Get the Appointment With an Information Packet

Bill Cates, president of Referral Coach International, has two rules when it comes to sending information to referral prospects: "Less is more" and "Provide value first." Prospects don't want to be bogged down with pages of information, and they certainly won't care about what you send if it doesn't relate to their unique situation. Yet if you do things right, an information packet sent after an initial correspondence like a phone conversation can be just the thing to convince a prospect that you and your services are worth their time.

To grab and keep the prospect's attention and arouse their interest, here's what Cates recommends you should include in your packet:

1. Cover letter. This should be brief, mentioning the referral source (the prospect's friend, colleague, or family member) right off the bat. Address some of the things you discussed on the phone in a way that's of benefit to the prospect. I like my cover letters to be more like cover notes. I use a half sheet with my logo. I generate the note through my computer. It keeps my letters short and more informal.
   When you're getting the referral, make sure you ask your source, "What do I need to say to George to get him to take an interest in the work I do?" Use the referral source's response in your letter.
2. Testimonial letters (or a sheet of quick testimonial quotes). Third-party endorsements work! The more specific the letter, the better—about your service, the process you put people through, the quality of your advice and wisdom, and so on. Remember, however, financial service professionals cannot use letters that speak about actual monetary performance. Clients can talk about your knowledge, wisdom, and service, but not their portfolio performance. When you have great clients who just love your work, don't hesitate to ask them for a short recommendation letter. Then use the letters—or excerpts from them listed on a single sheet—in your information packet.
3. Articles. Sending articles related to their needs, even if you didn't write them, elevates your status as an expert. Constantly be on the lookout for articles that your prospects and clients might find interesting or valuable. I suggest you underline parts of the articles, or write notes in the margins. This personalizes your clipping for that particular reader.
4. Brochure. This is an optional item. In my experience, most people don't read brochures, but they will read the letters and probably read the articles.
5. Something of value. What can you send to a prospect that might provide some value right from the start? Maybe the articles you send related to their issues will prove valuable. Maybe a book (compliance-friendly, of course) related to financial planning would be appreciated. The more you learn about your prospect, either from the prospect or your referral source, the more you can tailor what you send to him.

Read the entirety of Bill's article (free registration required) for even more advice on getting that first appointment with prospects.

Add a Context of Value to Referral Event Follow-Up

Hosting an event for clients and their friends, no matter how small the affair, can be an arduous task. There are reservations to make, invitations to send, and not to mention the time and effort taken up by the event itself! But along with throwing an event that is fun for all those involved, it’s important not to neglect an often marginalized part of the process that is absolutely crucial for turning attendees into new clients: the follow-up. It’s during the follow-up that you begin to bring up business, but this can be awkward if you don’t know how to handle it.

During a recent teleseminar for Horsesmouth members called, “Client Events That Work,” Horsesmouth Senior Editor Nicole Coulter fielded questions. One, from an advisor named Shawn in Bethlehem, PA, was focused on the challenge of follow-up: “We have a client event scheduled for two weeks from now. It’s a baseball game. Clients are bringing friends. How do we follow-up with these friends in a way that is professional but not pushy?”

Nicole answered with a creative idea that adds value to the follow-up process and creates context:

“Baseball is an awesome idea, Shawn. I’m a San Diego Padres fan, myself. First off, I would recommend that you have someone there that could take digital photos. Maybe that’s you. But have a checklist of attendees to make sure they get nice portraits of each guest. And if they came together, make sure they get their picture taken together. And you can ask them for their email to send them their picture after the game. Or if you really want to impress them, put it in a frame that has the logo of their team.

We’ve seen this done. Other advisors will put pictures of their client events up on their websites and invite guests to check out the pictures. Or you can upload the pictures to Flickr.com and do the same thing. Send an email out with a link. This is an easy way to initiate follow-up.” 

Using a system like the photo-idea above, you can reach out to event attendees without the awkwardness or pretentiousness of coming from nowhere. Give it a try the next time you get clients and their friends together.

If the topic of referral/client events interests you and you'd like to know more, make sure to check out these articles on the topic (free registration required):

How to Turn a Client Event Into a Referral Event
In a recent Horsesmouth discussion forum, Michael Brizz dished up tips on how to throw a client event that will also attract high-quality referrals.

10 Tips for a Grand-Slam Client Event--Take Them Out to the Ballgame
Buy me some peanuts and Cracker Jacks--it's opening weekend in Major League baseball. Here's how financial advisors make their best pitches with the national pastime.

9 Steps to a Blockbuster Client Appreciation Event
Hosting a client appreciation event is an effective way to boost client morale and prospect, but an ill-conceived or poorly executed event can do more harm than good. Learn how to throw a bash that will have clients raving about it—and you.

Touch Referral Sources with a "Thinking About You" Call

One of my favorite prospecting experts, Art Sobczak of Business By Phone, recently gave some terrific advice for anyone trying to cultivate referral sources: "Call people and tell them you are thinking about them."

Simple, right?  Well, yes—and no.  As Art points out, people love to hear they're on your mind, but you can't just call or show up on their doorstep with no good reason to take up their time. He asks if you've ever been guilty of these very poor methods of staying connected:

The Probation Officer Approach: "Just checking in with you..."

The Baseball Opening: "Just wanted to touch base with you..."

The I've Got Too Much Time on My Hands Call: "Thought I'd give you a call to see how it's going..."

Ugh.

The point is, if you're not adding value, you're wasing their time, and yours. 

What you want to do, Art writes, is:

"...call with some news, an idea, something you heard or saw that could benefit them, a sale or promotion they could take advantage of...anything that would cause them to say, 'Oh, that's interesting stuff.'

For example,

'Hi Jim, it’s Pat at Universal Services. I was reading some new performance reports, and I started thinking about you. I realized that you might be interested in what these reports had to say, because of what you mentioned on our last call about...'"

When you read a newspaper or a magazine or a blog, be on the lookout for items that might be of interest to the potential referral sources in your network.  Share snippets of conversation or things you learn from clients and prospects that you think might be valuable to them. 

Better yet, offer the other guy some referrals first: "When Mrs. Jones mentioned this problem with her father's estate, I immediately thought of you and your expertise with this type of situation." 

Find value-added ways to let people know you're thinking of them, touch them regularly, and be patient—and watch the referrals start to flow.

Read Art's complete post, "I'm Thinking about YOU," here.

Bill Cates with "Nine Tips for Visiting Clients"

Today, we're featuring a guest post from Bill Cates of Referral Coach International. Bill works with financial professionals who want to build their practices by fully mastering the referral process and tapping into the lifetime value of their clients. 

Bill featured this article in his terrific "Referral Minute" e-newsletter.  I liked it so much, I asked his permission to share it with you... and he very generously agreed.  It seems that after Bill ran a piece about 7 simple ways to make in-office visits special for prospects and clients, many of his subscribers wrote to tell him that they couldn't really apply those ideas because they typically leave their offices to visit clients on their own turf. 

So Bill came up with the following list of ways to make those types of visits more special—which he notes is more challenging because you don't have any control over your environment. He also points out that several of these ideas were inspired by his readers.

1. Bring a staff member with you. As you already know, when people connect in person, their phone conversations are usually more cordial and more productive. If you talk about your "team" or "your support back at the office" give your clients a chance to meet them from time to time.

2. Pay attention. What I mean by this is pay attention to what's happening in their personal lives—health issues, children, parents, etc. Make a note to yourself. The next time you visit with them (or talk to them on the phone) ask them about this. "How is your mother doing after her operation?"

3. Bring them a treat to eat. You don't have to have clients come to your office to bring them a treat. I know one advisor whose wife bakes cakes for his clients. While you don't have to put your spouse to work for you, you can stop at a bakery and bring a treat. If they have a sweet tooth, bring something sweet. Maybe you know they like premium coffee. Bring them a bag of premium grounds. Our printing salesperson used to bring us fresh baked cookies. We always welcomed him.

4. Bring them a little gift. I remember early in my relationship with my current advisor, he brought me a Lexus coffee mug. I still use it. Come to think of it, he hasn't brought me anything lately! If your client or prospect has a favorite sports team, bring a little trinket. It's not the expense that impresses them, it's the thoughtfulness. When you find yourself browsing in stores, keep an eye out for little things you can pick up for your clients.

5. Get to them through their children. If your clients have young children, bring a little trinket for them (always have enough and make them safe and age appropriate). Just another way to show you care.

6. Bribe their pets. Many people consider their pets to be a member of the family. Bring a treat for their pet (premium quality only) or a trinket (breed specific) for them.

7. Bring them lunch. Very busy clients will appreciate this one. Make it a really special lunch. Find a high-level deli or nice restaurant with carryout.

8. Make a reminder phone call. Clients always appreciate a confirmation phone call a day or two before the appointment. Sometimes it reminds them and sometimes it reassures them that you haven't forgotten about your meeting.

9. Bring a maid with you. I was talking about this article with my staff and my Marketing Director said, "Bring a maid and have them clean my house while we meet!" While I doubt you would do this, it was too funny - just had to share it. For that matter, bring your 16 year old son and have them wash their car. The possibilities are endless (and quite silly).

Just as I was finishing this issue, I received an email from Marquise White who had some good ideas regarding last week's theme of "wow" office visits—with a fun perspective. I thought I'd pass his message along to you. Thanks, Marquise.

"I loved the most recent list of 'office wows.' It really is about the little things. You'd be surprised how far these simple things go to making the client feel special: $7 water carafe and nice glasses (with some weight to them); a nice service tray; and some real (not paper) napkins. We need to pretend that our clients are our newest love interest and DATE them. Get to know them, like if we wanted to marry them (at least be with them for 10 or 20 years)."

Here are some other ideas (free registration required) for making yourself memorable with clients and prospects:

10 Tips for Distinctive Client Service
Distinctive client service separates you from everyone else who talks about professionalism but doesn't deliver on it. Take action with these 10 tips from a recognized, distinctive financial professional. 

Case Study: How an FA Doubled Revenues by Systematizing Client Service 
After letting client contact slide for years, this veteran made the commitment to more consistent communication—and in the process saw a huge surge in his take-home pay.

Set New Standards for Service, Part 1
Inspire loyalty by developing creative ways of providing top-quality service to your clients.

"Burn the Boats" to Achieve Referral Success

I recently saw a blog post by John Jantsch of Duct Tape Marketing that takes one minute to read, but can literally transform your business and even your life.

Here's the core of it (click here to read the rest):

Sometimes knowing and doing have a hard time intersecting. I learned years ago one of the best ways to get something done is to give myself no choice.

There is a fable that tells about a captain coming ashore to conquer a new land and finding his forces outnumbered 10-1. Seeing this a sergeant asked what they should do, to which the captain replied, "burn the boats."

For example, he says, if you want to do more public speaking, get yourself booked for a speech.  If you want to get in shape, enter an upcoming 10K.

So what are some referral-related "boats" you can burn?  Here are a few ideas:

• Schedule a referral event and start getting the invitations ready.
• Book an evening at an exclusive restaurant for a client advisory board meeting.  Then, you can actually set up the client advisory board (free registration required)!
• Make 5 lunch reservations for two over the next 30 days.  Now find top clients to fill those slots, and then figure out who they know so you can ask for introductions over lunch.
• Really want to challenge yourself?  Make those reservations for three. Now you need to ask the clients to invite the people you want to meet.
• Get up from your desk right now, walk into your branch manager's office, and tell him or her that you are going to commit to getting at least 2 referrals per month, starting this month. (Don't have a manager? Call a mentor or close friend whose opinion of you matters, and commit to that person.)
• Book a lovely vacation for yourself and your spouse for a year from now, with a nonrefundable deposit. This will be your reward for meeting your referral goals and increasing your production.  If you don't meet the goals, you're going to eat the deposit!

As Jantsch writes, it's funny how your priorities can change when you have no choice. Stop choosing NOT to get referrals. Instead, choose success—even if you have to force it on yourself.

Want More Referrals? Get a Niche.

There is a long, long list of reasons that you should consider narrowing your focus and choosing one or more niche markets to serve. On just about every measure you can think of, from production and assets to pure satisfaction and enjoyment of the job, Horsesmouth's research has found that niche advisors are more successful than generalists.  But for our purposes, there is one especially compelling reason to "niche up": you're quite likely to get more referrals.

In their survey of more than 2,100 advisors, Horsesmouth asked the question, "Are you getting more referrals since you started working in your niche?"  Check out this chart.

   

It's hard to argue with those results.

Read The Advisor N-Factor, a Horsesmouth special report, and learn more about why niche marketing is so powerful and how you can start marketing to your perfect niche—and rev up your referral results along the way.

Get Yourself a "Networking Buddy"

Public speaking expert Patricia Fripp has this sage advice for getting yourself some good PR at your next event: enlist a co-sales professional, friend, or even a client to form a duo. Attend meetings together, meet people separately, then come back together and introduce each other, like this: 

Suppose Natalie and Fred are secret partners. As Fred walks up, Natalie says to the person she's been talking to,"Jack, I'd like you to meet Fred. Fred has taught me nearly everything I know about sales and our product line. There has never been a sales contest in our company he hasn't won." Then, Fred can say, "Well, Natalie's being very generous. It's true; I've been with our company for sixteen years. But, Natalie's been here for only six months, and she's brought in more new business than any other person in the fifty-three year history of our firm, so she knows a couple of things too. I tell you, you couldn't do better than work with someone as enthusiastic as Natalie."

When you do this, explains Fripp, it lets you say great things about each other that you'd love your prospects to know, but that modesty prevents you from telling them.

How Do I Get Clients to Refer Friends to My Seminars?

Marc, an advisor in Durham, North Carolina, writes:

I conduct seminars on a monthly basis with most people coming from advertising in a local paper. I have been conducting these seminars for over a year and have had well over 200 people come through. I know that people get value but I very rarely get them referring their friend or colleagues to the next one. (I put everyone on my email newsletter list). How can I get more people referred to me and my seminars?

We've asked Ginita Wall, CPA, CFP® and CDFA of San Diego, California to answer Marc's question. Ginita is co-founder of the non-profit Women's Institute for Financial Education and author of eight books, including The ABCs of Divorce for Women.

Let me see, how can I put this politely?  Financial seminars are perceived to be boring, even by those who attend them. That’s why they don’t refer their friends.

How to get around this? Offer something wonderful for referrals, or offer something exciting in addition to the seminar. For example, we once did a seminar with a local department store where they provided a personal shopper to show how ten articles of clothing could create a number of different looks, and we showed how to construct a variety of portfolios with the same number of financial products. And of course, we presented first, so the audience couldn’t just see the fashion show and leave.

You could offer a free something to the person who referred the most number of people to your seminars. Or give out movie passes at the seminars, so that people could win them by being there. Anything to cause excitement and get people to come back and bring their friends.

And that brings me to the final point. If someone refers you to a seminar, you probably won’t go. But if someone invites you to come with them, you probably will. So it would help if you offered a variety of seminars, so that people would want to come back the next month. That’s the first step in getting them to bring their friends.

Here are more ideas to help you put on seminars and other events that will inspire clients to bring their friends along (free registration required):

How to Turn a Client Event Into a Referral Event
In a recent Horsesmouth discussion forum, Michael Brizz dished up tips on how to throw a client event that will also attract high-quality referrals.

The ABCs of Client Education Workshops   
Tired of the same old seminars that don't yield much business? Client education workshops strengthen relationships with your best clients, often for a far lower cost than a typical seminar. 

4 Steps to Filling Seats at Your Next Client Event
Top-performing advisors follow this sophisticated, multi-step process in order to ensure successful client and prospect events. Print out this plan now so you can follow it during your next client or prospect campaign.

7 Ways a Unique Seminar Location Boosts Business
You wouldn't jump at the chance to spend an hour in a hotel conference room—why should your prospects?

What's Your "NQ?"

Are you a natural networker? Are you taking full advantage of the opportunity to meet new people that may turn into clients or referral sources?  Discover your "networking quotient" with this handy quiz ... and if you find there are areas where you could use some work, take a look at these Horsesmouth articles (free registration required):

How to Become a Networking Superstar
The secret to generating new business from networking does not lie in how many business cards you hand out or how many times you deliver a perfect elevator pitch during a cocktail party.  The secret lies, quite simply, in how much you give.

10 Rules for Networking Etiquette
These days the art of networking is lost on many of your competitors. Put these strategies into practice and you'll increase your confidence, meet more contacts, and get more invitations.

Member Feedback: Getting the Most Out of Social Events
Your time is valuable, so it makes sense to get the most out of it when attending social functions. Some Horsesmouth users write in with savvy advice to help you do just that.

Conquer Your Self-Limiting Thoughts and Get More Referrals in 2007

I have heard only a handful of speeches in the course of my life that actually transformed me in some lasting way. Six years ago, I heard one of those speeches. I was attending a performance improvement conference in San Francisco where the featured speaker was Debra Benton, author of a variety of books including How to Think Like a CEO and How to Act Like a CEO. Benton has studied and interviewed hundreds of chief executives and found that they share a number of key traits.  She addressed one specifically in her keynote that I found profoundly important.

If you want to think and act like a CEO, Benton explained, look around you, see what everyone else is doing, and then DON'T do that.  Do the opposite.

She illustrated this principle in a very immediate way that I was fortunate enough to experience firsthand. At the end of the keynote, she held up a copy of her latest book, and said, "This book is for someone in this audience.  I'm waiting." 

All of the 1,000-plus people in the room just sat there for a moment, looking around with confused expressions, waiting for something to happen.  After about 20 seconds, a few people somewhat tentatively raised their hands.  Benton smiled and said, "That's not it." Then one or two folks stood up and waved at the podium.  Benton just stood there, still holding the book, and shook her head.

That's when the light bulb went off in my head. I looked around at everyone else to see what they were doing.   What they were doing was sitting, doing nothing, waiting.  So I applied the lesson I had just learned in the keynote. I did the opposite. I stood up, squeezed past the row of other attendees and made my way to the aisle. Then I walked up to the podium with my hand outstretched toward Ms. Benton and the book. 

Out of a room of 1,000 people, I was the only one to take that risk—the risk that I might make a fool of myself.  And guess who went home with the book?

I have carried that experience and that lesson with me to this day.  I tell you about it now because I was reminded of it by Robert Middleton's More Clients blog entry today, "Two Huge Things." The bottom line of Robert's post: go into the new year with big intentions—and strip yourself of the mental limitations that are holding you back.  He writes:

"What beliefs are you addicted to that are holding you back from realizing your intentions? As long as you remain attached to them, they will shape your current reality as they always have.

• Are they about how much money you can earn?
• Are they about how successful you can be?
• Are they about your capability as a marketer?
• Are they about the difference you can ultimately make?

And what if those beliefs weren't really true at all? Take a few minutes to seriously question them."

That day six years ago in a San Francisco hotel ballroom , as I walked up to that podium to claim my prize, I realized how powerful self-imposed limitations can be, and simultaneously how easy it can be to jettison them—and what you can accomplish if you do.  How many conversations have I failed to initiate; how many opportunities have I failed to leverage; how many ideas have I failed to try in my life... all because of self-limiting thoughts?  How many referrals have you NOT gotten because of YOUR self-limiting thoughts?

You want more referrals, or you would not be reading these words today.  The new year is here.  Now is your chance. Resolve to map out your intentions—and more importantly, become aware of your own limiting beliefs, and work consciously against them.

There is a Dale Carnegie quote that I always use to close my presentations on conquering referral anxiety:

Inaction breeds doubt and fear. Action breeds confidence and courage. If you want to conquer fear, do not sit home and think about it. Go out and get busy.

Read Robert's post. Read the articles below (free registration required).  Then make 2007 a truly transformative year in your business and your life. 

Happy New Year!

How to Wipe Out Self-Limiting Thinking in 5 Steps
Your greatest barrier to success is not the market or your competition. It's your own mind. Find out today how to recognize and overcome self-limiting thoughts that prevent you from reaching your full potential.

Your Productivity Starts With Positive Thinking
Try these strategies for controlling negative thoughts and outbursts during difficult situations. You'll find yourself happier, more productive, and better able to maintain good relationships.

Turn Around Your Negative Thinking in 3 Steps
Your future success depends on your ability to meet adversity with renewed energy and optimism. Remember, your thoughts influence your feelings and actions. Follow this method for staying upbeat in the face of rejection.