2. The client thinks. Your client likes you. They know you deliver great service. You are there when they need you. Suddenly, they realize how you can do it! It is because you do not take every person that walks through the door as a new client. You work with a specific number of clients. You manage the volume of clients to keep your service level up.
3. You speak again. “Before I add them in the traditional way, is there anyone you would like to recommend to be ONE of those SEVEN new relationships?” You stop talking.
4. The client thinks again. Scarcity has been created. You have the opportunity to “share the wealth” but with only one person. As an advisor, if you have ever allocated shares of a hot IPO to clients, you know what is going on in the client’s mind. “There are seven slots. I have been offered one. Why can’t I have two?” This is not a bad thing.
What Happens Next?
You have created scarcity and exclusivity. You no longer are seen as having unlimited capacity. Your capacity is seven new accounts. If your customer thinks you are a great advisor, they will assume those seven slots will disappear quickly. This should motivate them to call a friend, tell your story and urge them to act. It might be a “complainer” who is always talking about how their advisor never calls. After they tell them about you, the next time they complain, they might counter: “Have you called my advisor yet?”
Honest Is The Best Policy
You can see how this strategy works well in theory. Some clients should start actively seeking referrals. Others do nothing. Suppose it worked better than you anticipated and you got twelve referrals calling up and asking to become clients! You might take them all on and not say anything to your clients. It would seem like the logical thing to do. Who turns away business?
Clients talk. Word gets around. If you said seven and word got out you added twelve, it is possible some clients might feel they have been tricked. You do not want to be seen as dishonest.
Fortunately, there is a solution to this problem of referral largess. Go back to those three restrictions. Suppose you gave some smaller accounts away to another advisor in the office? Maybe you hired additional sales support. This can create additional capacity in your book. You are only having this referral conversation with your best clients, so it is not difficult to call each one, explain the new development and how this allows you to add an additional six (or other number) of additional relationships similar to theirs.
Scarcity and exclusivity sell. It leads to business. You can create it.
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.
1. https://www.corvetteforum.com/forums/c8-general-discussion/4718689-what-is-the-average-wait-time-from-deposit-to-delivery.html
2. https://stingraychevroletcorvette.com/process-links/order-process/