individuals in the pictures.  As a result of the conversation that took place, we received even more client referrals from those on the council, as there was more clarity around our target market."

Thank You Notes And Lunches
"The most important thing when it comes to referrals is to reward your clients that give them.  A handwritten 'thank you' note is the least an advisor should do.  A better strategy is to take the new client and the referring client out for a lunch, where we do not talk shop, but just get to know each other better.  That type of appreciation effort ends up inspiring both individuals to send even more prospective clients my way."

Treat Your Clients Like Gold
The one commonality among all these advisors is that they treat their clients better than other companies do, inside and outside the financial service industry.  Getting client referrals should not be expected, it should be earned.  

Advisors should have a sound strategy to turn their clients into advocates... then hopefully they will find they have more fanatics than they had ever hoped for.

Mike Byrnes founded Byrnes Consulting to provide consulting services to help advisors become even more successful.  His expertise is in business planning, marketing strategy, business development, client service and management effectiveness, along with several other areas.  Learn more at www.byrnesconsulting.com.