Asking for referrals is about the worst way to try getting them. Too frequently, it sets up a scenario that actually compromises the client relationship. What’s worse, unlike cold calling, which may be the crudest and least imaginative way to try to get new clients, it doesn’t work. At least cold calling, done consistently and frequently enough, will bring in clients, and sometimes good ones. Referrals provided in response to your request for them will not generally give you the best ones.

In her studies the Economics Of Loyalty and Anatomy Of A Referral, Julie Littlechild demonstrates that which clients refer has little statistical relationship to how or how often they are asked. There is simply no clear straight-line between asking clients for referrals the way we have been traditionally trained to do it and the best referrals you actually receive.  Read More

Idea  #1. Increase Your Connections

Holiday Parties provide financial advisors a great opportunity to meet new people and re-connect with existing contacts and clients.  While it is easier to spend all your time at parties with people you already know, commit to meeting at least three new people at each party.

Idea  #2. Ask Questions to Gain Insight.

The best way to find out information about clients or prospects is to ask questions.  The more we listen and ask, the more we learn.  Commit to learning at least three new facts about your new acquaintances.  You will see the positive impact on both your personal and business relationships and financial advisory business through increased retention, referrals and repeat business.  Read More

The success of a presentation, whether it is a client seminar or a first prospect appointment, hinges on your knowledge of two basic realities: what you offer and why you are more qualified than your competitors. Lamentably, many advisors do not spend enough time to clearly establish whether they are product providers or advisors/planners. When it comes to creating and delivering a powerful presentation this distinction is of utmost importance.

Product providers focus the content of their presentations on WHAT will get their audience engaged — the benefits associated with a specific product, not its features.

While the focus of an advisor instead should be to demonstrate WHY retaining his/her services would prove to be the most viable choice for a prospect client.  To facilitate this decision, a presentation should unequivocally emphasize the specific benefits a client can derive from a relationship with you. For instance, clearly articulate how your investment strategies have helped your current clients shield their portfolios from the adverse impact of the recent market gyrations.  Read More