Stop Waiting to Be Referred . . . Tap into Your Goldmine of Happy Clients

How do the affluent want to meet a financial advisor like you? One recent study surveyed over 4,000 affluent individuals. It determined that the affluent would prefer to meet you either 1) through a referral from a friend or colleague, or 2) through a referral from a CPA or other trusted advisor. This article will give you my proven strategy for asking for referrals from your affluent clients (all your clients for that matter). If you think that your affluent clients won't give you referrals, think again. Not all will, but a significant percentage will – especially if you met them through a referral.

The VIPS Method® for Asking

Here's a 4-step approach I've taught to thousands of financial professionals who are having tremendous results. First, I'll give you the bases to cover and then I'll give you a possible script to show you how you can touch on all the bases. Don't worry too much about the words I use. If you like a turn of phrase, then by all means use it while also making this approach genuine by using your own words.

V  Discuss the Value They've received.

Near the end of a client meeting (in person is better, but over the phone can work fine), ask your client what they find most valuable about your relationship, the work you've done, or what are some of the more important things you've accomplished (together) thus far. Discuss their value perceptions. Be genuinely interested in their response. Probe for clarity.

I  Treat the Request with Importance.

You treat the request with reverence in three ways:

a. Make sure you have enough time to have the conversation.
b. If you met them through a referral, remind them.
c. Put it out in a confident way. "I have an important question to ask you."

P  Get Permission to Brainstorm About Who You Can Bring Your Important Work To

It's important that you get permission to talk about referrals and that you set it up as a "brainstorming session." This will help both you and your client feel most comfortable. Plus, when you're brainstorming, you can go down different paths to help them determine whom they would like to help by introducing you.

S  Suggest Names and Categories of Names

You don't want to throw open the entire universe for them to pick from. They'll likely draw a blank. Stimulate their thinking by suggesting names of people (or categories of people) whom they've mentioned previously. Share your Ideal Client Profile. Share your “hit list.” Get introduced to their CPA or other trusted advisor. Have them invite people to your next seminar.

Here's What It Might Sound Like

YOU: So, Bob. We've talked about quite a few things over the past couple of weeks. I'm curious. What stands out as being the most important or valuable thing we've done thus far?
BOB: Well… I'd have to say that the most important thing is helping me get clear on a few things. I feel more clear and confident about my financial future. I now realize, if I follow your strategies, I should be able to have enough money to send my three children to private universities and still retire quite comfortably. As you know, I had been quite concerned about that. I also have a better handle on how I want to care for my family once I'm gone.
YOU: That's great. I'm glad you're finding value in the work we're doing. You know, if it wasn't for George, we wouldn't have met, nor had a chance to do this important work. I guess we both owe George some thanks.
BOB: I've already thanked him.
YOU: Good to hear. You know, with that in mind, I have an important question to ask you.
BOB: Shoot.
YOU: I'm wondering if we could brainstorm for a few minutes about who you know who should be aware of the work I do. Who would you like to help the way George helped you? Would you feel okay talking about that for a minute?
BOB: I suppose so.
YOU: Fine. Last week you mentioned your sister Barbara. Maybe we can start with her.

It's really as simple as that. You need to find the words that work best for you.

Just make sure you touch all the bases. If you'd like more sample conversations with asking for referrals, planting seeds, dealing with objections, etc. – click here for our Scripts Book.

Some Powerful Language

Kevin Turner is a top producer with his company. He's got a great way of brainstorming I thought I'd share with you. Here's what Kevin says, "As you consider your colleagues, who among them would spend a few minutes with me just because you said so?"

I think this language is brilliant. Here, Kevin's going for the highest trust relationships he can. After all, referrals are merely borrowed trust. Kevin's looking for the relationships of the highest trust. Try this out. I think you'll find it natural and I know it will produce results.

Don't Take My Word for It

To help motivate you to really try these strategies, I thought I'd share a few comments I've received from your peers who are using my system. They're having tremendous results. They've tapped into the gold mine of their happy clients, and they've stopped leaving money on the table.

"As a veteran top producer in my company, I was getting my fair share of referrals. Then I started using your strategies (have read your book twice) and realized I have been leaving so much money on the table. I asked a client for referrals, using your ëbrainstorming' approach, and not only did he give me two great referrals, he told me about $300,000 dollars with which he need guidance (hadn't told me about it before). Bottom line – your system is putting more money in my pocket."
    Jeff Waranch, Paine Weber, Baltimore, MD

"Your referral system has had a huge impact on my practice. I'm getting more referrals than I can handle – a good problem! The other day, using your 4-step strategies, I asked a prospect for referrals and she gave me a list of 22 great contacts. I've just started calling them and 3 have already become clients. Your stuff really works!"
    Harry Schiavone, Jr., CFS, ING, Fairfax, VA

Referral Objections

On occasion, a client won't want to talk referrals. In a future article, I'll give you a simple, but powerful formula and language for dealing with these referral objections.

For now, just remember, if you ask in a way similar to what I've given you today, you won't get many objections. Plus, even if they don't want to play, you haven't hurt your relationship with them, you've just planted a powerful seed.

And besides, you don't need all your clients to give you referrals. You just need enough of them to.

RCI – Tools to Help Your Get More Clients – Make More Money!

1. Subscribe to our F-r-e-e email newsletter "The Referral Minute." For more info: http://www.referralcoach.com/newsletters/
2. Take our F-r-e-e referral marketing course via email to get up-to-speed with our system. For more info: http://www.referralcoach.com/members/course/
3. Assess your referral ability and create your road map for referral success with our "Referral Confidence Checklist." http://www.referralcoach.com/checklist/
4. Read some of our F-r-e-e articles that will help you grow your business. For more info: http://www.referralcoach.com/members/articles/
5. Get the best referral educational tools available at our Referral Marketing Store. For more info: http://www.referralcoach.com/referral-store/
6. Check out our next Referral Boot Camp where you learn our complete system. For more info: http://www.referralcoach.com/individuals/boot-camp/
7. Want to make referrals a true and lasting habit? Check out our new coaching program. For more info: http://www.referralcoach.com/individuals/coaching/

All the folks at Referral Coach International are eager to be a great resource for you. Call us at 1-800-488-5464.