You build your business through referrals. Instead of waiting for something to happen, you are proactive. You want to make something happen. Feeding people has worked for years. You might be planning a client/prospect dinner. It might be a seminar. How can you get clients to invite guests to an event?

The Nightmare Scenario
In most cases your client doesn’t know what to say. Suppose they simply said: “I’m meeting my financial advisor tonight. Why don’t you come along? I think you would like her.”

Now the problems start. The other person says: “Why do you want me to meet your financial advisor?” That’s a logical question. Your client honestly (perhaps naively) answers, “She said she is looking for new clients, so I thought I would bring you along.” Sort of sounds like a human sacrifice.

The friend says: “Your advisor is looking for new clients! What’s in it for you? Are you getting a finder’s fee?” Your client is embarrassed. They vow to never try lining up a referral again.

Three Comfortable Scenarios
Here are three ways you could coach your client. You are scripting the conversation in a general way. You are not giving them a written script.

1. The similar problem. The stock market has been volatile. As their advisor, you have been there for your client and helped them focus on the bigger picture. Their breathing has returned to normal. Remind them how you both interact when the market is going through a difficult period. Ask them who else they know that is nervous about the market.
Their conversation: “Phil, I know you are invested in the stock market same as me. I know you have been losing sleep lately. Me too. Fortunately, I have a good advisor at (your name, firm). When I get upset, I call (your name). He calms me down, puts things into perspective and gets me focused on the long term. Sometimes he even points out opportunities’ others might be missing.

I think you would enjoy meeting (your name). I’m having dinner with him next Thursday. He said I can bring a guest. My portfolio review is earlier in the afternoon, so we won’t be talking business. Would you like to join us?”  

2. Providing for their spouse. Your client is older. They have been the primary financial decision maker for decades. Their health is failing. They are concerned about who will look after their spouse if they die. They want someone who will be a fiduciary, putting the client’s interests first. You and your client have been preparing for this eventuality.
Their conversation: Phil, you know I have health problems.  One of my biggest worries is who is going to help Megan and advise her on her investments when I’m gone? Fortunately, I have a good financial advisor at (firm). Her name is (your name). Megan likes (your name) and she likes Megan. I feel when something happens to me, I will be leaving Megan in good hands.

Phil, I know you feel the same way about your wife Crystal. Megan and I are having dinner with (your name) next Thursday. She is coming to the house. How about you and Crystal joining us? I think you would both enjoy meeting (your name).

3. The great restaurant. Sometimes it’s the venue that seals the deal. You have probably gotten those mass mailings about a retirement seminar at a fancy restaurant in your local area. The recipient thinks: “That’s a classy place. If he’s paying the bill, sure I’ll go.” This is a similar strategy, but it’s not a large group event.
Their conversation: Phil, you have been talking nonstop about that new Brazilian steakhouse in town. Have you gone yet? If not, this may be your lucky day. I’m having dinner with my financial advisor (your name, firm) next Thursday. He’s taking me to that Brazilian steakhouse. I have no idea how he got a reservation! He said I could bring a guest. Why don’t you join us? You’ve always wanted to go and I think you would like (your name) once you meet him.

One final point. This is not a script. These are talking points. Chat with your client, bring up an approach that might be suitable in their situation. Let them get the point across in their own words.

In each example, there was a benefit to the friend that makes it worthwhile for them to attend. Would this strategy work with your clients who are able to provide referrals?

Bryce Sanders is president of Perceptive Business Solutions Inc. He provides HNW client acquisition training for the financial services industry.  His book Captivating the Wealthy Investor is available on Amazon.