How do You Want to Be Referred?

How Do You Want To Be Referred?

We tend to ask this question a lot only to find out that many advisors don’t have an answer to it. Some say, “Well what do you mean? I just want to be referred.” Others say, “It doesn’t matter to me.”

Really? If you had the choice to be referred face-to-face or by an email introduction, which would you choose? Not everyone would choose the same. The best response would be to choose the option that increases the chances of you closing the prospect.

So, consider that question instead. If you had the choice (because you actually do), how would you prefer to be introduced to a prospect so that your chances of closing that prospect significantly increase?

Many financial advisors want to meet the prospect face-to-face. During COVID, that may need to happen through ZOOM instead. Some of our clients prefer to meet in a cigar bar because the length of time it takes to smoke a cigar and the atmosphere gives the advisor a significant amount of time for a more private conversation as opposed to a restaurant. Some prefer the meeting to be in their office. Others prefer a social event or gathering where they can get to know the person personally first before engaging in business conversations. The list is endless. The point is to know what’s best for you and to be able to ask for it.

Now for the part that everyone thinks is challenging. Asking for referrals.

Asking people to bring prospects to you in the way you know helps you close business will in fact do just that … increase your closing ratio. In addition, it also helps to educate people on what works best for you so that they know how to refer you in the future. But sometimes, your ‘best’ option won’t work for some reason or might not be applicable for the situation. That’s why it’s important to have a short list of how you prefer to be referred … say your top 3-5 ways. Then you’re prepared to offer the next suggestion if needed.

The bottom line … always start by asking for what you know works best and go down from there. The person referring you has the right to say, “yes, I can do that” or “no I’m not comfortable with that”. Their answer is often based on how well they know the person. Your goal is to focus on managing how you receive referrals while staying in alignment with the relationship between the referrer and the prospect.

If you need help with this, reach out to us. We coach financial advisors every day helping them to not only increase the quantity of their referrals but also the quality.

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