How an Advisor Generated $4 Million in Referrals in 3 Months

We had a very exciting event at Horsesmouth last week: our first-ever "Nitty-Gritty, Roll-Up-Your-Sleeves, Make-It-Stick, Million-Dollar Workshop."   One of the highlights was the collection of fabulous marketing ideas shared by the attendees—advisors from across the U.S. and Canada, including many veterans—during the course of the 2-day workshop.

One idea in particular caught my attention. James Crosson, an advisor from Fall River, Massachusetts who's been in the business for 23 years, formed his own networking group comprised of  professional centers of influence such as attorneys, a chiropractor, a CPA, a dentist, an electrician, a moving company, and others.  The one thing they all have in common—and this is key—is twenty years of experience or more.

In addition to meeting with his group once a month, James did something really different: he offered to list them all on his Web site, on a "Preferred Professionals" page.  He featured lengthy bios and photos for each (he says he used his own digital camera to take the pictures, because some of the photos they sent him were just atrocious!).  As you can see, James has devoted a lot of real estate on his own site to promoting his strategic allies.

The group also instituted a rule that everyone must provide referrals.  If you don't, you're eventually asked to leave. 

Unlike groups like BNI and the Chamber of Commerce, which James says he found less than inspiring, his group's results speak for themselves. He says that $50 million worth of referrals were exchanged among the members of his group in the first three months—$4 million of which were referrals to James himself.

Forming your own group, tailored to your personality, interests, and business, is often the best way to generate real referrals. Check out these stories (free registration required) about other advisors who have done it successfully:

Case Study: How to Start a Business Networking Group
Here’s how an advisor started his own business networking group, cultivated an association of lucrative contacts—and tripled his book in 18 months.

Case Study: Create Your Own Elite Dinner Club 
Dining with prominent members of the community turned into a networking sensation for this veteran advisor. See how a top producer parlayed a one-time $1,000 restaurant expense into a steady flow of million-dollar connections—and friendships.