Yes, you, too, can experience a fountain of referrals.
And here’s a simple 7 Step System
for financial advisors that removes the mystique from referrals.
First and foremost, make a commitment to marketing. That
means creating a marketing
plan and keeping it in plain sight at all times. Place
referrals front and center as a heavy-duty tool in your
plan.
Then, put into play a process that promotes referrals.
The 7-Step System From A Referral Champion
I’m turning to technology consultant Roger Prichard
for his winning system because it’s a process that
can promote a cascade of referrals for financial advisors.
For Roger, marketing is never a separate activity,
because it arises from and permeates every aspect of his
work. That means his referrals strategy and his consulting
practice are one.
Now this may sound more like smart business practice rather
than a strategy for more referrals. The truth is . . . it’s
both.
From our interview with Roger, we arranged what he told
us into a 7-step process that prompts referrals. And I show
you how to adapt what he does to your Financial Advisory
Practice.
While each single step is simple, together they can make
a profound difference in adding to your Book.
1. Know Your Client's Business Or Learn About It
--
As financial advisors it’s essential to grasp your
clients’ and prospects’ concerns, issues,
fears, and desires. If they are a business owner or executive,
it’s equally vital to know about the business issues
and trends they are grappling with.
2. Speak Your Client's Language --
Roger has a slogan, "We talk computers and speak
English." He speaks the business language of his
clients and is careful not to load up his communications
with techie talk.
For financial advisors take this to heart. Do not get
caught up jargon that your listener might not be familiar
with such as Black Swan event, Super Bowl Indicator, or
HIFO.
3. Solve the Right Problem --
Most often, Roger's not solving a software or hardware
problem. He is answering the question: What's the business
process trying to accomplish? For a financial advisor
ask, What is the individual in front of me trying to accomplish?
That’s your focus.
It's not on what you think he or she needs or what you
want to sell.
4. Question and Listen --
"These are the most important skills,"
Roger said.
When meeting with a prospect for the first time, distinguish
yourself by asking valuable questions and listening. What
does the prospect really want? What are the real issues?
For a business person, what are the critical business
issues?
“Don't be afraid to ask what might be a dumb question.
You need to know basic things and the only way to find
out is to ask. Nobody knows everything."
And here's Roger’s corollary, "Never ask the
same question twice."
And we add this: Through questioning you are positioning
yourself. You demonstrate the breadth of the service you
provide and the thought and expertise that contribute
to results for your clients. The relationship deepens.
5. Choose Your Clients Wisely --
Questioning and listening reveal something else . . .
You get an idea of what it's like to work with that particular
individual or organization. "Some problems are insoluble,
and the majority of the time you can determine that ahead
of time," Roger said.
"If you have a chemistry fit, you'll know and they'll
know if you are right for each other. If it's a near miss,
you may decide you can work with each other. The match
is so important!"
6. Develop Good Relationships --
He calls this part of the process "sticking close
to your client."
He is willing to do what it takes to get it done for
a client. In his case there are disasters that arise because
the software is flawed or doesn’t do what it’s
supposed to do. He puts in the extra effort to get it
right.
Another essential element in "sticking close to
your client" is educating him or her. "Make
sure your clients know where you are heading. Roger shields
his clients from the minutia of his work but keeps them
"informed so that they don't get the impression that
you are making excuses."
7. Keep in Touch With Your Clients --
Once a project is completed, Roger calls to ask, “How
has it worked out? What could we have done better?”
As a financial advisor, you may have had the experience
of attracting a prospect who was dissatisfied with his
or her current advisor. A common reason is, “The
Advisor didn’t pay attention to me.”
This step, the seventh, makes sure that you are NOT the
discarded advisor.
Roger makes these calls consistently even when his time
is fully booked.
Sometimes he asks an additional question, “Do you
know of someone who is growing a business or starting
a new one and needs help with networks or databases”
(or whatever type of work he’s looking for)?
As a financial advisor you could ask, We are looking
for _______________ (Describe your Ideal Prospect). Who
do you know who fits this description?
"If I don't talk to them periodically, they are not
going to call me," Roger said. These calls encourage
them to think of you, and they demonstrate something equally
compelling -- that you care about them.
"Happy clients are your best credentials,"
he said.
Talk about being in charge! Roger has all the work he can
handle. And that gives him the luxury of choosing his clients,
and you can, too, by following this 7 step process to promote
referrals.
Referrals are not a once-in-awhile, now-and-then
activity. The overriding key to success for financial
advisors is to infuse every nook and cranny of your financial
advisory practice with your referrals strategy.
You can discover more about integrating a referrals
strategy into your marketing plan or contact Bob at
1-617-901-6886.
