8. They do not know how to approach a friend. They worry they will be put into an awkward position. Their friend might ask: “Are you getting paid for this?” or “Why do you think I should do business with your advisor?”
Strategy: Coach them. Describe a situation where you helped them. Ask who they know in a similar position. They might say; “I had this problem. My advisor solved it. Now you have this problem. They might be able to help you too.
9. They do not know the size accounts you handle. They might be super wealthy. Their friend is not, but they would easily meet your ideal client profile. Your client assumes you only work with level or higher.
Strategy: From time to time, mention an anonymous story about a new client relationship you added and how it came about. This should increase your client’s awareness.
There are many ways to help prompt clients to send referrals. Your objective should be to make it easy for them.
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.