Distraction-Proof® Advisor Ideas

When it comes to asking for referrals, just say it this way.

I read a summary of @joe-duran’s quotes in @thinkadvisor Magazine about the message that he delivered at the @charles-schwab conference last week regarding asking for referrals. Rightly so, Joe said they really sound icky with how they are delivered to people.

Joe is the CEO of @united-capital-financial-partners-inc and is doing a great job building that business. I agree with what he said.

Here is a foolproof, great way to ask for referrals. Before I give that to you, I want to mention we’re going to make it available at the link below. You can also go to my homepage for the next brief while and put in your email address and download the content about asking for great referrals and further referral language. In fact, I get asked so much about language, we’re in the middle of building out a project now that you’ll hear about soon about solving some of these problems for you.

So here’s a foolproof way to ask for referrals. I’m going to say it once, and then I’ll break it down and explain why and how it works.

After you’ve had a portfolio review, “Doug and Heather, it’s been great seeing you again. Remember, if you have friends or family who have questions or concerns about retiring, about cash flow during retirement, about enrolling for Social Security have them give me a call. I’m only too happy to answer questions or concerns for five or ten minutes. I don’t promise I’ll bring them on as a client because it’s got to be a great fit, but I’m more than happy to see if I can put their minds at ease for five or ten minutes in a conversation.”

Here’s why that works:

When you say, “I’m more than happy to help your friends,” you’re really helping friends and family who are close and important to your clients.

“I’m more than happy to help your friends or family who have questions or concerns about…” and then name three things: about social security and when to enroll, about cash flow spending during retirement, about children’s education and funding college for three children. Whatever those three things might be, name three instances and examples of how you help your clients.

“I’m more than happy to spend five or ten minutes answering questions they may have.” Say this because you’re not going to spend all day answering questions from left field about irrelevant things or about what the market’s doing today. You hem in your time and make it clear to them, my time is important. In five or ten minutes, I’m happy to answer concerns they have.

“I don’t promise I’ll bring them on as clients.” I’ve spoken to many advisors who have boxed themselves into a corner when they have a great client refer a family member who wants to flip stocks on Etrade. You’re not that person for them. So, you give yourself a backdoor by just mentioning, “I don’t promise I’ll bring them on as a client because it’s got to be a great fit.” Subconsciously, by saying that, you register to your client that you and I are a great fit.

Then you can just finish off by saying, “I don’t promise I’ll bring them on as a client. It’s got to be a great fit. But, I’m more than happy to try to answer their questions for five or ten minutes.”

That’s it. You can roll this language out practically any time you’re doing quarterly reviews, maybe once every three or six months. It rolls naturally. It’s not icky. It doesn’t leave anybody with an uncomfortable taste in their mouth.

Hey, have a great rest of the week, and I look forward to bringing you another Distraction-Proof Advisor Idea next week.