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December 09, 2024
How to be the most referred advisor in your network as a financial advisor.
By Jeff Thorsteinson
Some advisors have turned referrals into a strategic advantage. These seasoned veterans use referrals to filter market opportunities—if a center of influence does not refer you, you can't be a client. Other advisors have implemented a referral strategy to help them endure bear markets.
Become a referable advisor instead of an everyday advisor. Compare two types of advisors, referrable and “everyday”, to visualize a growth-by-referral business model. Referrable advisors clearly understand how to articulate the value they deliver.
How to become a referrable advisor:
Focus on a niche market of high-quality referral sources.
Relationship building is more important now than ever. Knowing your client personally builds an environment of trust, integrity, and a connection that makes it comfortable for a client to refer you to their friends and family. Commit to a higher degree of familiarity with your ideal client. That way, you'll be able to better articulate to others the type of client you're looking to work with.
Develop a process to distinguish yourself from the competition and operate in a proactive environment.
Investment practices rely heavily on referrals, so you'll want to recognize the need to systemize your business much like a franchise.
Consider the experience existing clients have gone through to help lead this creative process of articulating the transformational work you undertake for clients. Think about your client service process, investment consulting process, or other boutique examples of how you help clients through philanthropic endeavors, concierge home services, and cash flow management. What do you do that other advisors won’t?
Continually "wow" your clients, their prospects, and their professional centers of influence.
A consistent "wow" factor allows you to deliver on a promise and demonstrate a high-quality client experience with relevant and meaningful insights, reports, and results.
Take control of the quality of your referrals.
By associating your referral pool with your current top clients, you will likely get new clients, much like your referring clients. Clients of referrable advisors have a higher degree of trust and loyalty, typically have higher response rates, and don't "price shop" because they rank the opportunity to do business with someone they respect and trust far greater.
Offer what suits your client rather than only the products you represent.
Today, clients can purchase investment products anywhere and from anyone. Clients look to you for advice on overall wealth management and planning solutions.
Keep focused on achieving top client referrals.
While you may think the world of the referrable advisor seems too good to be true, it's very achievable.
You probably have many of the building blocks in place, but you need to package yourself to be referable. How do you do that? Use the above as a framework. If that's not enough, call your Advisor Practice Management, and we'll help you.
The best part about being a referrable advisor is that the activities you engage in to make yourself even more referrable will automatically enhance the value of your practice while helping you stay ahead of your competition. Once you can articulate value, systemize your business, and coordinate your team, there will be no reason for your prospects to look any further and no reason for clients to leave.
Articulating your value to your prospects and clients is the core of capturing the most significant opportunities in your market. So, you are invited to call us to learn how we can help at 778-628-3165 or 1-800-223-9332.
How About Your Goals for Your Practice? Our Practice Management Checklist or Fee Audit Checklist:
While each financial advisor's practice may have a different approach, advisors need to understand where their practice needs help and whether they will get the right help for the right part of their practice. What areas does your practice need help with?
Our Practice Management resources - Comprehensive Practice Management checklist
https://practicemanagement.getresponsepages.com/
Updated Technology Checklist for Financial Advisors
This checklist is five years' worth of research on the best processes elite financial advisors and their teams implement to acquire and service ideal clients while running an efficient practice.
https://technology-checklist.getresponsepages.com/
We are here to serve your practice, let’s talk
Jeff Thorsteinson
www.advisorpracticemanagement.com
For elite practice management resources to manage and grow your business
Tel 778-628-3165
Email jeffthorsteinson@hotmail.com
To book a NO obligation appointment with me to discuss practice management or coaching click the following link https://calendly.com/jeffthorsteinson/30-minute-q-a-explore-apm and let’s talk
Get a copy of our “ 21 page comprehensive practice management checklist” https://practicemanagement.getresponsepages.com/
or join our blog https://www.advisorpracticemanagement.com/blog
Connect with me on LinkedIn: linkedin.com/in/jeffthorsteinson
Take our Marketing course https://advisorpracticemanagement.thinkific.com/courses/marketing
Contact us to help get clarity around your goals on paper, and have the goals conversation by contacting Jeff at jeffthorsteinson@hotmail.com regardless if we work together, let’s have a chat and listen to your biggest practice management concerns to help you get clarity around your future business.
Jeff Thorsteinson and Advisor Practice Management's combined financial advisor clients manage over 8 billion AUM, and earn over $80 million dollars combined!
Enthusiastically yours,
Jeff Thorsteinson
Advisor Practice Management
www.advisorpracticemanagement.com
PS Where do you want your financial practice to be at the end of 2025? AUM, Revenue, and time off?
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