A new report titled “What Makes You Referable? The Elements of Referability,” published by SEI in partnership with Absolute Engagement and The Client Driven Practice, shows that advisors need a “formalized framework to fully leverage their contacts and maximize their referral potential.” In a podcast at “Becoming Referable,” SEI’s John Anderson discusses some of the takeaways from the report which analyzes data gathered from 512 U.S. advisory firms. In addition, SEI Advisor Network has launched the ReferralBuilder program to assist advisors with “referability.” A link to the podcast follows. Michael Kitces also explores the topic of referrals — and barriers to gaining referrals, inspired by a recent presentation by Ron Carson at the eMoney Advisor Summit. Carson posed the question: “Are advisors afraid to ask for referrals because they’re not proud of their own services?” That struck a chord with Kitces, who says advisors can be held back because they may not be proud of their company or products they provide, are not confident in their own business value, or are asking for referrals when clients don’t know who to refer. See the link to his Nerd’s Eye View blog below.
John Anderson on the Future of Referrals
Source: Becoming Referable podcast (32 minutes)
Hosts: Julie Littlechild and Stephen Wershing
John Anderson is the Managing Director of Practice Management Solutions for the SEI Advisor Network. He has been with SEI for over 20 years and is responsible for all programs focused on helping financial advisors grow their businesses, create efficiencies in their operations and differentiate their practices. John is frequently quoted in publications, such as Investment News, Financial Planning magazine and The Wall Street Journal, and is a regular speaker at broker-dealer conferences, client seminars and other industry forums. He is also the lead author of SEI’s practice management blog, Practically Speaking.
Why Is it So Hard to Ask For Referrals As A Financial Advisor?
By Michael Kitces
Source: Nerd’s Eye View blog
Growing a client base and acquiring more ideal clients is a challenge all advisors face, regardless of how successful they currently are. And although almost everyone in the industry has heard that asking for referrals is an important way to grow a business, many advisors struggle with this. Which raises the question, as recently posed by Ron Carson at a recent keynote presentation: “Why don’t more advisors ask for referrals? Are advisors afraid to ask for referrals because they’re not proud of their own services?”