Generate More Client Referrals

Studies have shown that referral customers are both more profitable and loyal than normal customers - they have a higher contribution margin, retention rate and prove to be more valuable in both the short- and long-run.[1][2] Knowing that fact doesn't make it any easier to capture referrals. But the steps outlined in this article can.

Covisum creates the software and support financial advisors need in order to provide better answers for retirees and pre-retirees.


Client Referrals 

The best way to ask clients for referrals is face-to-face, not over the phone or via email. Therefore, client meetings are often the best time to bring up the topic. Make sure to add the discussion about referrals to your meeting agenda.

  1. One approach is to put referrals towards the meeting’s conclusion. If the meeting has gone well, you could build on the positive interaction and ask for a referral.
  2. You could also bring up referrals after you've finished discussing their Social Security Timing, Tax Clarity, SmartRisk, or Income InSight report.
  3. Conclude your referral request with a statement such as, "As you know, my business grows by referrals. If you find value in our relationship, feel free to tell people about me."
  4. Provide a link to your referral landing page that includes your business philosophy, professional credentials, education, your firm's values and other information as to why people should work with you. Make sure you offer easy steps for following up by phone or email.
  5. Be sure to thank clients if any of their recommendations result in a follow-up visit.

Professional Referrals 

Generating referrals from outside your client base, often from other advisors, requires a concerted effort to build a network of people with complementary specialties:

  • Accountants
  • Attorneys
  • Estate Planners
  • Appraisers
  • Insurance Professionals
  • Tax professionals
  • And Others

You can take specific steps to build and strengthen these types of relationships:

  • Host joint events or a series of seminars to the same audience. Each of our software options includes a seminar presentation.
  • Refer your clients to the others in your network, for services in areas where you won’t be involved. Make use of our free CPA letter template.
  • Attend industry conferences
  • Participate in public forums
  • Maintain an active presence on LinkedIn
  • Join membership organizations

The more you initiate contacts with potentially helpful outsiders, the greater the chance that you’ll receive appropriate referrals in return.

Additionally, you should build and maintain relationships with other advisors who have a parallel niche, in terms of their client base. For instance, if you mainly serve clients in the Medicare and Social Security age range, when a prospect doesn’t fit in your niche, you can refer that individual to a more suitable financial planner and vice versa.

Covisum software can help you grow your financial planning practice by helping you communicate and deliver additional value to your clients. Separately, each tool can help you offer actionable insights into individual elements of a financial strategy. Together, the Covisum software suite allows you to build a comprehensive retirement strategy that includes: Social Security, tax efficiency, portfolio comparison and more. See how in this case study. 

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