My Clients Won't Set Up Direct Communication With Referrals

Welcome to Day 8 of our Referral Clinic and Blog-a-thon.  We asked advisors to send us their toughest referral challenges. Now we're featuring the best, along with solutions from top referral experts and veteran financial advisors. 

Today's winning question was submitted by D. Jones, an independent advisor from Golden, Colorado. Congratulations!

D's question will be answered by Michael Brizz, creator of the Referral Mastery System. Since 1988, his Center for Professional Achievement has been helping financial advisors elevate their business to operate "by referral only."

Question: "I frequently have clients who seem to want to refer to me but will only ask for marketing materials rather than setting up more direct communication. While marketing materials are good, I feel there is no substitute to direct communication. What do you recommend?"

Michael Brizz's answer: You are right to want direct communication. Without direct communication, the odds of securing an appointment fall significantly. 

Your setup is very important.  In the Referral Mastery process, we make sure the following is in place before we discuss the actual introduction method—make sure the client:

1. can articulate your value
2. knows precisely to whom you want to be referred, and
3. understands why it is beneficial for the referral to meet you.

If you have done these steps, your client will want to make sure you and the referral connect.   

When you have completed the steps above, the next step is to develop a method of introduction that is comfortable for the client and workable for you.  It is important to have an open discussion about this and that you are open to different forms of introductions.  Pay attention to the shared interests of the client and the referral. 

Here are some examples.  We have a client this week that is going on a fishing trip to Costa Rica with a client, and one purpose of the trip is to arrange a power introduction between the advisor and a wealthy investor.  Another advisor client of ours just got back from a golfing trip to Hilton Head with a client and a group of referrals. 

This is much different from just having a name and a number or having a client give someone your marketing piece. Strive for quality personal introductions. 

You need to balance quality of connection with practical limitations.  Just because the client suggests you come along on an ice fishing trip to Alaska in January doesn't mean you have to go.  However, you very well might go if the quality of referral is high enough.  There will be plenty of time to develop rapport as you sit around that hole in the ice waiting for something to bite. 

The introduction does not have to be exotic.  Just yesterday, I suggested to my advisor that he come to my house for a picnic so he can meet a wealthy friend of mine.  I will make a point of briefing the advisor and setting up the conversation so the two of them will talk about investments.  They will have a warm and comfortable conversation over brats and beer on my deck.  They will have time to establish rapport and I will bet that my friend's curiosity about investments will push the conversation until they talk about specific investments and about Ed's technical methods of managing money.   

The higher the quality of referral you want, the more attention you want to pay to the method of introduction. Where at all possible, you want a personal introduction.  Agree on a method where there is time to have a conversation so the referral will feel comfortable with the next step - agreeing to the next conversation.

The meeting does not have to involve a week in Costa Rica.  It might be a cup of coffee at Starbucks.   It could be a 3-way conference call.  You want to make the connection happen in a way that is comfortable for both the client and the referral.  Pay attention to the shared interests and more direct communication will happen. 

Got questions or thoughts about today's challenge or Michael's response? Post a comment.

Comments

[Daryl Logullo]

Michael,

Your advice today is absolutely BRILLIANT! Your concept of quality connection is simply... well, it is simply *the* BEST explanation I have ever heard.

Congratulations on all of your continued success!!