James Pollard – 51 Referral Marketing Tips for Financial Advisors

Have you ever been told to ‘just ask’ for referrals?

As someone who helps financial advisors get a steady stream of referrals, I think that’s a terrible idea.

Because while I believe this ‘just ask’ advice comes with good intentions, it’s simply not that easy.

And it’s unfortunate because referrals cost you nothing.

(Expect maybe a small “thank-you” gift.)

Plus, you start with a higher level of trust.

Your “closing” ratio improves because prospects are predisposed to doing business with you.

And unlike other marketing methods, your base of referred clients can grow exponentially because referrals beget more referrals.

So, if it’s okay with you, I’d like to reveal my biggest “secret” for getting more referrals… 

Please understand that my results are not typical. I’m not implying you’ll duplicate them (or do anything for that matter).

The average person who buys any “how to” information gets little to no results. As with all of my products, my references are being used for example purposes only.

I’ve had years of experience getting referrals and my personal results should be considered exceptional.

Your results will vary and depend on many factors… including but not limited to your background, experience, and work ethic.

All business entails risk as well as massive and consistent effort and action. If you’re not willing to accept that, please DO NOT GET THIS.

With that said…

My biggest secret for getting more referrals is not to ask for them but to facilitate them.

Maybe you’ve heard me talk about this in my daily emails… or my weekly podcast (“Financial Advisor Marketing”)… or maybe you’ve heard me speak somewhere and I’ve mentioned it.

You see, facilitate is defined as: “make (an action or process) easy or easier.”

Instead of hounding and hammering your clients for referrals, your goal should be to make it as easy as possible for people to refer business to you.

Because, depending on the study you read, anywhere from 77-92% of clients say they’re willing to give referrals, yet only a small percentage of clients actually do.

Why?

Because it isn’t easy enough for them.

Think about it this way…

Most of your clients WANT to help you… and they want to help their friends and family members. The only reason they aren’t helping by providing referrals is because the process is too daunting, too difficult, or too complex.

That’s why it’s up to you to facilitate referrals… and it’s why I’ve created a must-have referral marketing guide, called:

“51 Referral Marketing Tips For Financial Advisors”

This resource is all about making it as easy as possible for people to send you new business.

When you start using the ideas, you’ll notice common objections (such as “I don’t know anyone who needs a financial advisor”) begin to vanish before your eyes.

Here, let me tell you…

I’ve crammed this book full of 51 of the most powerful, easy-to-implement, referral marketing tips tailored specifically for financial advisors.

They’ll help you whether you’ve been an advisor for thirty days or thirty years.

Nearly every time you use my “facilitation” strategy, you’ll find yourself getting more referrals with less effort than ever before.

​Plus, at only 66 pages, you can work through it at your own pace or breeze through it in an afternoon.

Here’s a small sampling of what you’ll discover…

• How financial advisors can make it rain referrals. (Not doing this is the main reason why many otherwise competent, intelligent, and skilled financial advisors fail to get referrals in the first place.) Page 6.
• Four reasons why financial advisors aren’t asking for referrals. (Even experienced advisors make this mistake and it costs them dearly.) Page 7.
• One thing you MUST realize before you get the referrals you want… because anything you do without this (even though it’s utterly simple to master) is like trying to drive a Ferrari with no engine. Page 9.
• Your clients are likely giving you referral “clues” – I’ll show you how to spot these clues and how to take advantage of them. (Knowing these clues is like playing poker while seeing the other person’s hand the entire time.) Page 17.

In fact, I had one financial advisor write to me and tell me he had completely missed these referral “clues” for the past three years.

If he had this material three years ago, he could’ve recognized these subtle signals and taken advantage of them.

• Should you ask your “C” clients for referrals? The answer may shock you. Page 18.
• Should you ask for a referral at the beginning of a client relationship? Despite what others say, this terrible idea sets you up for failure. I’ll explain why. Page 20.
• My “positioning” secret which gives you the ultimate bargaining power in your relationships, which almost always makes your clients DESPERATE to send referrals your way. (I will admit, this is pretty advanced stuff. However, if you apply it correctly, you’ll be richly rewarded.) Page 25.
• Three key areas that will make you more “referable” than ever before. This one tip alone has the power to pay for this training hundreds of times over and it can be applied whether you’ve been an advisor for twenty years or twenty minutes. Page. 27.
• The one thing your clients value more than money, and if you don’t acknowledge this one thing first, asking for referrals is like ramming your head into a brick wall. (You’ll probably never hear about this anywhere else.) Page 31.
• The “secret” luxury hotel chains have used to rake in billions of dollars from their guests. Every time you employ this deceptively simple “secret”, you’ll find your clients naturally gravitate towards giving you referrals. (And it’s so simple, you’ll master it immediately, even without practice.) Page 35.
• If your clients have teenagers, then doing this one thing darn-near guarantees that positive word-of-mouth will spread like wildfire. Page 36.
• I interviewed people who have never given a single referral to their advisor and discovered THIS is the most common reason why. (Not one advisor in ten was able to give me the right answer.) Page 40.
• How to handle a referral that isn’t a good fit for you or your business. I’ll show you what to do so it doesn’t damage your relationship with the referral source. Believe it or not, you CAN have your cake and eat it too. Page 42.
• Do you know where to find estate planning professionals who WANT to send you referrals? You can find them in less than ten minutes – I’ll show you how. Page 43.
• Three questions most strategic alliances ask themselves before they send referrals your way. Page 47.
• Do you know people who “won’t take no for an answer”? Here’s what they should do instead… and it’s incredibly effective at generating referrals on a consistent basis. Page 50.
• Most of your clients are NOT thinking of you when you’re not around. I’ll show you how to stay top-of-mind with your entire book of business so they mention your name at the right time and right place. Page 51.

A word of warning about the previous tip…

It does cost a little bit of money to implement but it’s wickedly effective.

For example, I gave this tip to one of my consulting clients to revitalize his entire business.

He had a decent-sized book of business but he wasn’t getting the referrals he thought he should be getting. By doing this one thing to stay top-of-mind, he was able to get more referrals in a month than he got in the previous year.

And the best part? It took him less than a day to do.

• How you can use what people are already saying about you to turbo-charge your marketing materials. Page 53.
• The big mistake financial advisors make after getting a personal introduction which destroys almost all chances of sealing the deal. (Crucial information for new advisors – please heed this advice before you ruin your reputation.) Page 56.
• The gift-giving strategy that’s made me dramatically more effective than advisors who send boring gifts, like bottles of wine. Page 59.
• Have you ever had an experience where your client comes back and tells you, “Oh, he wasn’t interested…”? When this happens, it’s usually because YOU (not your client) made THIS fatal error. Page 61.
• Two critical unspoken objections your clients will have about giving you referrals. Every time you ignore (or flat-out miss) these unspoken objections, you destroy your chances of EVER getting a referral. Page 65.

And that’s barely scratching the surface…