1. How to grow business through referrals
February 14, 2014

2. Why referrals? Cafemutual research shows that
Referrals is the most effective activity
Yet
Many IFAs don’t ask
Most follow ‘trial and error’ method

3. The most common technique of asking referrals

4. Asking for help
“I need to grow my business”

5. Referrals as charity Works when You have a high likeability factor
You are starting out

6. Referrals as charity …2 Timing Style of approach Good mood
After you have concluded a sale
Style of approach
Charm
Your aim is to make the client feel ‘nice’
about himself

7. Referrals as charity …3 Drawbacks Not sustainable
Affects your standing

8. The Ultimate Truth About Referrals
“What matters is not just how to ask for referrals but what you have done before you ask for the referrals!”

9. Why do clients give referrals?
The law of reciprocity
Friend has a financial need

10. Don’t approach till they are ready
Our challenge is to get them ready

11. Getting them ready – Golden rules
Rule 1 Get branded
Rule 2 Develop a contact program

12. Get branded
You need to call my advisor because… Know and improve your story

13. Develop a contact program
Personal meetings
Portfolio updates
Market update/newsletters
Achievements/Press clippings
Birthday/anniversary/festival greetings

14. Referrals as an ‘earned right’

15. Referrals as an ‘earned right’
You are operating from a position of strength
Works when
Your client values what you do
Your client trusts you
Your client respects you

16. Referrals as an ‘earned right’
How do you earn this right?
Under-promise and over-deliver
You service clients well, particularly best clients
You pay attention to what your clients want
You stay in touch with them on a regular basis
You listen to them and
You’re there for them in the tough times

17. Home-work before you ask for referrals
Analyse and research your client base
Ask your most valuable and engaged clients first and then go downwards
Craft clear stories that focus on the problems you can solve

18. Executing Mission Referral
Execution matters!
Develop your own style
Develop your script
Deliver with confidence and clarity

19. When you meet the referred party
Know who you are going to meet
Sms/ before you contact them
Have the script ready for how you can benefit them

20. Giving clients feedback
Thank them
Give a broad summary
No confidential info to be shared
Reassure them
A token gift

21. Summing up
“Referrals are a transfer of trust. They are an expression of everything you do with your clients.”
You get referrals for the work you have done before you ask for the referrals
Instituting processes and practices to engage clients will improve hit rate
Technique works only with proper approach

22. Thank you