Only Fools Rush Into Referral Accounts

Having a referral throw a new account into your lap is hardly ever a bad thing, but jumping into a new relationship helter-skelter can lead to unnecessary problems. Plus, you could miss valuable opportunities for additional referrals.

Jim W., a Canadian advisor, wanted advice on how to handle such a spontaneous, new account. A woman who had been referred to him moved over $250,000 to him, citing the fact that he came “highly recommended” as her reason, and left without so much as bringing up the topic of investments. Additionally, she mentioned that her husband might want to bring his assets over, too, but that he would need convincing.

Wanting to leverage this new client and potential advocate, Jim asked Bob David, Horsesmouth Director of Advisor Programs, “How do I approach the husband and also ask for other referrals from her right away?”

The first thing Jim should be doing, Bob suggests, is to do some digging into what exactly brought the referral into his office. “It’s vital here to get a much better understanding as to why you came so highly recommended in the first place and by whom,” says Bob. “This gives the context which in turn allows you to get client-centric, do some detective work, and create a network map that will lead to the right introductions.”

This understanding of the new client’s motivations is vital, as knowing the problems they came to you to solve will let you offer to help any of their friends in similar situations. In Jim’s case, that includes the husband as well as other potential referrals.

Bob additionally cautioned Jim to slow things down with his new client. When things get rushed, the chance of miscommunication increases and mistakes can be made to tarnish the new relationship. Bob recommends saying something akin to the following:

"I can appreciate the value of your time and that you are in a hurry—my time is valuable also. But you've worked hard to accumulate this money, and I want to do make certain we do what's best. I find it’s mutually beneficial when we take the time in the beginning to be thorough in our planning, so what I suggest is setting a time to come in and do this right....does that sound like a reasonable approach?"

Part of the beauty of referrals is that prospects come to you already confident of your abilities and in most cases pre-qualified. But just because a referred prospect is an easier client to take on, doesn’t mean you should race into the relationship. Doing so could damage the relationship and cut-off the possibility of gaining even more referrals.

Client Referrals: Megaphone or Muffler?

Just read a referral post on the blog of Kirsty Dunphey, an Australian entrepreneur and self-made millionaire, that really resonated.

Kirsty was referred to a particular store by two different friends. When she mentioned to the proprietors that she had been referred, they showed no interest in learning who these loyal customers were who had recommended the store to their friend. 

As Kirsty points out, had they asked and gotten this information, the owners could have sent a thank-you note to these raving fans, or called and thanked them, or even sent them a discount voucher for their next visit to the store.

"When someone refers a friend to your business," Kirsty explains, "you’ve just got yourself a walking, talking billboard going around advertising your business! What you do to thank them for doing your marketing for you can act as a megaphone or a muffler. Which would you prefer?"

Do you religiously follow up with every referral source and say thanks?  Do you send thank-you notes? Gifts?  If not, don't wait! Start now. Reward those raving fans for trumpeting you to everyone they know, and they'll trumpet even louder.

The Art of the Referral Thank-You

When you get a referral, regardless of whether you end up with a new client or not, be sure to give your client a hearty and gracious thank-you, IMMEDIATELY. A hard copy, handwritten note is an absolute must.  E-mail and telephone thanks are NOT acceptable substitutes.

The written thank-you is a dying art—so it's very much to your benefit if you're one of the few advisors who knows how to do it properly.

For the best effect, don't use your firm's letterhead.  Instead, get yourself some high-quality stationery engraved simply with your name, and enclose your business card with the note.  Crane's is one of the best sources of this type of stationery.

A thank-you note need not be long or elaborate.  A few thoughtful lines will do.  A pretty standard format is three to five lines in length.  Start off with an expression of gratitude for the referral. Then provide a bit of detail to personalize your thanks.  Mention any plans you may have to be in touch in the near future. Say thank you again, and close. It's as simple as that.

Here is a sample note thanking a client for a referral. This is provided simply to give you an idea of how the wording might go. Your own notes should be true to your own personal style and voice.

Dear Paul and Michelle,

Many thanks for introducing me to Roger and Pamela Johnson last Saturday.  I sat down with the Johnsons this morning, which only reinforced what lovely people they are (I would expect nothing less from friends of yours!) with whom it will be a great pleasure to work.

Thank you again for your kind introduction. It is clients like you that make my job such a joy.

Warmly,
John

And here is a sample note of thanks to another professional who has referred a client to you. Notice that it includes the other professional in the process by offering to share the completed financial plan... this is appropriate if the referral came from a relevant professional, such as a CPA or estate attorney.

Dear Don,

I so appreciate the confidence you have in me, and the many referrals you have sent my way. I met with the Martins this morning, and I know they are going to be fun clients. 

I will give you a call as soon as I complete their financial plan and we can review it over lunch—my treat.

Thanks again for all your support!      
      
Best regards,
Julie

Don't underestimate the power of a handwritten thank-you note.  Send them regularly and you'll set yourself apart from your competition and impress 100% of your clients and connections. 

Keep a Referral Scorecard

Ivan Misner, president of worldwide networking organization BNI, published a great idea in a recent article on Entrepreneur.com (I saw it here, on MSNBC).  While it may be complicated to track results and ROI for most marketing strategies, he explains, it's actually quite easy to track your referral results.  How?  With a scorecard.

On this card, Misner suggests, record each referral. From whom did you get it, and how?  Was it unsolicited, or did you ask? If so, how?  How did you follow up on the referral? How did you follow up with your referral source?  Also track how you made referral requests that fail to yield new prospects.

When you keep track of all of these data points, Misner points out, you can then look back at what you did and analyze how successful you were and why. You can determine whether or not you're getting repeat referrals from specific clients.

It's the little things that make all the difference.  Did you forget to send a thank-you note?  Did you word your referral request just a little bit differently this time?  Pay attention to these small details, track the path and outcome of each referral you request and receive, and you'll be in a great position to tweak your referral strategy and improve your results.

An Attitude of Gratitude

Believe it or not, there is actually something more important in the followup process than converting referrals into clients. It’s making your referral sources feel glad that they sent some potential business your way.

If you’re a gardener, this analogy will resonate. In the grand scheme of things, it’s neither here nor there if one of your tomato plants doesn’t bear fruit one season—what’s really important is that you keep the soil healthy and fertile so it can produce more plants for you next year. And to do that,
you’ve got to feed it, pamper it, and protect it.

Here’s a surefire process for making sure your referral sources feel appreciated and well cared for. Upon getting a referral:

1. Thank the referral source. Sending a thank-you note (free registration required) is compulsory, even when a referral doesn’t pan out. Do it immediately upon receiving the referral, and handwrite it on nice stationery or a notecard. Promise to keep the source posted on your progress with the person he’s recommended, if you feel comfortable about doing so. Taking time to acknowledge a referral source’s help and express your gratitude is not only common courtesy, it also positions you well for getting more referrals down the road.
2. Act quickly to contact referrals. Whether you prefer lunch meetings, phone calls, e-mails, or regular mail, it is important to make contact with referrals right away, so that you demonstrate respect for your referral source’s willingness to share information with you.
3. Provide updates. Don’t assume that prospects will report back to referral sources that you’ve contacted them (although you should always treat prospects as though that were a certainty). It’s very helpful to keep referral sources—especially current clients—up to date with your progress on the referred lead, whether the news is good, bad, or neutral. When referral sources know you are actually acting on the leads they’ve already given you, they’ll be more likely to give you more.
4. Say thank you again. When you actually sign up a referral as a client, express your gratitude with a nice gift. Choose something appropriate that shows you know the referral source and his or her interests; the more personal, the better.

Studies show that these tokens of appreciation nearly double the rate of repeat referrals—and considering the lifetime value of a new client that you're able to sign up thanks to the generosity of your referral sources, it’s just the right thing to do.

Referral Clinic: "How Do I Get Around Referral Roadblocks?"

We're continuing to revisit some of the great questions we received during our Referral Clinic and Blogathon.  Today's question will be answered by Katherine Vessenes, JD, CFP®, RFC. Katherine is president of Vestment Advisors and the country's leading authority on building a multimillion-dollar practice.

Question: I have asked existing clients for referrals. One said he has a divorcee friend with $2mm investable dollars. Every time he speaks to her about me, she seems to be traveling. Another client gave my name to friends and they never called. I asked her for their number and she said if they wanted to speak with me they would call. I need ways to get around the roadblocks.  —Stewart, independent advisor, New Mexico

Katherine Vessenes' answer: I think it is time to do what I call the "Country Music" approach to marketing. There is a very popular song by Keith Urban with a chorus that goes: "I am gonna love you like nobody loves you and I will earn your trust building memories of us."  What you want to create for your clients is an experience so powerful that they can't stop themselves from recommending you.

Take these clients and the people they want to refer to you. What do these prospects really enjoy doing? Is it baseball? Opera? Gourmet dinners? Note I did not say what do you enjoy. This is all about the client and creating a great, memorable experience for them-something that other brokers are not doing for them.

Whatever it is that is important to this group, I would call them and give them this speech: "Say Jim—I know how much you enjoy baseball. Well, I got 6 tickets for the big game on (date). I thought this would be a good time for us to have a fun evening and for me to meet Suzy in a non-threatening environment—what do you think? Can you guys come?"  If they are busy, find out a day they are free and then plan an event around that.

Note the key thing here is pull marketing, not push. The night of the big party, you probably don't even mention getting together unless the prospect brings it up.  Once you know them personally, you can either add them to your drip list and invite them to seminars or other events you are doing. Or you could call them in a week or so directly and say you enjoyed meeting them and would like to get together again and see if there is a fit for what you do.  This depends on the prospect and the level of response you are getting from them.

Good luck.

How to Avoid Sub-Par Referrals from Other Professionals

We're continuing to revisit some of the great questions we received during our Referral Clinic and Blogathon.

Today's question comes from Chris, an advisor in San Diego, and will be answered by Ginita Wall, co-founder of the non-profit Women's Institute for Financial Education and author of eight books, including The ABCs of Divorce for Women. We asked Ginita to respond to this question because she has long experience in co-marketing and collaborating with other professionals to conduct seminars for women who are going through divorce.

Chris' question: "How do you position yourself to ask politely for referrals from another professional (attorney, CPA) so that you are not in the uncomfortable position of turning away non-ideal prospects (i.e. too small, too conservative) that are referred to you?"

Ginita's answer: It’s kind of like training a dog, where you reinforce good behavior, and reprimand bad behavior.

Here’s what I mean—when you get a referral that’s wonderfully appropriate, call the professional and thank them right away. Tell them exactly what there was about the client that fit you to a T, and how specifically you are going to be able to help the new client.  Then you might even send a little gift to the referral source, just to thank them again.

When you get a referral that isn’t appropriate, make sure that you have a list of advisors who work with smaller clients so you can refer them on. Then call your referral source, and tell them, "Thank you for sending the client.  He/she wasn’t quite right for me and I referred them to so and so." Then say, "I am always happy to be a resource to help your clients find what they need, but let me tell you about the type of client that fits my practice, just so you know for the future."

When you are asking for referrals from someone who has referred good clients to you before, begin by thanking them for the old referral, and telling them what a good job you’ve done for the client and how happy the client is. That will reinforce what kind of client you are looking for.

When asking for referrals from someone who has never referred before, tell a story about a perfect referral you got from another similar professional, so that the source can picture what kind of client to refer. You could even add, "Sometimes I get referrals of clients who are not quite right, for example [fill in why they aren’t the type you work with], but I am always able to find someone good for them to work with." That lets the referral source know the standards you set for yourself and that you intend to stick with those standards.

Here's a case study about how an advisor succeeded (free registration required) using Ginita Wall's Second Saturday divorce seminar format—and a discussion board where you can ask Ginita Wall questions about putting together a divorce seminar that gets results.

What to Do When a Referred Lead Doesn't Call You Back

1. Just back from Toronto and the Dundee Wealth Management annual advisor conference, where I delivered a referral anxiety breakout session.  It was standing-room only in the 200-seat room—once again demonstrating how pervasive and common this issue is! 

An attendee asked a great question during the Q&A that we hear often from advisors: What do you do when a client gives you a name and number, but you get no response when you call the referral, even when you leave multiple messages?

First answer: prevent the problem altogether by focusing as much as humanly possible on introductions rather than referrals.  Not only will this help you avoid having to track down the referred prospect, introductions are much more potent and effective anyway.

That said, if you do find yourself in this situation, your best bet is to go back to the referral source.  You certainly don't want to whine or act as though you expect them to fix the problem.  What you can do, though, is call to update them on the status of the referral (this is something you should consider doing as a matter of routine; many clients like to be kept in the loop, and the more you keep them informed, the more they will view themselves as partners in your success). 

You can say something like this: "Hi, Joe. You were so nice to refer Dan Rogers to me last week, and I just wanted to keep you in the loop on what's happening.  I've left Dan a couple of messages and haven't heard back from him, but I'm hoping to make contact soon."

One of two things can happen at this point.  The best-case scenario is that Joe will proactively say something like, "Oh, really, Dan hasn't called you back?  I'm surprised, I think he would really be interested in [product or service you offer].  You know what, let me give him a call and suggest he get in touch with you." 

Bingo.

On the other hand, Joe might say, "Oh, ok, well, thanks for the update."  In this case, put in a few more calls to the referral, making sure that they are well spread out—no closer than a week apart. The last thing you want is to be seen as a "stalker" and have that get back to your client. If your calls still go unanswered, you can get in touch with your referring client again. "Joe, I wanted to thank you again for your referral to Dan Rogers.  Unfortunately, I still haven't been able to get in touch with him."

At this point, you can take the conversation in a few different directions based on how important this referral is to you, how strong you believe the referral was to begin with, your source's response when you first called him to update him, etc. 

One direction: "I don't want to be a nuisance, so I won't be calling Dan for a while. I will plan to get in touch with him again in six months or so to see if the situation has changed at all. But I do very much appreciate the referral."  Joe may shrug his shoulders and simply appreciate that you kept him updated on the situation. Remember, not every referral works out. It's always better to walk away than to risk hurting your relationship with the referral source. 

Alternatively, if you believe the situation warrants it, you could actually ask Joe for a face-to-face introduction at this point, or ask if he has any ideas about how you might be able to reach the prospect, or if you can pick his brain about specific issues that might resonate with Dan.  He might even offer help proactively because he thinks it's a shame that you haven't been able to connect with his referral.  In this case, he might offer to make a call on your behalf, or introduce you to Dan personally.

But to reiterate, the best way to remedy the problem of unresponsive referrals is to avoid it altogether.  Start asking for introductions instead of names and numbers. You'll get better results all around.

Advisor question: How do I make my referral thank-yous memorable?

During our recent webinar on Morningstar Advisor, "How to Trigger Natural Client Referrals by Conquering Referral Anxiety" (replay available here), my colleague Sean Bailey and I were unable to answer a number of questions submitted by the advisors in attendance due to time constraints.  So I'll be answering those questions here on the Automatic Referrals blog.

This one is from Linda T.: "When I receive a referral, I send the client a thank you after I have met with that referral.  Are there any ideas you have for how to make that thank you memorable to ensure I get more referrals?"

Linda, it's great that you're aware of how important it is to say thanks for referrals.  Not only is it basic manners, but it really works.  At a bare minimum, you should be sending a handwritten thank-you note on fine stationery—but many advisors do find that a small but memorable thank-you gift can have a very positive impact. (In fact, I just spoke with the head of a brokerage firm last week who told me the firm has actually begun sending referral thank-you gifts (in the advisor's name) such as barbecue tools and MP3 players, and that while he initially thought the idea was "kind of cheesy," the clients are loving it and the referrals are flowing.)

We actually addressed this question on the blog a couple of months ago, during our Blog-a-thon and referral clinic, with the help of successful and very creative independent advisor Jay Eshbach. Check out his post, "How to Provide a 'WOW' Factor to Thank People for Referrals."

The one thing I would add, Linda—and this is my golden rule for all gifts all the time—is to try to take each client's tastes into account.  Yes, you can offer the same cool thing to everyone, and they'll appreciate it... but they'll appreciate your gift more, and feel even more special, if it reflects an understanding of who they are and what they care about.  That takes more effort, of course.  But if you've received an account worth thousands or tens of thousands of dollars to your bottom line thanks to a client's generosity, isn't it worth a little extra work and thought?

If you're drawing a blank, here are a couple of articles (free registration required) full of innovative ideas for creative personalized gifts:

20+ Ways to Build Client Relationships With Gifts
Why wait for the holidays to let your best clients know you're thinking of them? Here are more than 20 ideas on how to strengthen ties through gift giving year-round.

Holiday Gifts for Clients: Where to Buy the Best
Don't get caught like a reindeer in the headlights when it comes to shopping for client gifts this holiday season. These innovative ideas will not only please your clients, they just might generate some prospects as well!

Meeting "Ivy League Moms" by referral

According to HNW Wealth News, researchers have uncovered a brand-new demographic niche: "Ivy League Moms."   These are highly educated women who have left high-powered careers to stay at home with the kids for a while.  They're affluent, they are quite involved with the finances in their households—and guess how you need to find them? 

Yup.

Direct mail "won't work" to drum up business" in this niche, according to consultant Ekaterina Walsh, the author of the study. "Ivy League moms tend to use referrals to pursue most of their needs, whether for hairdressers, doctors or schools."

Walsh goes on to explain that special events can be quite effective with this demographic segment,

"but they have to be 'made over,' Walsh says. Going to a local restaurant will work if it's painted as a night away from the kids, and providing childcare for the event is a plus. These women crave adult conversation, so tacking on a cooking class, book discussion or even a second workshop based around their issues, such as re-entering the workforce, can draw their attention."

Take a glance at your client list. Do you have any "Ivy League Moms" in your book?  If so, you can bet they know others just like them.  If you have even a few, consider a special "invite a friend" event. Think about holding it in a unique place (free registration required), and/or partnering with another businessperson (what about a spa owner? High-end hair stylist?  vineyard owner?) to make it special and memorable and make your guests feel pampered. That's something stay-at-home mothers also crave!

You can also try a daytime event at a location where children can come along, but make childcare available.  Partner with the owner of a high-end toy store or children's clothing store, for example, or a Gymboree franchise.

The article describes some specific financial topics that may appeal to this demographic.  And don't forget that many "Ivy League Moms" have started part-time businesses from home, too, so this niche could still work for you, even if small business advice is your real area of expertise.

Finally, while you should always acknowledge client referrals, Walsh's research found that a nice "thank-you" is especially important with this group.

"Any referrals these moms send the adviser's way must be rewarded. 'Send a thank you card and maybe offer them a free trial of an ID-theft protection service or waive fees on the account for three months,' Walsh says. 'Any client would appreciate that, but it's a short cut to the heart of Ivy League moms.'"

Interested in this niche? Here are some additional resources that you may find useful (free registration required):

Case Study: Wine Tasting—How to Attract Affluent Clients
This top producer is sipping the rewards of a recent dinner and wine-tasting campaign, which yielded more than $15 million in new business. Not bad for a couple of hours of networking and less than $1,200 in marketing expenses.

Rookie Case Study: How to Build a Niche Serving Women Investors
When this successful insurance advisor made the leap into full-fledged financial planning, she focused on building a specialized practice for women. Here'show the rookie is making it work.

Money Clubs—A New Way to Reach Women Investors
Looking for a way to tap into the women's market? The new Money Clubs could be the resource you need. Here's how to get involved.

Why a "warmer" call just isn't enough

I just read a great rant about warm calls vs. cold calls by Wendy Weiss, the self-proclaimed Queen of Cold Calling.  Wendy meets a lot of salespeople who mistakenly treat the term "warm call" as synonymous with "easy money." and it bugs her.  She writes:

The idea of a "warm call" is that you've had some prior contact with your prospect and that you have somehow "warmed up" the call. The prior contact might be with a letter sent before your call, it might be that you have encountered the prospect elsewhere. It could be that you have a referral.

All too frequently, callers who use the "I only warm call" approach do not adequately prepare for their calls. Instead, they rely on the appellation "warm." If you are one of these callers, stop right here and ask yourself these questions:

• How many "warm" prospects have said "no" to me over the years?
• Would those calls have been more productive if I had been better prepared and more in control of my message?

Wendy repeats something I alluded to recently in a post about referral follow-up: "Although you may have a referral, that is no guarantee that your prospect will meet with you or have any interest at all in your products or services."  You MUST prepare for your call or meeting with every prospect, regardless of how they came over your transom. 

I do want to clarify one point. Wendy writes: "'Cold call, warm call,' it's simply a state of mind. Your mind. Your prospect does not make those distinctions. Just because you have designated a call to be 'warm' doesn't mean that the person you are calling thinks it's 'warm.'"

While she's right that a referral doesn't guarantee a receptive prospect, we shouldn't ignore the fact that a referral or introduction from the right person can make a big difference in the prospect's mind and give your credibility a tremendous boost.

Nevertheless, even the warmest call can only get you so far.   You still face the ultimate task of selling the prospect on why they need you.

And that brings me to my final point.  When you get a referral, you provide yourself with access to the single most valuable sales tool on earth: information.  Your ability to learn something about prospects before you speak with them is ultimately more valuable than the warmth factor.

Once you've been given a name or the promise of an introductory meeting, start doing your homework.

1. Gather all the information you possibly can about the referred prospect from your referral source (if you've been wearing your detective hat, you'll have some valuable info even before you ask for the introduction).
2. Do your own research based on what you already know. 
3. Prepare a good list of questions that you can ask the prospect relating to what you've learned (don't assume what you've been told by the referral source is correct-you'll want to use the information as a jumping-off point and confirm it directly with the prospect before trying to use it as a selling point).
4. Prepare some benefit statements that tie your expertise, services, products, etc. to the problems or issues you believe the prospect has based on your preliminary information.  Again, confirm these issues directly with the prospect before you start talking about the benefits.

Remember, you are an ADVISOR.  You're a professional problem solver. 

ad·vice   n. Opinion about what could or should be done about a situation or problem; counsel.

The more you know about the prospect's problems and concerns when you initiate contact, the more effectively you can articulate the benefits of working with you and how your capabilities can make a difference in the prospect's life.

Referrals are by no means a sure thing.  What they ARE is an opportunity to prepare more effectively for the same task you face with every prospect: understanding their problems, and then convincing them that you can solve those problems better than anyone else.

The ABCs of Automatic Referrals: F is for Follow-up, part 2

Referral follow-up is so important, I decided to post on it twice!  Last time, we talked about the practical aspects of keeping up with the follow-up tasks for each referral you get. Now let's focus on the details. What's entailed in actually making contact with your new prospective client?

Following up with a prospect you've received by referral is not vastly different from any other prospecting call, but there are obviously a couple of distinctions.  (Ideally you won't have to make a call at all, because you'll have gotten an actual introduction to the referral… but things don't always work out that way.)

First, your contact is naturally warmer, and that is, of course, a positive. Prospects are far more likely to listen to you when they know you were referred by a trusted source. But don't fall into the trap of assuming that just because a prospect was referred, he or she will be delighted to hear from you. Referrals are great, but they're far from a sure thing.

Second, if you've followed the steps outlined in the Automatic Referrals report, you should have the benefit of knowing quite a bit about your referred prospect before you call. This information can be quite useful when you first make contact.

The key to success at this point, whether you're meeting the referral for lunch with your referral source or simply following up on your own by phone, is doing some basic planning before you make contact. 

Here are five call planning questions (free registration required) recommended by professional services consultants Mike Schultz and John Doerr:

1. What is the referral's current situation?
2. What are my goals for this prospect?
3. What is my desired next outcome?
4. What are my relative strengths?
5. What are my relative vulnerabilities?

There's lots more to successful follow-up (putting prospects at ease, for example, and saying "thank you" to your referral sources).  But get your call planning process ironed out and you'll be off to a good start.

Subscribe to our FREE referrals newsletter.

How to Get My CPA Network to Send Me More Referrals?

Welcome to Day 19 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 Matt P., a regional rep from Waco, Texas. Nicely done, Matt!

Matt's question will be answered by Katherine Vessenes, JD, CFP®, RFC. Katherine is president of Vestment Advisors and the country's leading authority on building a multimillion-dollar practice.

Question: "I've hosted a CPA continuing education credits for my network of 8-10 CPAs once a month for the past year. I feed them and give them 3 hours of credit each time. I've received just one referral and a few lunches because of it. How do I push for more referrals?"

Katherine Vessenes' answer: We have done a lot of consulting assignments with CPAs and financial planners and I think there are a number of ways you can get your CPAs to do the right thing.

Here is an idea on how to tactfully teach your CPAs good manners--to repay you with referrals. I would invite each one out to breakfast or lunch separately. Call them and tell them you could use some advice about your business and the CE programs you have been running. Eventually, over lunch, the conversation will go like this:

"Don, you know I have provided you and some of my top CPA affiliates with 12 free CE classes over the last year. Can you give me some feedback? How did you like them?" (Pause for answer. This is important because if they didn't really like your programs, it is unlikely they will send you business. On the other hand, if they are very happy with them, you have set the stage for getting referrals.)

"Is there anything I can do to make them better?" (Pause for answer. This shows how serious you are about meeting their needs.) 

There is a really good chance they are only going to say positive things about your program or even thank you for doing them. You want a warm, fuzzy response here.

Then go in for the kill: "Don--I am really confused. Why do you think I have been providing these programs?"

You want them to connect the dots themselves, if possible, and figure out what your motivation is. If they don't do a good job of articulating it, say:

"That's right. I carefully selected a group of top CPAs and then went to a great deal of expense and time to create outstanding CE for them. Now, my motivation has been no secret--I was hoping they would like what I was doing so much and have so much confidence in me, they would refer me some clients. Does that make sense?"

Again you are looking for feedback.

Then say: "Well, the thing that is confusing to me is this: if I am providing you great service and you like my work, over the last year, why haven't I gotten more referrals? I have only received one referral from the entire group. Why do you think that is?" (I know this looks clumsy on paper--but it will sound OK when spoken.  It is important to start with the reminder that they like what you are doing and then end with the question: why aren't I getting more referrals?)

If they give you some positive feedback--like they would like to send you business, but they don't have any clients that you would be a good fit for--then dive in a little deeper and say: "Would it help you if I explained in greater detail the kind of client I like to help?" Then explain very specifically the kind of client you like to work with and your differentiation. Draw them a picture they can relate to.

From here you should go into some specific ideas on how to do the referrals. This group likes specificity--so don't skip over the details.

By the time you have this conversation with all 10 attendees, they will clearly understand that you are looking for referrals and you will have given them some scripts or other tools to help them with that process.

Another idea, if you don't want to have 10 separate luncheons:  Call all 10 members and ask them if they would do you the favor by coming to a lunch and being your one-time advisory board. You could use their advice about your business and you would appreciate their feedback. I think most would be happy to help you out.

At the luncheon, in front of the entire group, you would have a similar presentation, only to all of them.  I wouldn't try to make them feel guilty--just to have them give you some good ideas on how to increase referrals.

So your script might go like this:

"We have really gotten to know each other over the last year during my CE classes. How did you like them? Is there anything I could do better?" (Get feedback)

"Great--thanks for coming today. I have a problem and I could really use your advice. I build my business almost entirely from referrals. It is not going so well now as I had hoped. Do you have any ideas on how I could increase my referrals?"

Then shut up.

What you want them to do is brainstorm your marketing plan for you. Be sure to ask for specific suggestions.

If things start to lag, here are some other questions you can put to the group:

• "If you were me, how would you market for referrals?"
• "What can I do to be more attractive to my referrers/centers of influence?"
• "What kind of financial services are your clients looking for?"
• "Do you have someone else that you refer this business?"
• "How can I better position myself to appeal to your clients?"

If you do this properly, they will give you everything you need to create a great referral program--and they will have gotten the message that you are expecting referrals from them.

To reinforce this message, there are a few other things you can do:

After the breakfast or group lunch, send each CPA a personal, handwritten note on your best paper. The message will go something like this:

Dear Jane,

Thanks for your feedback at my advisory board luncheon. It was very helpful. In thinking about it afterwards, it occurred to me that you might have more confidence in me if you could personally see how I would treat your clients.

How about if I give you a free (no-obligation) financial plan or maybe a tour of our offices? That way you can see for yourself how we work and our level of service. I will be calling you soon to set something up, if this would be of interest to you. In the meantime, thank you for your referrals and your support. 

Katherine

Hopefully by your next CE class you will have gotten at least one referral. Before you start your class or over lunch, make a big deal out of it. Honor that referrer in front of the group. It would go like this:

"Attention everyone! Today I want to honor Frank--he sent me two clients last month! (Round of applause, yeah, rah rah,etc.) Please accept my thank you," and then, in front of the group, give him a present. This could be a bottle of wine, a nice book, tickets to the theater--something special. You will find if you do this at every meeting, everyone will want the prize and they will all get the message--you are the person to refer business to.

If you don't get some referrals after this, you are clearly going after the wrong group!

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

How to Execute on Your Referral Strategy--Efficiently and Effectively

Welcome to Day 17 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 Jeff R., a wholesaler from New York City. Congratulations, Jeff!

Jeff's question will be answered by yours truly, Miriam Lawrence, resident referral expert at Horsesmouth and author of the Automatic Referrals blog.

Question: "As an Inside Wholesaler with 6 years of experience, always trying to add value by talking about referral generating strategies, prospecting strategies, etc, I've talked to every type of Financial Advisor in the business and the most common roadblock that I've seen is execution or implementation of an actual plan. Every Advisor knows that they need to generate more referral business and every one of them wants to do it and every one of them likes to share ideas and talk about strategies. But when I make my follow-up calls asking if action has been taken, the most common response is... 'No, I haven't had time.'

When an advisor finds a specific niche, or a strategy that might work, how do they implement a plan around that strategy to maximize efficiency? Should there be specific hours of the day dedicated to the strategy, specific questions that are always asked during a client meeting??"

Answer: Excellent question, Jeff. You're spot on with your observations about the difficulty advisors have implementing a referral strategy. 

Advisors absolutely do need to figure out how to integrate their referral process into their business in a way that makes sense and allocates time efficiently.  How that's done will vary from advisor to advisor and from strategy to strategy—there's no "off the shelf" answer. 

The process that we teach in Automatic Referrals is largely centered around client conversations.  The most important task entails listening for clues about the people that clients know, identifying the people who might make good referrals for you, and then asking for introductions to those people. 

So, the first step once an advisor has identified a niche and ideal client is to start asking some basic conversational questions during meetings.  Some FAs already ask these questions, but think of them as rapport-builders or just conversational filler and don't pay much attention to the answers. In fact, they are the cornerstone of the investigative referral process we call "network mapping."

With this approach, the primary day-to-day task is integrating a simple question or two into client meetings. The actual questions can vary from advisor to advisor, and from client to client. 

For example, one advisor started asking "How's the family?" in review meetings and found himself learning all kinds of new details about his clients' families that he never knew. In one case, that simple question uncovered the fact that both of the client's grown sons could be perfect referral candidates.

Another advisor also started asking a variety of questions in every quarterly and annual review. The questions vary depending on the client and the context.  In one case, he asked a client "What do you like to do?" and learned that the client loves to fishing.  A few follow-up questions later, and the client had revealed that he has a cabin on a lake where he fishes during the summer, and one of his neighbors there, with whom he regularly fishes, is a multi-millionaire.  The advisor just had to say, "Wow, I sure would love to meet him," and the client said he'd be happy to set something up over the summer. 

This same advisor has made it a point to start asking his retired clients for introductions to their adult children during reviews, and got 3-4 new accounts in just a couple of months as a result.  When these methods become habits, they begin to bear real fruit.

However, we're getting a bit ahead of ourselves.  Advisors often don't take even the very first steps in getting their strategy off the ground: figuring out what their niche or target markets are, identifying their ideal client, determining who their best existing clients are, setting goals, etc.

For any strategy to work, there must first BE a strategy, and that requires a bit of work and time on the front end.  Unfortunately, advisors often defer planning activities of any kind because they take time that never seems available.  "Working ON the business rather than IN the business" never seems to make it to the front burner.

The only way an advisor can combat that fundamental problem is literally to schedule the time needed for these planning and strategizing activities.  Block the time, and do it officially—break the tasks down into discrete manageable steps, and set aside time for them in your appointment book, just as you would do for a client meeting.  Ask your assistant to hold your calls.  Better yet (much better, in fact) get out of the office altogether and do your ideal client profile and other strategic thinking at Starbucks or the library or sitting on a park bench—wherever you feel comfortable and able to think. 

Similarly, block time each day or week for the follow-up activities that keep a referral process humming along—such as writing thank-you notes, calling referrals to whom you haven't been able to obtain a direct introduction, etc.  Time blocking is also necessary if an advisor wants to cultivate relationships with CPAs or other professionals.  And sometimes it helps to do research on people your clients know before you speak to your clients about them, if those people are prominent, run a business, sit on boards, etc. and you can find some advance information about them.

The time to implement a referral strategy will never just appear in your schedule. You've got to build it in.  The good news is, once you do, it's pretty self-sustaining and very rewarding.

Have you been able to follow through on a referral process? Do you have tips to share, or other thoughts about today's challenge or the response? Post a comment.

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.

How Do I Get Clients to Bring Referral Phone Numbers to Meetings?

Welcome to Day 15 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 Adam B. and Jennifer H., independent advisors from Bend, Oregon. Congratulations!

Adam's and Jennifer's question will be answered by yours truly, Miriam Lawrence, resident referral expert at Horsesmouth and author of the Automatic Referrals blog.

Question: "We have no problem getting a lot of referrals from our clients (usually about an average of 15 per client that we ask). Our problem is the follow through from our clients. Our clients do not seem to bring phone numbers or addresses with them to the referral meetings so we are forced to wait on the client after the meeting to get us these numbers. Our clients are mostly business owners, therefore have little time to revisit the referrals and provide us this information. We call for personal introduction lunch meetings as the clients request, but the client is too busy. How do we get our clients to follow through? How do we approach them to be prepared with phone number or addresses without making them feel overwhelmed?"

Answer: This is a terrific and challenging question, and something that many advisors ask in some form or another.  That is, "My clients are happy to give me referrals (i.e. names), but how the heck do I get them to follow up?"

I'd like to hear other advisors' approaches on this one... but my primary suggestion is changing your methods to focus more on depth and less on breadth. A high-quality, actionable referral in the hand is worth 15 names in the bush.  So, rather than gathering a whole list of names that are awkward to get follow up on—in large part because of the sheer volume—it may be more effective to focus on just one or two referrals at a time. 

This approach will also allow you to learn more about each referral, and make it more natural to ask for the introduction.  If you've just spent 10-15 minutes talking about one or two people your client knows—learning how they know each other, what possible issues the client thinks the referral might have, or specific reasons why that person came to mind as a potentially good fit for you—it is easy and natural to segue into a suggestion that you'd like to take the client and referral out to lunch or golf sometime in the next couple of weeks. It also makes it less onerous and awkward to call the client to follow up later, because it's easier for the client to process the idea of introducing you to one person, or two, as opposed to 15.

Why would you want to get just a couple of referrals when you could get a dozen or more?  Well, the rest are still out there.  Referrals without details or introductions or follow-up are useless. Depth trumps breadth, and patience pays. You can still get those other names and hopefully introductions at a later time—you don't have to get them all at once.  It will be much easier to get follow-up on one or two referrals per quarter, and you'll be much more likely to do business with those referrals if you know more about them and get that all-important introduction.

Scott Carr, a very successful advisor who has built his business with referrals (his story is featured in the Automatic Referrals report) says he sometimes waits up to a year to ask for an introduction if he feels that waiting will improve the quality of the ultimate meeting.  Scott has had tremendous results.  It's ok to slow down.  If you're getting a couple of quality introductions per quarter from your top 10-20 clients, you'll have all the new business you can handle.

But, if you just can't bring yourself to give up the sheer numbers, here are a few ideas that may help you get the information and introductions you need.

Schedule a follow-up call or meeting as soon as the client gives you the referrals.  As the initial referral meeting wraps up, get permission to call to get the details on the referrals, and set up a specific phone appointment for that call.  Better yet, set up a face-to-face follow up (perhaps a visit to their office or place of business, to minimize the inconvenience to them) and consider bringing along a thank-you gift such as a gift certificate.  That will make an impression and may help facilitate more prompt follow-up on future referrals.

Send a handwritten thank-you note within a day or two of the referral meeting.  Call to get the information  (or schedule another call or meeting to get the information) a couple of days after that.  If you've taken the time and trouble to say thank you, clients may be more likely to take the time and trouble to follow up on their promises.

Use email to follow up.  List the names you were given in the meeting and ask the client to hit reply and type in the information you need. Better yet, suggest in your email that the client call or email the referrals to introduce you, and perhaps even include some language that they can cut and paste into their emails (explaining that it's just for their convenience, since you understand how busy they are and want to save them time and trouble).  (If a client is not an email user, you can follow up with a form in the mail listing the referral names and including blanks for addresses and phone numbers.)

Whatever you do, if you're dealing with a large number of names, understand that you can't expect a client to personally introduce you to all of them, unless you opt to put on a special event to which you'll invite all of them, as well as the client.  That's an option to consider if the referrals all have something in common that you can use to put on a memorable event.

Advisors, is this a challenge you've dealt with successfully?  Please offer suggestions to Adam and Jennifer by clicking on "comments" below.

How do I Get My Bank Colleagues to Send Me HNW Referrals

Welcome to Day 11 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 was submitted by Dylan, an advisor from British Columbia, Canada. Congrats, Dylan!

Dylan's question will be answered by Bob Cobb, the President and CEO of Ultimate Bank Advisor, a sales training and coaching company dedicated to helping advisors build the practice of their dreams. Bob's 20-year brokerage career included six consecutive years of Chairman's Club Production and 12 years of Sales Management and Branch Administration. Bob was voted Banc of America Investment Services Sales Manager of the Year in 2000.

Question: "I work at a full-service brokerage firm owned by a bank and we are competitors when we come across prospects or existing clients. On paper we are to work together, and we are positioned better to work with HNW families. I have sent referrals their way. How can I position myself to be on the receiving end?"

Bob Cobb's answer: Great question.  You are already sending some referrals their way, so you are already letting them know that it will not be a one-way street (this is one of their biggest complaints), but just as when you are attempting to work with CPAs and attorneys, that is not enough.

Here is a 5-step process that will have a dramatic impact on your referrals received:

1. View the world through their eyes.  Bankers often see only risk when they refer to you.  They have the relationship with the client (and they often have only 30-40 active at a time). If they don't know you, they often assume that referring business to you could be risky.  (This is the result of previous relationships that seemed like they were off to a good start, but were not). 

   Broadcast a bit on their favorite radio station WIIFM (What's In It For Me).  When you talk to them, be better able to answer the question "What will you do to make my relationships with my clients better?"  (Hint: Investment Management, Trust and 401K plan business all make their relationships with their clients much stickier, and give them a great reason to reconnect with clients that don't have a banking need today).

2. Develop a Joint Value Proposition. When you start working well together, clients will love that fact that you have experts on both sides of the balance sheet. 

   How can you position yourself as a team that will have the prospective client concluding you are different (read better) than the competition?

3. Walk the walk.  You say that you are referring people to them today. When you do that, are you positioning the banker powerfully in the mind of the client?  Does the client conclude that they definitely should meet with the banker? 

   Have you elicited the banker's ideal client and their value proposition so that you are making a powerful hand-off to the banker (and not sending them the equivalent of a 529 plan that starts with $500 and adds $50 per month)? The training that you have received dwarfs what they have been exposed to—so lead by example, be their sales coach, walk the walk!

4. Go on joint calls.  They have new business goals and in most cases are not comfortable making new calls.  Picking out some "joint prospects" is a great way for you to coach them on some new call strategies and demystify your process. 

   When they have seen you in action two or three times, and see that you have a client-centered process, much of the risk and resistance melts away.

5. Go above and beyond!  When you do get a referral, keep them in the loop.  Call them with updates as to exactly where you stand.  If you have left three messages and the prospect hasn't called back—or if you are playing phone tag—let the banker know.  In a new referral relationship, not knowing equals fear and uncertainty.  Think the Weather Channel and CNN: constant updates! 

   When you open the account, service the daylights out of them.  Nothing builds your credibility and trust as quickly as a newly referred client calling the banker back and saying, "Oh my goodness, John, I have been an investor for 20 years and I have never seen anything like that advisor you referred me to at Galaxy Financial!" A couple of newly referred clients that give you that feedback and you will be well on your way to the relationship of your dreams.

The bankers might be intimidated by you (like being paired with Tiger in a Pro-Am Golf Tournament) or might have a Hollywood impression (Wall Street and Boiler Room) of what advisors are like.  These five steps will reframe the way they look at you and help them to see you as an incredibly valuable asset in helping them reach their business goals.

Hope this helps!

Best wishes,
Bob

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

What to Do About Sub-Par Referrals?

Welcome to Day 10 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 comes from Edward K., a regional advisor from Atlanta. Thanks, Edward!

Top advisor Gregory D. Gardner, CFP will tackle Edward's question. Greg is president of Dallas-based The Gardner Group, a comprehensive wealth management firm specializing in high net worth investors. Gardner is also actively involved with his alma mater, Southern Methodist University, where he played football. He is the chairman of Planned Giving for SMU Athletics, and also serves on the university's Planned Giving Board.

Question: "I've always tried to paint a vivid picture when I tell my clients what kind of new clients I'm seeking. I'll even say a minimum asset size of $200,000. I still continue to get some referrals with accounts under $100k. How do I decline to work with these folks without creating ill will with the referring clients?"

Greg Gardner's answer: I went through a phase of being referred "downward" by some of my better clients. We were getting a lot of referrals, but they were introducing me to their debt-ridden children and administrative assistants. We were doing a lot of charity work, explaining how to get out of credit card debt, etc.

After re-reading Nick Murray's The New Financial Advisor, I remembered why it was so important to stick to my firm minimum. For every client I brought on under $400,000… the next one would have to be that much larger. That made me reiterate my value proposition with my very best clients. For every minute I'm dealing with someone with $50,000... I'm not dealing with you.

I have taken on several steps to help improve this situation. I've done a better job lately letting clients know who we're going to work with and who we're not. We reworked our brand image to make them understand they were referring people not just to me, but to a process and a company. I explain to them how many families I believe we can manage. 250 relationships is our magic number. I tell them not to worry, we still have room to grow. It puts them at ease. They don't want to be passed on to paraplanner for their investment questions.

Unfortunately, the downward referral still happens from time to time. One client referred me to one of his employees, a guy making $75,000 who had $35,000 in assets. Taking on that person didn't make sense. I still talked to the referral on phone for an hour.  I gave him some free advice, but I didn't take him on. I told my client I work with people like him, who have $1 million in net worth and $500,000 in investable assets.

That being said, you gotta take the children of your clients--regardless of account size.  I always meet with relatives of clients. From there, I usually spend 3-5 hours educating them on why they should NOT work with me until they are out of debt, investing faithfully in their 401(k), and some financial basics are established. This eliminates the operational headaches that smaller clients often bring us.

Next, I have brought on a junior wealth advisor to help with these smaller clients, if and when it makes sense. We also employ technology. Lower-tiered clients who come in via referral often report surprise at the high level of contact we provide--weekly e-mail market updates, a monthly electronic newsletter, and an annual face-to-face review. Based on their experiences at other firms, they didn't think we'd have time for them. Even clients with $10,000 invested with me are getting contacted by us frequently. They can opt out if they want to, but with technology, we can deliver that level of service at no additional cost or time commitment.

So, I have the technology and systems in place to handle the smaller accounts. However, just like you, I only have 168 hours in the week.

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

Competing with Other FAs for CPA Referrals--How to Be First Among Equals

Welcome to Day 9 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 Leslie B., an RIA from Houston, Texas. Way to go, Leslie!

Daryl Logullo, founder of Strategic Impact, will be answering Leslie's question. Daryl helps advisors attract more clients using direct response, strategic alliances, and client referral strategies.

Question: "I have a CPA who is willing to refer her clients to me. She would give them my business card and suggest that they call me. I think she's at least talking me up a little bit. The other day she said that she gave a client who had just inherited some money my name. Of course the client hasn't called, but the client called the other advisor she also referred to. The CPA says to me, "I'm really sorry my client hasn't called, but it looks like she's going with the other advisor. I told the client that she should really talk to two advisors, since she just inherited over one million dollars and has never dealt with money before."

I just wanted to scream!!!! If I had known that this was a million-dollar client, I would have offered to take the two of them to lunch or something. How do I get the CPA to let me call on the referral?"

Daryl Logullo's answer: Make sure whenever ANYONE mentions they gave your name or card to someone, you enlist their help in the follow-up process. Common cutesies and courtesies aside, handing out your name to people can do you more harm than good. So no cold handoffs, okay? Leave those for January NFL football games—not the "game" of referrals.

Here's how to handle this next time.

You first need to understand that there are certain trigger events that may cause a CPA to think of you. The key to this is making sure you focus on the process that would cause the CPA to think of you and, as you put it, "hand out your information." The name of the game is not the CPA "talking you up." It's about their having a raging desire to tell the client they need to do everything possible to meet with you. This is only accomplished by the CPA becoming a referral advocate on your behalf, so when they hear their client has a problem, they do all that is possible to literally insist the client meet with you.

Which begs the question: How do you transform a CPA from "safe-shaker" into assailing advocate?
One of the easiest ways is by a strategy that involves "T-F", or increasing your Talk Factor. People, including CPAs, are most apt to talk about events, activities and experiences that were memorable to them. But the problem here is that you haven't created such memorable events for the CPA.

No sweat.

Think right now about what can you do to perform an activity for a CPA—or group of CPA locally, in your city or town—in a way that they will always remember you. This entirely depends on your line of business, of course. For example, if you're in a small, rural town in Western Montana, you might not have a lot of options that involve coordination of events or activities, as you would, say, where I'm at, here in the seaside town of Vero Beach, Florida.

Nonetheless, some examples I have seen include serving as volunteer chair on a local CPA society's golf tournament, hosting an art tour together with charitable tax strategies advice at your local art museum, inviting a CPA to become a contributing columnist to your monthly newsletter, even co-sponsoring your own "Jane Doe's Money For Kids 101," in your local schools.

Can you see how these events could create T-F about you?

Now, I want to address this issue of a person, or in this case, a CPA, blindly handing out your name, business card, or whatever it was. Next time a CPA mentions any semblance of "talking you up" to others, you need to react by saying, "That's fantastic! That's great. Thanks for thinking of me. Tell me: What's your relationship like with this person?"

Assuming the CPA says it's good, ask him/her if he/she's willing to participate and perhaps even arrange a three-way meeting. If the CPA is willing to get involved, this signals a greater commitment to making the meeting happen. It's also a better introduction.

All of this supposes, of course, that you ingrain into the CPAs mind the need for them to contact you and keep you up-to-date on sources of new business for you. People don't always do this, which is why it's appropriate for you to make the rounds at least monthly.

Creating memorable events each month can do this for you, and boost your T-F.

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