10 Referral Ideas for Financial Advisors

marketing referrals May 14, 2018

When it comes to growing your practice, you probably have a few tactics up your sleeve — but it’s important to know that not all tactics are created equal, especially when it comes to referrals.

Getting clients through referrals can lead to better clients, faster growth, and lower investment than other approaches. With referral clients, you’ve already established a baseline level of trust and credibility, which helps you close deals and develop valuable and lasting relationships.

That means that referral ideas for financial advisors are a hot commodity. And, the numbers drive home how valuable referrals truly are.

Those who are referred by a friend are 400% more likely to make a purchase or become a client, and once they do become a client their lifetime value is 16% higher than that of a non-referred customer. This may be due to loyalty, as referred customers are 20% less likely to choose another brand if something shifts in...

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Of The Essence: The Best Time To Contact A Prospect

How quickly do you contact a prospect? Do you do any web-based prospecting for your practice? Do you have contact forms available on your firm’s website or are you part of an advisor directory like ours or a professional association where consumers can find you? Did you attend a community event and put out contact forms? Do you have a solid referral process in place?

If so, you probably have a database of leads coming in regularly…and how quickly you respond to them will either greatly increase or diminish your chance of success with them. While it may seem reasonable to just keep calling new introductions over and over until they meet with you, common sense (and our own experiences) would tell us otherwise. No one wants to be harassed and have their phones blowing up all day from someone they haven’t even met … even if they came looking for you to begin with.

The key is balance and the strategic use of data.

Though John’s developed an...

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Objection Handling – What Financial Advisors MUST Do

“I already have an advisor”.

There’s that all-too-familiar feeling again. That slight punch in the gut mixed with the unintentional face tension. It’s probably not the first nor the last time you will ever hear an objection like this. Objection handling, just like number crunching, is a fundamental part of our career as financial advisors.

…or is it?

ThinkAdvisor.com had a great article a few years ago that said, “if we do get an objection, I feel like I haven’t done a good job”. The focus around this statement was solely that the system in place should be one that the client experience is simply SO GOOD that there can’t be any objections.

And we’re all about teaching you how to provide that white-glove client experience. Handling objections with grace and ease falls right into our purview. Let’s dive right in, shall we? 

Step #1: The Objections

Objection #1: I already have an advisor.


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