Maximizing Referrals: Simplify it!

September 16, 2020 by

Advisor Wealth Mastery Team

Now, it’s common to hear that we are living in unprecedented or extraordinary times. In reality, it’s not all that uncommon for some large scale event to impact the markets. The obvious line of thinking is that it’s not realistic to find new clients in a down market. In this case, the obvious is incorrect. It is possible to build a financial advisor client list and grow client loyalty regardless of the market. The market will always change, but human behavior is relatively predictable. There are many ways to approach growing and maintaining a client list. For many financial advisors and wealth managers, referrals are the most common way they get new clients so we’ll start there. 

Identify Your Ideal Client

Before you can generate clients from referrals, you have to identify the type of clients you want. You want those who are the types of people you want to work with. You’re looking for clients that have the outreach group you want to work with and focus on. You’ll also want those with good net worth. These clients will generate referrals in that desired outreach group, which means you’ll end up with the kind of clients you enjoy working with, who have high net worth, and position you for long term success. 

Simplify the Process

If referrals are the top of your client funnel, you can’t fixate on “I meet someone, I do a good job, and they give me some referrals.” This line of thinking puts you at a disadvantage because you’re fully dependent on your client going out and selling your services. That’s a problem since most of them are probably really bad at it. You should simplify the referral process. Give your clients a way to quickly and easily share information about you and the services you provide. This can be done with books, reports, or white papers where you’ve added a personalized cover letter. The key here is to make it something tangible. It’s more difficult to forget about a physical book than it is to forget about an ebook.

The thought that no one will read an ebook is probably a shock to some since it’s so tempting to rely solely on technology. The idea of sending a bunch of emails through a CRM and letting that be the end of your marketing sounds good until you consider the fact that most people get hundreds of emails every day. That isn’t to say that technology doesn’t have its place in your client funnel, but it does call out the fact that it’s important to leverage the right technology at the right time. 

Make the Connection

When it comes to marketing, texting is the new email, and sending a text message makes it more likely that you’re getting in front of your target. Webinars are also a great way to utilize technology in a way that encourages clients and potential clients to interact with you as a person. That’s the important part because people love a personalized experience or interaction. Clients want to see you as a person. It’s important to let them see the real you versus the corporate cardboard cut out version of you. They want to know that you care about them, and what matters to them. 

This is what makes the difference when it comes to growing and maintaining your client list even in a down market. When your clients know that a real person is there for them, even when things get tough, they’re more likely to stick with you and refer others to you. When they bring you those referrals, remember to keep an open mind. Once you have the referral, you have two ideal outcomes.  1. Converting  the prospect to a client. 2.Or keeping them as a prospect for the future. Someone who doesn’t make the best client today, may just be your best client later on.  

Want to learn more about converting referrals to clients and growing your prospect list? Schedule a complimentary business evaluation today. Call us at 303-808-8719. The team at Advisor Wealth Mastery is ready to help you grow your practice.

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