Understand Why People Make Referrals And You May Just Attract More Of Them Hot

stephenw585stephenw585  
 
 
0.0 (0)
Write Review
I make referrals all the time, although I would usually call them suggestions or recommendations. Here are a few that I have made recently or make fairly regularly:
·         Since I work with financial advisors, I will often get questions about tools and resources. I recommend the client relationship management system I use, Redtail.
·         A client of mine needed some short-term financing, and I was happy to recommend and coordinate a loan through a regional bank.
·         I love the software applications Evernote and Nozbe. As a busy consultant who struggles with ADD, I have found that these programs improve my life.
·         I am a fan of Mark Sisson and The Primal Blueprint. If I get into a conversation about diet or health, I direct them to Mark’s book or website.
·         I recommend my auto mechanic pretty regularly. There have been many times when he has directed me back to the dealership because he believed that my problem was covered under warranty. Other times he has talked me out of repairs on a beat-up Jeep or van I used to own to carry things around for home improvement projects because they were too expensive relative to the value of the vehicle. I believe he won’t charge me to do something unless it’s necessary.
·         My wife and I love food and wine and frequently talk about local restaurants and vineyards in the Finger Lakes area of New York where we live.
 
Once you reflect on it, you may realize that you make referrals pretty regularly. Your clients do, too. They likely refer people to you more than you realize. In her study “Anatomy of the Referral,” Julie Littlechild found that 91% of clients were comfortable providing a referral to their financial advisor, and 29% had made a referral. I am intrigued by the 29%. Most of the advisors I know would be thrilled to receive referrals from almost one-third of their client base.
The study found that the top two reasons for offering a referral is because a friend asked for a referral or a friend expressed a financial challenge. In his book The New Art and Science of Referral Marketing, Scott DeGraffenreid determined through social network analysis that people make referrals to improve their standing among their peers. Your client is telling his friend about you not because he wants to benefit you, but because he wants to benefit the friend and to benefit himself. 
Who have you recommended to friends over the past month? Why? Why do I tell people about my auto mechanic, or those software applications, or Mark Sisson? My mechanic does not pay me to tell people about him; he provides me no incentive to recommend him—no discounts or coupons or certificates for a steak dinner if I send three people his way. And I assure you Mark Sisson does not even know I exist, much less that I am a fan. I encourage friends to patronize those businesses because I care about them, my friends. I do it because I want them to have a better experience taking care of their car, because I want them to avoid getting ripped off, and because I want them to be healthier and live longer. And I want them to think better of me for having turned them on to something that was useful to them.
So, if people want to realize the benefits of providing a referral (obtain social currency, expand influence, etc.) and can accomplish that by directing a friend to you because they believe you will help them solve a problem, they will refer people to you. Attracting referrals, then, becomes largely a matter of training clients to remember to mention you at the right time. It’s all about helping people remember you when they can benefit from mentioning you. It’s not about giving you names when you ask, it’s about remembering to refer you when the opportunity arises, so you have to prepare clients for that opportunity. “Who can you think of that could use my services?” is about asking your client to help you. “I know someone who can help you solve that problem” is about a client helping a friend.

 

This Website Is For Financial Professionals Only


User reviews

There are no user reviews for this listing.
Already have an account? or Create an account

A Strategically Focused CE Curriculum

With classes approved for over a decade by the CFP Board, IWI, and NASBA, Advisors4Advisors CE classes are an optimal knowledge stream for CFP®, CIMA®, CPA, CPA/PFS®, CFA®, and other practitioners. It's not a grab bag of speakers willing to sponsor CE content. Nor is it a one-man CE course. It's a group of subject matter experts with amazing communication skills and a history of thought leadership that, together, give advisors a well-rounded knowledge system for running a professional practice ethically and intelligently.

CE Since October 2008

A4A CE classes for financial professionals began in October 2008, the week Lehman Bros. collapsed. Initially billed as “The Financial Crisis Webinar Series,” A4A connects advisors with authoritative sources on investing, tax, and financial planning, chosen by A4A Editor Andrew Gluck, a veteran financial reporter. A4A members get a stream of CE classes for an advisor who: 

  • holds a CFP®, CIMA®, CPA, CPA/PFS, CFA or other designation requiring CE annually 
  • values monthly CE classes by Fritz Meyer, Craig Israelsen, Frank Murtha, or Andrew Gluck
  • diversifies a core of client portfolios in low-expense funds
  • invests based on MPT and economic fundamentals
  • advises on tax and financial planning as well as investing
  • needs financial counseling skills
  • wants the Certified Financial Counselor™ designation 
  • is building a brand as a thought leader locally or in a niche
  • wants the facts when bad news breaks
  • wants CE aligned with a content marketing system
  • wants 24/7 access to CE on-demand
  • insists on objective evidenced-based tax and investment planning analysis

 

MEMBER REVIEWS 
William Desormeau, Jr.  
It is not possible for me to overstate the cumulative value that Craig and Fritz have added for over 10 years to my investment advisory practice, as well as for personal and family financial planning. A4A gets my highest recommendation
Lynn Najman, CFP®
I’ve subscribed to A4A since its inception, and always find it intellectually stimulating and on point. It’s one of the few CE solutions out there that doesn’t waste my time by pushing product or talking down to me.

PeteDeacon-CPA-CFP
Pete Deacon, CPA, CFP®
A4A has had a profound effect on my business. Since 2009, I’ve relied on the consistent messaging and updates to run my business successfully. Being able to present the information from Fritz, and Craig's ongoing CE webinars has been a significant benefit.

fredericMayersen-phd-cfp
Fredric Mayerson, MBA, PhD, CFP®
I've been a financial professional and professor of finance for 35 years and find Fritz Meyer to be among the most engaging, incredibly knowledgeable, and experienced presenters I’ve encountered. They deliver an extraordinary amount of information in an extremely interesting way — sequentially and developmentally, utilizing pedagogical tools and techniques that few possess.  A4A to is the most consistently excellent CE program available.  
Ron Roge, MS, CFP®
I’ve been attending A4A many years because the CE classes are outstanding, and my time is valuable. Though I have over 35 years of experience, I’m always learning something new on A4A. I attend fewer conferences now because the CE is generally not advanced. If you want to learn from the best, in a faster, easier, and less expensive way, I highly recommend A4A.

John R. Day, CPA/PFS®

I’ve been a member since 2011 and never miss the monthly webinars with Fritz Meyer. I appreciate Fritz’s independent views on the economy keeps me updated on excellent  planning ideas. A4A is a great value!
NormanPolitzinerCFP

Norman Politziner, CFP

I wouldn't miss a Fritz Meyer webinar unless my pants were on fire. I've relied on Andrew Gluck's knowledge systems --client communications and CE -- for two decades. It's simply the best solution for tax, financial, investment, and risk-management professionals.®   

Dan Hawley, CFP® 

A4A, for over a decade, has been a great resource for useful and accurate information and CE. A4A and Advisor Products are bargains for an advisory practice. 

KevinBrosious-CFP-CPA-PFS

Kevin Brosious, MBA, CFP®, CPA/PFS®

I get CPA CE credit and CFP credit for the webinars.  But not only that, the A4A content is terrific