How to Provide a 'WOW' Factor to Thank People for Referrals

Welcome to Day 16 of our Referral Clinic and Blog-a-thon.  We asked advisors to send us their toughest referral challenges. Now we're featuring the 20 best, along with solutions from top referral experts and veteran financial advisors. 

Today's winning question comes from David I., an independent advisor from Waltham, MA. Well done, David!

David's question will be answered by veteran advisor Jay Eshbach of Eshbach Retirement Planning in Baytown, Texas, just outside Houston. Jay has been in the financial planning field since 1987 and manages over $80 million for over 500 clients throughout the United States and overseas.

Question: "Other than a timely, sincere hand written note to someone who has referred me business, what can I do to provide a WOW factor? In some cases I have given out mint silver dollar pieces that come in a blue velvet box. I do not want to be too commercial, but I want it to be memorable."

Jay Eshbach's answer: I have provided "WOW" referral gifts for years.  Sure, I do the thank you cards.  But, in addition to thank you cards, I have given two, 1 inch thick Rib-Eye steaks for each referral.  A 1 ½ to 2 pound Rib-Eye steak will impress anyone, even in Texas.  Then, I started giving one share of Disney Stock.  Disney has one of the most colorful stock certificates out there because it includes Walt and all the Disney characters on the front of the certificate.

In 2005, I started giving out 1889 Morgan Silver dollars in "BU condition" (brilliant uncirculated condition). 

The "WOW" referral gifts are important, but how you ask for referrals is equally important.  Below is a sample of how I ask for referrals in my newsletters and mailings:

"The first U.S. Morgan Silver Dollar appeared in 1878.  The last Morgan silver dollar ever minted was produced in 1921!  Between 1878 and 1921, millions were struck (minted).  Some years had high numbers minted and some years were vastly lower. An extremely high number of coins were lost in government melts during World War I and World War II. 

You ask, 'So what does all this have to do with Jay Eshbach and Financial Planning?'

Well, the number of new clients calling us and setting appointments in 2006 is higher than it has been in five years!  All of these new clients are being referred by people like you.  We want to say THANKS!

As my way of saying THANKS FOR THE REFERRAL I have secured ten 1889 Morgan Silver dollars in BU (brilliant uncirculated) condition.  BU indicates the silver dollar has nice original luster and absolutely no wear.  (Can you believe anything 117 years old has no wear?)

So what does all of this have to do with you, me and a 117 year old silver dollar? The next 10 people that refer someone to me for Financial Planning will receive one of these 1889 Morgan silver dollars, free of charge, as my way of saying, 'Thanks for the Referral.'

Talk to your friends, neighbors or co-workers about Eshbach Retirement Planning.  When someone you talk to calls my office to schedule an appointment, I will send you an 1889 Morgan Silver Dollar."                            

Editor's Note: Thanks, Jay!  And here are a few other "wow" thank-you ideas that have worked for advisors:

• Candy, sweets, wine, gift baskets
• Waterford Crystal
• Time together-treat to lunch, dinner, golf
• Restaurant gift certificate or Starbucks gift card
• Movie or sports tickets
• An orchid, or flowers
• Book, magazine subscription, bookstore gift card
• Nice pen
• Donation to favorite charity

How do you say "thank you" for referrals?  Got other thoughts about today's challenge or Jay's response? Post a comment.

Comments

[Larry Tomczak]

1989, P - S or O, makes a difference in pricing

[Bart Carr, CFP]

My most successful referrals came from a referral dinner with four couples. It was to thank them for referrals.I explained to them that I don't do public Seminars any longer as I was only looking for larger clients not just anyone. With fewer clients I can spend more time with their accounts.I was looking for people in transition. Retired, sold a business or home, death of a spouse, change jobs ect.That dinner brought in $7,000,000 in new fee assets. So once a quarter I take clients out to a nice restaurant to thank them for referrals and remind them I am looking for people in Transition.