3 Ways Financial Advisors Can Get More Referrals


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Are you a financial advisor looking to leverage your existing clients to grow your book of business?


Today on Above the Noise, Luke Acree offers three tips that you can use to get more referrals.

Video Transcription

Referrals should be the name of the game in your business—especially if you’re looking to grow a business that last ten to twenty years, because you want to grow by referrals. In today’s video, I want to give you three tips to help you do that.

1. Segment your client base

Segment your book of business to understand the connections they have. What do I mean by that? Well, if you look at your client base that you have now and maybe one of your clients is a business owner, they are naturally connected for you to get referrals to grow your book of business. So—your business owner—they have a CPA and they have a financial advisor. Not only could you go after the CPA as your own client, but that CPA has other business owner clients. Now you can go after the CPA to introduce yourself through a referral from your business owner client—and then use that relationship to go after the CPA’s other clients. It’s a natural connection.

2. Create referral consciousness

Create what Bill Good calls a “referral consciousness.” I love this. You want people constantly thinking about the fact that you need referrals, and then they just naturally give them to you. So how do you do it? You do it through triggering reciprocity by giving things to people. Maybe it’s a gift basket, or maybe it’s your magazine if you’re a client of ours. Use your magazine as a gift. That’s going to put in their minds that you care about them and you think about them. It’s going to trigger the reciprocity effect. When you do something nice for somebody, what do they want to do? They want to reciprocate and give back to you, and it’s usually in the form of a referral.

3. Host client events

You could do a little client event where it’s maybe a summer barbecue, and you invite everybody over. It could be a charity driven event. This is a great way to just build relationships with people, give back to your community, and then create what I said on the second tip—which is referral consciousness.

The takeaway

There you have it. There are three simple tips that you can implement in your business today to help you increase your referrals. If you like these tips, subscribe to our YouTube channel. Comment below and let us know what you want to hear. Let us know if you’ve practiced this, if you’ve hosted an event, and if you’ve had success. Check us out on Facebook and Instagram. But, most importantly, take action on this today.

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