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. 

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.

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.

Get More Referrals from CPAs

Saw a couple of good tips in Bill Cates' most recent ezine on becoming referable in the eyes of CPAs.  Bill's suggestions:

• Put CPAs through your process. If you don’t have a process to bring value early and often to your new clients, you can pretty much forget about getting referrals from them. You can also put your non-clients through your process. If you do financial planning, put that CPA or other Center of Influence through your planning process—without charging them.

• Become a CPA's "Advisor of Choice." Many don’t care if you give them referrals or compensation. They want to make sure their clients get the best financial advice. First, determine which of your 'A' clients have ongoing working relationships with their CPAs. So that these CPAs see your value, keep them in the loop with the work you are doing. Get written permission from your clients to share summary letters of your meeting with their CPA, as well as any other relevant work you do. Over time, the CPAs will begin to see the value of your work and how you relate to your clients. Soon, many of them will want more of their clients working with you.

Looking for more ideas to help enhance your relationships with CPAs? These articles (free registration required) may help:

How to Win Favor With Your CPA Allies
As April 15 approaches, savvy FAs take the initiative to shower their CPA allies with stress-relieving perks: it will build goodwill and stronger relationships.

Case Study: Quintuple Revenue by Co-Marketing With CPAs
This is the story of an advisor who took his production from zero to $50,000 in three months by cosponsoring teleconferences with CPAs.  Here's how.

Use Surveys to Boost Center-of-Influence Referrals
Client surveys not only strengthen your bonds with clients, they can be used to cement ties with strategic alliance partners. See how sharing survey data and conducting joint surveys with CPAs and estate attorneys can lead to more qualified referrals.

Hosting CE Credit Workshops for CPAs: A Primer
Providing continuing education for CPAs isn't as difficult as you might think. Here are seven guidelines that will get you on track to make it happen—and some insights on why you should consider this approach in the first place.

Why CPAs Distrust You—And What You Can Do About It
Still trying to get your strategic alliance off the ground?  Recognize how a CPA's worldview and work focus can create barriers to working effectively with a financial advisor. Then implement a four-step plan to win trust.

You can find many more articles on Horsesmouth about forming strong strategic relationships with CPAs and other professionals. Just search on the keywords "CPA" and "strategic alliances."

Network Effectively at Holiday Parties

As the holidays approach, so do all of the  parties and social events that go along with the season. These gatherings are wonderful places to solidify existing ties and make new connections that can lead both to direct business and to referrals.

Last week, in How to Make a Great Impression at Social Events in 60 Minutes or Less (free registration required), marketing expert Bruce Allen suggested eight ways to make your time at networking events and parties more efficient.  These included ideas such as arriving early, to give you a chance to interact with the organizers, and playing the host by offering to bring drinks or other refreshments to groups of people. (By the way, I've done that myself, and it works like a charm.  It's a great way to make a one-on-one connection too.  I've also found that the food tables, bar, and coffee stands are excellent places to strike up conversations, because they represent a shared experience, like talking about the weather.)

Horsesmouth members sent in some great tips of their own in response to this article.  Here are some party season networking ideas from your peers not only around North America, but around the world.

"One other thing I do is find out who actually organized the event—not the group that sponsored it, but the person who did the grunt work.  If they are at the event, be sure to specifically thank them.  If they aren't there, send them a quick thank you. They will probably share it with the powers that be." —L.P., Kalamazoo, Mich.

"At the start, when others start to arrive, I have found the most productive place to stand is at the end of the registration table, as guests will go there first before socialising and talking. From here they are looking for someone to 'rescue' them from standing alone, and it is easy to catch their eye and smile, start a conversation or draw them in." —G.T., New South Wales, Australia

"If you are at an event where most of the people are new, stand to the side and watch for the person or persons who everyone else goes up to speak with. Then get near that person in the food line and start a conversation."  —E.S., Palm Beach, Fla.

"Instead of trying to meet everyone, I make a point to have 3 VIP's in mind that I'm sure will be there.  I do my research/background on the three.  Then after all the glad-handing, I make a point to meet and converse a bit more in-depth with these three one-on-one, concentrating only on them.  This way, I'm not preoccupied by 'looking around' while talking to them (rude!) and it makes a bigger impression on them."           —D.P., Mattoon, Il.

Want more tips on how to accomplish more at parties than eating mystery hors d'oeuvres, and have more fun doing it?  Here are some other articles full of ideas (free registration required for all).

6 Tips for Networking at Holiday Parties
'Tis the season to mix and mingle.  Here's how you can connect with new prospects while you're enjoying a little holiday fun.

How to Turn Chit-Chat Into Real Business Opportunities 
To get beyond the small talk of endless networking events, you need a plan. Here are some conversation strategies that can spur new business without sounding pushy.

9 Secrets of a Consummate Networker
Independent publicist Erik Filkorn has an uncanny ability to befriend nearly everyone with whom he comes into contact—and, often as not, to land their business, too.   Find out how he does it.

How to Network at Social Events—Effectively!
It's not about how many people you meet at a social gathering. It's about helping others make connections. Here's how to do it.

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.

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

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

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

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

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

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

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

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

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

More on Forming Relationships with Attorneys

We recently asked Tom Kane, president of Kane Consulting and author of the Legal Marketing Blog, to provide some insights into how advisors can form successful strategic alliances and referral relationships with lawyers. Tom answered two questions we received from advisors during our Referral Blog-a-thon.

Tom's first post addressed what to do when an attorney doesn't reciprocate the referrals you send his or her way.

Another advisor asked, "How can a financial advisor differentiate him/herself in the eyes of an attorney who is being courted by lots of advisors to form a strategic alliance?" 

Here's Tom's answer:

There really is no easy formula for establishing such a referral arrangement.  The relationship between a financial advisor and a lawyer is no different than any relationship between two professionals, whether it involves accountants, physicians, brokers, real estate agents and so forth.  It must be developed, and that takes time and work. And remuneration or quid pro quo for such an alliance isn't in the cards due to the bar's ethics rules.

So my advice is really straightforward.  First, establish a relationship.  Make contact, and get together to begin a dialogue about mutual interests.  Then, follow-up with meetings, telephone calls, send information of interest, and otherwise do what you are comfortable with in building on the relationship.  To borrow an analogy from the real estate field, the three critical factors in professional services marketing is contact, contact, contact.

Of course, sending potential clients to the attorney won't hurt either.  Do so without expecting an immediate pay back. 

Furthermore, you should be doing the kinds of best marketing practices that will expose you to lawyers (and others), such as:

• Speaking
• Writing
• Networking
• Entertaining
• Joining organizations that lawyers join that allow affiliate members

Being active and visible will open up opportunities to meet lawyers and others with whom to build relationships of mutual interest.

Remember that most other advisors will not bother to do real research into the needs and interests of attorneys before they make contact—so doing that research is one of the best ways to differentiate yourself. Tom's Legal Marketing Blog is a great place to start, as are the other legal blogs you'll find in Tom's "Fellow Bloggers" list (on the right-hand side of his blog).

Also check out these articles (free registration required) for more ideas about meeting and forming relationships with attorneys.

How to Work With Estate-Planning Attorneys 

Collaborative Divorce: A New Opportunity for Financial Advisors  (contains a section called "Getting started" that offers ideas applicable to most types of attorneys, not only family law specialists)

Estate Planning—Help Clients Find the Right Attorney

Create Strategic Alliances With Attorneys

How to Deal with an Attorney Who Won't Refer

Building relationships with attorneys is one of the more common referral and networking topics that advisors ask about. We've gotten an advisor's perspective. Now, in the spirit of going "straight to the horse's mouth," I've asked Tom Kane to provide a few insights on the issue from his side of the table.  Tom is president of Kane Consulting, author of the Legal Marketing Blog, and a former practicing attorney himself. He has generously offered to answer some questions that we received from advisors during our Referral Blog-a-thon.

This first question will sound all too familiar to many of you:

"What's an advisor to do with the situation where the advisor has sent numerous clients to an attorney, but hasn't received any in return; and the advisor's clients are very pleased with the lawyer's services?"

Here is Tom Kane's response.

Interesting dilemma!  You certainly want your clients to be well served.  But, quite frankly, there are other attorneys who could in all likelihood serve them just as well. 

A couple of questions:  Does the attorney know that you have referred that many cases? Has she thanked you for each one? (In my experience, believe it or not, lawyers don't always know or ask where referrals come from.)  Does she have a close personal relationship with another financial advisor? 

Bottom line: I would have a "sit down" with the lawyer and make it absolutely clear what you've done for her practice, and ask her advice on what your firm might do differently/better to get more of her referrals to cross your threshold.

You might ask some or all of the following questions:

• "What kinds of information would you need to have in order to recommend my services to your clients?"
• "Are there things about financial advisors and that you yourself are not aware of or do not feel comfortable enough to pass on to prospective clients?"
• "What other kinds of services or information do you think your clients would want to receive from financial advisors?"
• "Would you like to have written information about my services available to give clients?"
• "Are there any other questions you have that would make it easier for you to recommend my services to others?"

I don't  mean to sound like Dear Abby here, but I have a serious question as to whether any of the alleged referrals have taken place.  I can't think of any ethical rule that would prevent her from telling you whom she has suggested contact your firm.  Her hesitation in giving you the names of those she has "referred" brings to mind that great Southern expression,"that dog don't hunt."

If she isn't sharing the names because she's afraid you might hound (pardon the pun) them for business, you can assure her that you would not do so; but would only send them a letter and brochure mentioning that you know about the referral, and ask them to contact you, if you could ever be of service.  If the lawyer has problems with that, I have problems with the relationship.

Stay tuned for Tom's answer to another tough question: How would a financial adviser approach attorneys to establish a strategic alliance when they are being approached by a lot of financial advisors?

While you're waiting for Tom's response, here's food for thought—give some thought to how you can help the attorney, rather than the other way around.  One great starting point? Recommend some great resources to the attorney to help build his or her business... like Tom's Legal Marketing Blog!  Also take a look at his "Fellow Bloggers" list (on the right-hand side of the blog) of other excellent Web resources that lawyers might appreciate.

Building Strategic Referral Relationships with Attorneys--Where to Begin?

Today we're featuring a guest post by Mark Colgan, CFP, president of Colgan Capital in Pittsford, N.Y. Inspired by the challenges he faced as a young widower, Mark authored The Survivor Assistance Handbook and created Plan Your Legacy—an online service that helps individuals organize their affairs and express their final wishes. As a nationally-recognized end-of-life planning pioneer, Mark has considerable experience building strategic relationships with attorneys, and that is the topic of his post today.

Many advisors are interested in building strategic alliances with attorneys, but aren't sure how to begin, or with which attorneys they should seek partnerships in the first place.

Before beginning your search, it is important to identify whom you want to have as a client. Some advisors only want high-net-worth folks, while others are looking for people with specific needs. Once you have established your primary target audience, begin your search for an attorney that has the same interest.

To develop your list, consider the following search methods:

1. Good old yellow pages. Find every attorney in town.
2. Ask other professionals, like the accountants you work with.
3. Ask your clients who they use. Satisfied clients can be a good source of suggestions—but exercise caution. Clients are not always the best judge of a professional's work, especially in complex legal matters. You don't want a bad lawyer with a charming personality.
4. Search legal directories. Martindale-Hubbell publishes the best-known directory of attorneys in the United States. You can search by legal specialty and geographic location.
5. Call your local bar association. Go to the American Bar Association's website and click on your state. A list of lawyer referral sources will pop up. Focus on those referral sources that meet ABA standards. This means that they operate solely in the public interest and do not charge extra for the referral.
6. Check for area of specialization. Martindale-Hubbell identifies four specialties that relate to financial planning: trusts and estates, wills and probate, eldercare, and family law.

After you have created a refined list, call each attorney and invite them for lunch. Tell them that you are looking for a reputable attorney in their area of specialty to whom you can refer clients. When they hear about the opportunity to obtain new business and get a free lunch, chances are they'll want to meet with you.

Once you are sitting across from them, ask questions about whom they enjoy doing business with and why. Showing a genuine interest in them is the best way to develop rapport. At the end of your meeting, you will walk away with a good idea as to whether or not you have common interests and/or the kind of chemistry that will facilitate a mutually beneficial relationship.

Build your professional relationship on a solid foundation. Instead of playing the "one for you, one for me" game, give them a unique reason that they should send clients to you.  For instance, my practice specializes in end-of-life planning. and I commonly work with widows and widowers. I even have a state-of-the-art website dedicated to helping people plan their legacy.  I'm the only financial planner in the community that has this specialization—so when an attorney with whom I have a rapport has a client with parallel needs, I am sure to get the referral.

And when the referral is client-focused, everyone wins.

Read more about forming strategic alliances with attorneys in these Horsesmouth articles (free registration required):

Teaching Attorneys to Prospect for You
Attorneys don't always understand what investment planning really entails. Explain to them the standards of care involved and you may find yourself on the receiving end of some extraordinarily powerful referrals.

How to Build a Robust Centers-of-Influence Network
Your best client has given you the name of her accountant, estate planning attorney, and insurance professional. This is your chance to meet other professionals who care for the needs of the wealthy. After all, you already have common ground—you share a mutual client.

Collaborative Divorce: A New Opportunity for Financial Advisors
Advisors with a strong planning background can become central players in a more civilized divorce process that's gaining popularity. Those who do will also be tapping into an unexpectedly strong referral network.

9 Ways to Connect With Estate Attorneys
Building strong ties with estate-planning lawyers can yield an abundance of high-net-worth referrals. Here's how FAs initiate these key strategic relationships.

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.

The ABCs of Automatic Referrals: G is for "Give to Get"

Whether you're trying to establish a relationship with someone you met at a cocktail party or get referrals from your clients, there are a few basic principles you must master in order to be successful. 

Here they are:

1. Give
2. Give
3. Give
4. Give...

Yup, you've got it. The key to success is a mindset of creating abundance for others.  How can you help your clients' friends and family members?  How can you help that accountant or lawyer you just met? How can you help the contractor who just did the remodel on your house, or the funeral home director down the street?

In my last post, I referred to an article by Jeffrey Gitomer in which he listed five and a half principles for making yourself referable. The "half" was a subset of this "give to get" principle: give the OTHER person a referral first.  This doesn't include just CPAs and attorneys you're hoping will refer back to you. You can also do it with your clients. 

There's the one-on-one method: if your client is a professional or business owner, send some business her way.  If he is very active in a non-profit, volunteer some time or offer to do some pro-bono planning work for them.  Help his college-age kid find a summer job or internship.  The list of opportunities to give in this way is as long as your client list.

Or, you can take a broader approach and make yourself a resource where clients know they can always go to find a referral for just about anything.  That's what Dawn Janes does. Dawn is an insurance agent I interviewed for an article on sharing referrals with other professionals (free registration required) a few years back. She has an entire PAGE on her Web site devoted to referrals for her clients, from hair stylists to estate planning attorneys to custom cabinet makers—and yes, financial advisors.  She meets with all of these professionals and vets them before they make it to her Web site.

As it turns out, these referrals have not only won her lots of points with clients—they've also benefited her in terms of bringing in referrals from the other professionals listed on her page. In fact, she notes, "My largest client is a result of networking with a referral resource." 

There's nothing like telling people you'd like to get to know them better and perhaps refer business their way to rev up your networking.

Believe it in your bones: when you give, you get.  Ironically, the less you concern yourself with the getting, the more wealth and success will come your way.  No matter how much you're struggling to get your own business off the ground, focus on lifting others up as you climb.  Let that be the polestar that guides your professional life.

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 Stop Getting Poor Referrals From Attorneys and CPAs

Welcome to Day 18 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 Chris M., an independent advisor from San Diego. Congrats, Chris!

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

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?"

Daryl Logullo's answer: It sure becomes a lot easier when the referral source knows four specific, tangible items about you:

1. Precisely what your skill sets are (managed money, insurance planning, estate tax guidance, etc.). They need to be able to recite your core competencies as specifically as possible.
2. Whom you have previously done work for (showcase this via testimonials, case studies, etc.)
3. What reasonable results they can expect should they refer you.
4. What your communication process will be should they introduce you to a prospect or client.

If you tackle items one and two above, over time it becomes crystal clear in the referral source's mind who an ideal client is for you.

The problem is that most advisors have never done this. And they certainly don't do anything regularly that creates opportunity to discuss who "lives" inside their current business world. Trust becomes the byproduct.

If you take a look at the social psychology that influences trust and garners closure, trust means that the other person's intentions are open, honest, and in your own best interests. Trust leads to social influence, which means that I earn the ability through my own thought or action to easily persuade the other person—often when I'm not even trying.

I don't want to get into a long discussion about how to gain trust quickly. But at the core level, the other professional must have confidence in your skill set and that fact that you won't harm them.
Outgoing ways of accomplishing this kind of trust include providing pro-bono services or service on mutual charitable organizations; conducting joint focus group symposia; and other activities that involve the referral source in your "world."

There is a larger issue here under the surface that I want to address and be specific about. Let me do this in the context of attempting to forge a relationship with a CPA. (I don't want to digress from your original question here, but I need to sidebar to make the point.) It is what I call one of hundreds of hidden truths about a CPA and his/her world that often goes unspoken.

When I do occasional public speaking, I'm often called to elaborate on this truth. I know it to be true from the over 349 hours of private focus group work I have done interviewing CPAs for over ten years now.

Here it is: You and the CPA are often approaching your efforts from the opposite ends of the business-building spectrum.

You see, if a CPA increases his or her client or referral load, that doesn't necessarily mean he/she will make more money. In fact, CPAs often view this growth, or a newfound "referral alliance," simply as more work and more expense.

Why? Often because of a linear business situation. In other words, service one client; charge one client for hourly fees; collect fees on one client.

I don't have space here to go into tremendous detail on this, but many accounting professionals explain it using a common phrase they toss around: "relevant range." 

Essentially this means that the CPA's business has a certain overhead, and that overhead can service only so many clients. An obvious statement.  Often, in the CPA's mind, they'll begin to lose money at a certain point where they add additional clients.

"'How is that possible?" you ask?  It's because added overhead may be required for them to grow. Many CPAs have a linear business model, and they often view growth, as related to operational costs and more clientele, as a negative (even though, as you know, in essence it's really a positive).

So fo course, you position yourself to them by being trustworthy, competent, and intelligent. But go further, and empathize. Make sure they understand that you get the concept of their linear business challenges.

CPAs have told me that an advisor can earn much more respect and trust simply by understanding and relating to the CPA's business challenges than by playing fancy "dating games." That's why I honestly believe that if you embrace what I'm explaining, CPAs will begin to understand the type of work that you do, and for whom.

Oftentimes, that's the key to receiving highly qualified referrals that fit into your ideal client scheme. Then you will never find yourself in the uncomfortable position of having to explain to a professional that their referral is not ideal.

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

How to Get Divorce Attorneys to Refer

Welcome to Day 13 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 Joel H., an independent advisor from Chicago, Illinois.  Congrats, Joel!

Ginita Wall will be responding to Joel's question. A CPA, CFP® and CDFA practicing in San Diego, California, 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.

Question: "I am targeting divorce attorneys in the Chicagoland area since I have divorce financial planning accreditation. I am finding it difficult to get referrals from the existing divorce attorneys I know, to give me other divorce attorney referrals. Any suggestions?"

Ginita Wall's answer: Getting referrals is always a dilemma. Here are the top five reasons that attorneys don't refer:

5. Don't want to be responsible for referral if it doesn't work out

4. Don't understand how you would benefit the case

3. Don't think of you when facing an issue

2. Don't understand your areas of expertise

1. Don't know you want referrals!

Number 1 is a biggie. Do you ever ask for referrals? I don't mean in the hemming, hawing, hinting sort of way—I mean straight out: "I like working with you, and I'd appreciate you letting any colleagues you know about me and what we are able to accomplish together on cases."  Or "I'm wanting to meet some new attorneys—why don't you invite a colleague to come to lunch with us, my treat."

At the other end of the list, Number 5, some people simply don't feel comfortable with making referrals, but fortunately there aren't a lot of those overly-cautious people around. Most people are comfortable referring you to others if they know you, trust you, and understand how you can help. So get to know the attorneys well, keep in touch on a regular basis, and let them know how you can help. And remember, the more you refer to them, the more they will feel obligated to refer back again.

And that leaves Numbers 2, 3 and 4, which are all related. Here are some suggestions to improve your odds in these areas:

• Crow about your successes. Make it a practice to describe situations in which you were helpful, and how your talents contributed to a successful outcome (or mitigated the problems, if the outcome wasn't so successful as you might have liked.)
• Tell the attorneys something they don't know. Give them a financial tip they can pass onto their clients, talk up something in the financial news and how it applies to them, anything to bring your world of finances to their world of law and clients.
• Create a newsletter that you send to attorneys, in email or printed form. Tips, success stories, whatever you believe is of interest.
• Create a financial seminar to which attorneys can invite their clients.  Or even better, create regular program on divorce for your community. 

Years ago I started a divorce program in San Diego called "Second Saturday: What Women Need to Know About Divorce," and in June we begin our eighteenth year.  The workshop takes place once a month at a local community college, and we have a rotating roster of speakers that includes attorneys, therapists, mediators and myself. 

More than 7,000 people have gone through the program, and we have raised over $65,000 for the scholarship program at the college.  And to top it off, the seminar has been a pivotal resource in my success in the field of divorce.

You are welcome to adapt the format for your use. Visit www.SecondSaturday.com for more information).

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

How to Motivate a Top Attorney (and Client) to Make Referrals

Welcome to Day 12 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 Chris M, an independent advisor from San Diego. Nice work, Chris!

Chris's question will be answered by Mike Schultz. Mike is the publisher of RainToday.com,  a principal with the Wellesley Hills Group, and coauthor of How Clients Buy: The Benchmark Study of Professional Services Marketing and Selling From the Client Perspective.  Mike is a frequent speaker and consultant to service firms worldwide on topics such as service firm branding, marketing, lead generation, and rainmaking.

Question: "I have a client who is one of the top ERISA attorneys in the area. He is also a partner in a large firm. I have been trying to network with him. He personally only does alternative investments with me (he has no interest in anything else). He has all the business he can get, so is not incentivized by networking. How can I motivate him to refer corporate clients (or other attorneys) to me?"

Mike Schultz's answer: "I am a top chef. I have a high-class customer that comes to my restaurant to get a fresh-baked cookie every day after he has two filet mignons from the restaurant down the street. He does this every day. He comes in. He's full. Wants a cookie. But I want him to have the grilled calamari and the fettuccini carbonara special along with the cookie. What can I do to get him to eat it all?"

There's no piece of advice that is a "secret" to get everything changed around. Like most networking and selling, it's a long haul and if you keep plugging at it, over time, you might get him to skip the steaks one day and try the fettuccini. But you might not. 

What you need him to see is the value of paying attention to you more, and giving you more time and brain-space. So my question to you is, why should he do other things with you? Why should he give you referrals?

I'm guessing you think (as do most financial advisors) that, "Once I get a client, they're with me for life." Well, perhaps he already has someone for the other financial matters that he likes, trusts, and won't switch away from. He might have three guys and doesn't need a fourth. They get the referrals.

But... one of them might move to Peoria one day. You'll find that someday he might say, "All right, let's talk. I have a few people to introduce you to," if you:

• Consistently deliver strong value with your alternative investments.
• Pleasantly but persistently keep communicating with him about the value you can provide other than what you're doing.
• Do this for the long haul.
• Ask for referrals the right way (see below).

I'd also suggest that you speak with him straight out. "Jim, I'm looking to expand my practice in X, Y, and Z areas. I've mentioned this before and I've gotten the sense that it's not on your radar screen to refer people to me. But I'd like it to be. Can you tell me 1)is my sense correct, and 2) if it is, can you tell me what I can do for you and/or your clients and colleagues so that you'd have enough faith and confidence in me to give me referrals?"

You might find that:

• He likes the straightforward talk and says, "OK—referral time for you." (Wouldn't this be nice?)
• He tells you, "OK—here's what you need to do to get into my circle." (And then you'll at least know.)
• He tells you, "Here's where I've been disappointed in you, and why you haven't gotten referrals." (And then you'll learn a lot and, if you're interested in growing your practice, you'll do something about it.)
• He says, "There's nothing you can do. I have my people. I'm retiring in two years. I like you, kid, but find someone else." (And then you can choose to move on or not, but you'll know where he stands.)

Here's what to avoid: As you constantly communicate with him about your value, don't pitch him. "Sell sell sell" won't help you.

Instead, send him articles, research, case studies, and other helpful information for him in the areas where you want to position yourself.

Send him referrals. Number one rule of networking: give to get.

And remember—as good as you might be—there is still a numbers game component to it. It might be in the cards to get him to eat the fettuccini, or he might just not be going there. But if you had 10 of these guys in the exact situation, and you worked them all as per above, you'd win over your share.

Good luck.

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

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.

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.

My Networking Group Isn't Producing Referrals--What's Wrong?

Welcome to Day 4 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 Victor M., an independent advisor in Brentwood, Missouri. Well done, Victor!

Networking expert Bob Burg is going to take on Victor's question.  Bob is a frequent speaker at financial services conferences and is the author of Endless Referrals: Network Your Everyday Contacts Into Sales.

Question: "I've been involved in a BNI group for nearly three years and have not been getting referrals. I've tried presenting myself as an asset manager for larger 401k rollovers, as someone who can help people just starting out, or someone who can open an IRA in a flash at tax time. Nothing seems to work. My fellow members are not sophisticated and are from every profession. Should I throw in the towel rather than renew my membership?"

Bob Burg's answer:  Referral-exchange groups such as BNI (Business Network International) are a goldmine when worked correctly, so let's look at a few things you might do in order to dramatically increase your odds for success within this organization.

While the following thoughts will encompass more