One of the referral questions we hear most often from advisors is, "When should I bring up the subject?" Referral expert Matt Anderson tackled this topic in a recent Horsesmouth article, suggesting these five excellent times to talk about referrals:
1. During a formal client meeting, after you've confirmed the value that you've brought to the client thus far.
2. Just after the meeting. For instance, you can casually ask while you're walking to the door of the office or to your cars. Matt says he likes this time because the other person is more relaxed. You're most likely talking about something informal, such as what the client is doing over the weekend. Then you can pivot back to business by asking, "Oh by the way, when we were talking earlier, you mentioned"... and now you get specific:
- Speaking at a company event
- That your parents live nearby
- That you thought your business partner might benefit from doing the kind of work we've been doing
Then ask:
- What would be a good way to organize that?
- Would you mind seeing if they'd be open to a quick conversation with me?
- Do you think the three of us should have lunch sometime?
3. On the phone as you inquire about some value you added to the client. Give first, Matt explains... then receive. Send the other person some referrals or sales ideas. Tell them about an event that might interest them (or even invite them to go along with you, if you have a membership or exclusive access). Create an "emotional bank account," Matt explains, and get a decent account built up. Then you can start making some withdrawals in the form of referral requests.
4. While having lunch, coffee, or a beer—again, once you have provided value.
5. When your gut tells you. Listen to your gut, urges Matt. Sometimes you just know you've established a good rapport and can ask for what you want. This sense usually develops with experience.
For the complete picture, read Matt's Anderson's article, The Best Time to Ask for Referrals, in its entirety (free registration required).
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