A great way to plant a seed for future referrals is by demonstrating your willingness to give referrals. If you are with a small business owner, salesperson, or anyone who needs referrals for their business, say the following: 

“George, if I ran into a good prospect for your business, how would I know it and how would you like me to introduce them to you?” 

Don’t just save this for your clients. You can say this to prospects and even suspects – when the conversation turns around to business.    If you found this tip helpful, you’re gonna love our Referral Boot Camp for Financial Professionals.     

“George, many of my clients like to introduce the work I do to others in their life. Should that opportunity ever present itself to you, I thought it would make sense for you to know who my business is geared toward. All our processes are designed to help very successful people, like you. Typically, our new clients have upwards from $500,000 of investible assets and a net worth of over a million. We lean toward working with small business owners, like you, but that’s not a requirement. Does that make sense?”
 

Of course, your profile will be different and may even be a little longer. You can type it up and hand it to your client.  Notice how I didn’t say “my minimum is.”  Keep this about the client and the prospect and who you serve the best; not about who you’re looking for.
If you found this tip helpful, you’re gonna love our Referral Boot Camp for Financial Professionals.
 
 

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.

Okay, you’ve heard me talk about this before. But I just have to beat the drum some more. The single most important thing you can be doing to get more referrals is to be holding value discussions with your clients. You have to check in with your clients to make sure they see the value of the work you do – to make sure you are referable. What happens when you do make it a habit of discussion your value is you:

1) clean up unexpressed problems
2) create good, clean communication
3) increase client loyalty and trust
4) get the client in close touch with our value
5) increase client loyalty and trust.

Saul Cohen (Strategies for Wealth, NYC), attended our Referral Boot Camp this past April.  Part of an email he sent to me said this, “I have been trying my best to incorporate the Value discussions, and an introduction mindset. As a result since we did the program I have repaired relationships with neglected clients, set up client appreciation events and am forever planting seeds in all my conversations. In the month since the boot camp, I’ve gotten more referrals than in many years previous.”

Here’s a recent example of another Boot Camp graduate who used the Value-Discussion technique and got a great referral right on the spot.

Says Karin Tyson (The AFP Group, Houston, TX) “I wanted to let you know how one simple technique we learned at your boot camp helped us land a referral to a $3mm prospect – without even asking for it.

“We were working with a client who has about $7mm of investments with us as well as $2mm of insurance. Though I wasn’t in the meeting, I insisted that my partner, Gil, add the words ‘value discussion and confidentiality’ to the agenda. Gil did this and, without even asking for referrals, the client gave us a referral to an individual with $3mm of investable assets.

“This is proof of the importance of the value discussion and that your system really works as you said it would. Thanks a million.”

Tips for Value Discussions  

•   Make the value discussion part of your meeting. Use an agenda to make sure you get to it and don’t make it an afterthought.
•  Let your clients know before the appointment (via email or when you set the appointment) that you’ll be checking in with them to make sure your relationship is on course.
• This is a value discussion or check-in, not a value telling.  We don’t tell the client the value we’ve brought to them, we let them put it into their own words.
  
• This is not a setup for referrals. This is a conversation that exists in its own right. It’s just good client service.
  
• Start with the “improvement” side of the conversation. “Is there any place I’ve dropped the ball?”  “Is there anything we could do better or differently.”
  
•  Then move to the positive side. “Tell me what value you feel you’ve received from our process.”  “How has our relationship over these past 3 years been important and valuable to you?”
  

1. What do you like or admire (or respect) about him?
Use this information, in a genuine way, to build rapport with your new prospect. This is often a way to demonstrate your relationship with the referral source and what you might have in common with the prospect.
 

2. What’s going on in his life that’s important to him right now?
We know that money intersects every aspect of a person’s life. We also know that to gain an appointment with a new prospect, we often have to have a compelling reason why they should meet with us now – instead of 6 months from now. The answer to this question can often help you craft that compelling reason.
 

Your referral source is an incredible resource of information about your new prospect. Take the time and ask the questions.
 

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

Take a few minutes to calculate the life-time value of your typical ‘A’ client. How much money can an ‘A’ client be worth to you for the remainder of your career?  Now, what would your clients be worth to you if you fully committed to a referral process?  

We’ll be conservative here.  If you adopt a systematic approach to generating referrals, you could probably average at least – some average much more – 1 referral from each of your ‘A’ clients – over the lifetime of your relationship. (I’m being very conservative.)  Then, you convert 40% of those prospects into new ‘A’ clients. We’re already at some significant money for most financial professionals.But remember, the referral process works like compound interest. As you acquire more clients through referrals – you are bringing in people who are predisposed to giving referrals. This effect mushrooms and you soon have a momentum that can’t be stopped.Take a minute to do the math. This should prove to be a very compelling argument to make a full commitment to learning and using a proven referral system.
If you found this tip helpful, you’re gonna love our Referral Boot Camp for Financial Professionals.
  

I am writing you because I want to know if you have a short story that would fit on a postcard asking or encouraging my clients to provide me with referrals.  This would reinforce my efforts to ask and receive referrals.