Implement a Client Advocacy Approach to Referrals
Instead of just wishing for referrals, go into each client review meeting prepared to discuss the mutual benefits of advocacy. -Rob Brown
I'm currently coaching an advisor who has picked up 25 referrals over a two week period of time. He only received about a dozen referrals in all of 2007, so he's very excited about the prospects for the rest of 2008. What's the secret?
He's implemented a client advocacy approach to referrals. Instead of just wishing for referrals, he's going into each client review meeting prepared to discuss the mutual benefits of advocacy. And his clients are more than willing to help. The key is the advance homework. When you blindly ask for a referral it can be awkward for both you and the client. When you suggest a name you are showing respect and giving your client a point of reference. This is a highly professional way to garner top quality referrals.
-Rob Brown, founder of Encore Partners, in AdvisorMax discussion Are You Receiving Advocacy-Based Referrals?
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