Getting a Steady Flow of Profitable Referrals – Part 5

5 star financial advisor practiceThis is my last blog post about how to create a five-star referral system that attracts and enrolls ideal clients.

What is often overlooked about getting referrals is that old F word. Yes, fear, but this time it’s not your fear of asking, this time it’s the fear the referral source has of giving. They worry that if they give you a referral their friend might have a bad experience with you. You might not treat their friend with respect and instead become a pushy salesperson.

The last thing they want to hear is a friend complain about you.

Even though part of them wants to refer you because — if you’re doing your job right — they like you and appreciate your service. And, of course, they also want to help their friend. People like to help people because it makes them look good and feel good.

So, even if they want to refer to you, it’s safer for them not to. To deal with this challenge, you must reassure them that it is safe. Let them know that you’ll treat their friend with the same professionalism you use with them. Tell them you will give their friend your best advice — even if they don’t end up becoming a client.

To sum it all up, here are the things you need to do for a five-star referral system:

  • Be referable.
  • Build a strong relationship with your clients
  • Keep them engaged so they feel invested in building your practice
  • Market to the particular groups your ideal clients belong to
  • Show them your written “ideal client profile” so they know whom to refer
  • Ask for referrals when they are happy with you
  • Convey you are doing them a favor when you offer your services to their friends
  • Reassure them it’s safe to refer to you

Put all of these steps in place and you will have a five-star referral system to bring you a steady flow of profitable referrals.

Cheers,
Stan

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Part 4 of 5 – Getting a Steady Flow of Profitable Referrals

4stars-squareWe’ve been talking about how to create a five-star referral system that attracts and enrolls ideal clients.

This blog tells you how to add a fourth star to your referral system.

Why do some clients become advocates who will refer to you? Clients become advocates when they are made to feel invested in building your practice. Some will even become raving fans who talk favorably about you every chance they get.

Giving wow service to your best clients is the start, but only a start. To get them really engaged, you need to solicit their advice. Ask them how you can improve your practice.

It’s a win-win-win.

  • You get constructive ideas to improve your practice.
  • The clients feel flattered they are part of your team.
  • They will help you get a flow of ideal referrals.

You can ask for your client’s advice individually at the end of financial reviews.

You can ask them in groups. Form an advisory board, take them out to lunch and have one of your clients lead the discussion about improving your practice. Or it might be worthwhile to hire a professional facilitator.

If a client brings a wealthy friend to the meeting, you have another ideal prospect.

Be sure and listen to their advice respectfully. When criticized, do not defend yourself. This might be hard for you to do, but if you get defensive, you will ruin everything. What you want to do when criticized is to thank them, tell them they are right, and ask them for specific things you should do to correct the problem.

So this is the fourth strategy: give wow service to your best clients and systematically ask them for their advice to improve your practice. Be sincere. Do your best to implement their suggestions.

When you have put in place this system of making your best clients advocates, give yourself four stars.

The next blog reveals a little-known secret that, if not addressed, will snuff out your chances of getting referrals. You won’t want to miss this.

Regards,
Stan
Be the best you can with Stan the MannP. S. Like this blog? Please pass it along to your advisor friends.Regards,
Stan

P.P.S. If you’re not already a subscriber, get more money-making ideas like this delivered straight to your inbox. Just click here:
http://www.stanmann.com/special-report/

 

Are You Just Sitting on a Gold Mine of Happy Clients?

Why are happy clients a gold mine? Because they’ll refer to you if you ask them.

We all know the value of a referral. You’re not spending your time cold calling. Referrals are warm. You can design your referral system so that you attract your ideal clients.

Closing sales is much easier because referrals are pretty much presold on your merits.

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The Three Main Reasons You’re Not Getting Referrals from Your Strategic Alliances

You felt great after having those nice conversations with CPAs, estate planners or other ancillary professionals. You thought you had a meeting of the minds and a nice source of referrals. You sent them referrals to sweeten the pot.

And you wait. And you wait. And nothing happens. No referrals.

You wonder what you did wrong.

Based upon my research, here are the top three mistakes you may have made.

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