Getting the referrals you deserve

September 1, 2011 Categories: The Art of Advising
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Client referrals reality

You may not think so, but right now you are getting all the referrals you deserve. This may be painful, but true.

Most advisors think they should receive more referrals than they’re getting. The most common response is to employ a myriad of marketing ideas and communication strategies to increase the number of quality referrals. While this response is well-intended, it’s misguided.

Refining your messaging, developing a new glossy brochure, or enhancing your website won’t fix the referral problem because it’s not a marketing, branding or communication problem.

Do you have a client service problem?

At the root of the referral deficit is usually a significant client service problem. Don’t get me wrong, you’re likely great at reactive service and dealing with clients that need (and ask for) attention. The glaring deficiency is the lack of a consistent, scaleable, proactive service model focused on meeting clients’ most pressing needs.

What high net worth clients really want

  1. Aligning wealth with their values and intentions
  2. A sound plan and a visible track to run on
  3. Consistent updates on progress toward goals
  4. A competitive portfolio solution
  5. Relevant and timely market insight
  6. Proactive service

Meeting these needs consistently and in a manner that WOWs your client is how you become more referable. In reality, the correct fix requires you to revisit how you engage and serve your clients.

The right tools can help

At Russell, we’ve created a number of planning and service tools to help you overcome referral problems.

Contact us for details on these tools or to learn how we can help you.

Kevin Bishopp is director of Russell Practice Management (RPM). View Kevin’s bio »
Editors’ note: A previous version of this post linked to a PDF that has since expired.

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