Wealthy and high-net worth clients are used to being treated like VIPs wherever they go. Do you give them the VIP treatment when they visit your office?  Here are just a few ideas:
 

1.     Brief your receptionist on your appointments for the day so she/he can greet your guests by name. “You must be Mr. and Mrs. Smith. We’ve been expecting you.”
 

2.     Serve them coffee or tea in bone china or a cold beverage in a really nice glass. Add a little snack with the beverage. Remember how they drink their coffee or tea.
 

3.     Have your clients meet your staff every time they visit your office – if possible. This will strengthen their telephone relationships.
 

4.     What is one extra-special thing you can do for your clients when they visit? For instance, some advisors have their clients’ car hand washed while visiting. Some advisors have massage therapists available for “sitting massages” while they wait or after the appointment. What creative thing can you do?
 

5.     Walk your client to their car or at least outside of your building. Watch how the conversation changes to more person – business-friendship – issues. They will appreciate this thoughtful gesture.
 

If you found this tip helpful, you’re gonna love our Referral Boot Camp for Financial Professionals.

I have a few questions from our meeting that we held with our firm in January.  First a little background:

Our firm is a very high-touch financial management practice that completes significant business in market alternatives (oil and gas, real estate, etc).  Each of our sales personnel has between 80 and 120 clients that are all accredited investors.  We provide, and our clients expect, first class service.

During our call you mentioned that a good salesperson could expect to generate 20 new clients through referrals each year.  My questions: 

During our call you mentioned that a good salesperson could expect to generate 20 new clients through referrals each year.  My questions: Can you detail what kind of business this number would relate to?  Is this representative of a phone based sales process or personal interaction? First, that number of 20 is very much a generalization. I have some clients who get 40+ per year and some only 8-10 per year. It depends so much on the type of work they do and where they are in their careers. Your question is really one that only you and your advisors can answer. What is a client worth to you – in the short term and over the long term? This is vastly different with different firms and different practices.  However, it’s a great number to calculate. When advisors see the financial rewards that can come from generating more referral clients – that lead to second, third, and fourth generation referral clients, it’s very compelling.

What could we expect a “top producer” to bring in regarding new referral clients? – how successful are your top clients using your methods?

Again, there are too many variables to answer this question with much authority. Most top producers are not as concerned with the quantity of referrals, but rather, the quality; referrals that fit their business model. Any top producer who has a great process and builds great relationships with their clients, should be generating a pretty nice flow of referrals. They key is getting the quality they want. And, every top producer has different goals as to how much they want to grow and what kind of lifestyle they want to live. In general, the principle key to getting higher-level clients through referrals is educating your top clients and centers of influence who your practice is geared for – so they are more likely to only send you people who they think fit your profile. 

 Of the personal referral leads generated using your methods, what percentage should we expect to successfully close as new clients?

Closing rates are affected by several things:  the strength of the relationship between the referral source and the prospect;  the timing of the referral related to the prospect’s perceived needs at the time;  the advisor’s ability to create a compelling reason the prospect should meet with them;  and the ability of the advisor to “close” the sale.  I’ve seen closing ratios as high as 85% percent and as low as 30%.  Many variables at work here.  I recommend you track all your advisors and, over time, begin to develop your own numbers.  Measure the following:  number of value discussions;  number of requests for referrals;  number of referrals;  number of solid introductions;  number of first appointments;  and number of closes.  Every advisor will display strengths and weaknesses in the respective categories. Work as a team to coach each other, brainstorm challenges, and celebrate the successes.I hope you find this helpful. As you can see, your questions have no definitive answers.  Feel free to bounce back with follow-up questions or new questions.

Bill  

Don’t wing it when you ask for referrals. If you always wing it when you talk to your clients about referrals, you’ll usually lack the confidence and preparation necessary to achieve good results. Do think ahead. Do come prepared to suggest specific names, categories, or a prompting list.  

I don’t know what a prompting list is,  Do you have an example? Thanks Steve

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Steve,A prompting list (also called a Target List or Hit List) is a list of people you prepare to show your client (or center of influence) to see if they know anyone on the list they feel comfortable introducing you to.

For instance, if you are calling on a small business owner, you could come up with a list of other business owners in the area or within his/her industry. Or, if you are calling on an executive within a large company, you could come with a list of other executives within that same company.  After you have gained permission to brainstorm referrals, you can present the list like this:

“George, we’re just brainstorming here, but I was giving it some thought.  I have a short list of folks that I think you might know. I was thinking of calling on them and wanted to see if there’s anyone you might feel comfortable introducing me to in some simple way.”You may find some verbiage that flows better for you, but you get the idea.

You can lead the brainstorming with the list, or you can employ it when the brainstorming hits a lull.

Bill 

Hi Bill

We have just started an experienced adviser and are looking at ways in which we can give him a fast start.

Our major problem is we are in Australia and we have recruited him from South Africa, so he has no natural market, not even other South Africans, as there are probably only about a dozen here in Cairns.

We are very happy with the quality of our recruit, but are looking for any good ideas we can get to assist him get off to a flying start. We have bought your “Boot Camp in a Box” and are starting to work our way through the package. I might add that we are and have always been, a “by referral only” practice. We have never seen the need to advertise in any form and we want to keep it that way.

Incidentally, he was one of South Africa’s top amateur golfers, so we do intend to work that part as much as possible. 

John S.

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John,

G-day!.

Yes – definitely leverage his golfing ability.  The question is how much do you emphasize the golf and how much the fact that he is an experienced (i.e. – good) advisor.  Determine 2-3 really nice courses, where people with money play.  And have him play there a few times per week (what a job!), walking on as a single – but asking to be put into a group.

He should also get involved in one or more high-profile charities or community service organizations.  Also, going to networking events put on my the Chamber of Commerce, Board of Trade (or whatever your equivalent is in Aus.)

As he really gets out in the community he should be looking for 3 opportunities:  1) potential clients, of course;  2) opportunities to present in front of groups (clubs, business associations, executives in a large company, etc.);  and 3) other centers of influence who should become part of his network.

Bill  

For the past two years in lieu of sending holiday gift baskets to clients I have been making a charitable donation in their honor.  I’m involved with a human resources group for my 401(k) business and each year we hold a silent auction to benefit a local charity.  I make the donation to the charity that has been selected as the auction recipient and send a letter of explanation to my clients including a bit about the charity.  I also thank them for the many opportunities I have to serve them as clients.  

This year’s charity was a Firefighter’s  foundation set up to assist families of firefighters who were injured in the October wild fires here in San Diego County.  I can’t tell you the number of supportive letters, emails and phone calls I received from top clients (one of whom was nearly burned out).  May of them commented how they really don’t need more gifts anyway.  Years ago I ‘d send out nice desk-top calendars I but stopped when no one so much as said “thanks”.

Cheers,

Scott

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Scott,

Thanks so much for taking the time to write an to share an idea that has been working for you.   I, too, have donated to charities in lieu of client gifts – but I’ve done it one client at a time – to their favorite charity. I like the idea of a much larger gift on behalf of you and your clients.

Thanks a billion!

Bill   

Hi Bill,

I am just letting you know I really enjoy what you have to offer, I have purchased a few items from you and have listened to all of your pod casts that I can find through tunes and prowebradio, I have a question in regards to one of your podcasts interviews with Phil Simonides, in the conversation you guys are speaking of a meal that you might invite 8 -10 people 2 current client couples and 2 prospect couples including you and your spouse, my question would be what would you have conversation wise , a 30 second talk about yourself and what you do and then just regular conversation, or what would you recommend?

Chad P.

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Chad,

The most business you should talk is a brief introduction of yourself – in as client-centered orientation as possible.

After that, just get to know each other. Talk about family, work, sport, etc.  Before the dinner, ask your referral source “What’s going on in their life that’s important to them?” If appropriate, let that be part of your conversation.  There are many high-level prospects who would prefer to meet you in a social context before they’re ready to talk business with you.

Bill

Just a few days after the Boot Camp, I am already having value conversations. Went well so far. A little stumped when next attorney gave me the can’t think of any one right now! I am thinking like you gotta’ be kidding! In an office of 200 attorneys you can’t think of any one? So I kinda stammered a bit. I’ll just keep pluggn.Any suggestions?Thanks for a good class. Just keeping the referral issue top of mind will result in more oppotunities.

It is essential that you always find ways to bring continued and expanded value to your clients – in ways that go beyond what brought you together in the first place.

Tell your clients, “If it has a dollar sign attached to it, please think of me. I may be able to help you or know someone who can.”

To this end, I recommend you read the book “Safeguard Your Identity” by Mari J. Frank.   If any of your clients experience identity theft and call you, will you know what they should do?  And perhaps you can help them prevent it from happening in the first place