Why Financial Advisors Should Ask for Referrals
Why Financial Advisors should ask for referrals? Very simply – if you are a good financial advisor you have earned it. Financial Advisors have a great advantage over other sales people when it comes to asking for referrals. Sales people who are selling other products or services typically don’t have the opportunity to positively impact the lives of their clients and their client’s families the way that financial advisors do.
Building a larger client base should be a goal of every professional. Across every industry, referrals are the easiest and most cost-effective way to generate new business. However, if you are like many individuals, you may feel awkward asking your current clients for referrals. Figuring out the right way to request a referral will help you increase your reach.
Are you asking for referrals? If the answer is “no,” then you need to start asking yourself, “why not?”
Financial Advisor’s Greatest Asset
Financial Advisors may argue the point, but it is their Book of Business that is every Financial Advisor’s Greatest Asset. What is a Book of Business? In its most basic form a Book of Business is your client list.
One of the 1st and most common mistakes a Financial Advisor can make is not segmenting their book into A, B, and C clients. Meaning your most valuable clients are your A’s, than down to your B’s and C’s. It sounds pretty simple, right? Well it is. While the definition is simple the value can be priceless if you do it right.