The Client-centred Blog

How to get more financial planning referrals

Greater impact leads to more referrals

Would you like to generate more high quality financial planning referrals?

The secret is in creating the right conditions where you get more financial planning referrals, even before asking.

Dan is a financial planner whose primary business goal was to build his practice and increase the number of clients he serves.

However, the process of finding and bringing on new clients was far slower than he would have liked. One of the ways his frustration was showing up is that he was suffering from what is called ‘shiny object syndrome’.

When we began working together I immediately noticed that he seemed to change what he was doing every week.

One week he was all enthusiastic about networking. Then it was writing blogs. Then it was doing a seminar. And so on…

Shiny object syndrome is when you get all fired-up and enthusiastic about a new idea and you start taking action. Then as soon as the going gets a little tougher the idea gets abandoned in favour of the next ‘shiny object’ that catches your attention.

Of course, I love new ideas and they can be great.

But there is another factor that makes a huge difference to results yet it is so often overlooked.

What is the very best source of financial planning referrals?

We all know that existing happy clients are amongst the very best source of new clients.

Someone who has heard a glowing report about the impact you have made and wants a similar experience is just about as good as it gets, isn’t it?

They are open to what you do, often keen to engage immediately, and are also the best source for more referrals in future. At least, this has been my experience.

Dan rarely received referrals. So, I suggested to him that we look at the level of impact he is having with his existing clients.

The logic is simple

The greater the impact your work has on your clients the more referable you become.

Someone taking out a pension probably won’t light up the conversation at their next dinner party! But people will often talk about a conversation that stopped them in their tracks. One that made them think about their life, what they are doing with it, and their hopes and dreams for the future.

I know and work with advisers that have more referrals than they can handle. This does not happen overnight but it is a realistic goal.

Dan was great, technically speaking but in truth he discovered that he could do a lot more when it came to understanding his clients.

He admitted he was very quick to jump upon opportunities to solve his client’s financial problems without first really getting to know and understand them on a deeper level. Consequently, his relationships were very transactional.

The key to connection

What helped Dan was not yet another prescriptive ‘How-to’ solution.

What is far more helpful is discovering how we (innocently) get in our own way and, importantly, how we get out of our own way.

Our feelings tell us about our state of mind. When we feel tense, agitated, or frustrated these feelings are a signal that we are caught up in our thinking. It is a sign to let go and allow the mind to settle.

Being fully present transforms the quality of our relationships

Dan found that with a more relaxed mind his client meetings were radically different.

He and his clients connected much better, he listened well, and the natural curiosity of a quiet mind helped him to really get to know and understand his clients.

This was highly significant. Dan realised the degree of impact you have in your clients lives correlates with how many referrals you receive. Over the next few months people began to refer him more often.

Another thing he realised was that ‘shiny object syndrome’ was also a product of his insecure thinking. As his mind settled this stopped happening. Instead he found himself consistently focusing on a small number of key activities that he enjoyed doing.

Ultimately, what really made the difference to Dan was his understanding of how his mind works. Because it’s invisible we do not tend to factor in state of mind to our results yet it is right at the heart of everything we do.

P.S. Check out ‘The more present you are, the more presence you have’ blog and video by clicking here.

Facebook
Twitter
LinkedIn

Leave a Comment

Related articles

The right way to set financial planning goals
In this article, you are going to discover how to help your clients set financial planning goals, the right way. You are also going to learn the difference between healthy and unhealthy goals and how this makes a massive difference to your client’s level of motivation, inspiration, and enjoyment of life now.
Highly effective rapport building for financial planners
A deep rapport with your client is the foundation for a productive, profitable, and long-lasting relationship. Therefore, being highly effective at quickly building and maintaining a deep rapport is an essential skill for financial planners.
A simple guide to influencing financial planning clients
Do you want to become more effective at influencing financial planning clients? In this simple guide I explore one of the most crucial factors of influence you can apply immediately for better results.
One of the best financial planning questions and how to use it
Often, the best financial planning questions are the ones that help a client to open up and think more deeply. Why is this important? Because the impact of your financial planning and advice is directly correlated to quality of the information you gather from your client.
Should you take notes in a financial planning meeting?
What is the right approach to note taking in financial planning meetings? This is a question that often comes up in my coaching programmes with financial planners. So, let's take a closer look.
4 ways to create massive value financial planning meetings
How to do a brilliant financial planning fact find
Doing a brilliant financial planning fact find underpins everything that you do for a client. It is what differentiates you from other financial planners and is a golden opportunity to build exceptional relationships and provide massive value. But there are also two very different elements to fact finding.
The hidden secret to high-impact financial planning meetings
Do you want to have your financial planning meetings be high-impact, high-engagement experiences for both your clients and you? Of course! We all want this, don't we?
5 steps financial planners can take to becoming a better listener
As a financial planner what value is there in becoming a better listener? Is it worth your time, effort, and focus to improve? This article explores the value of deep listening and 5 practical steps you can take to immediately become a better listener.
Asking essential financial planning questions: the ones that no one else thinks to ask
This article looks at an important aspect of asking financial planning questions that often get neglected. Often, financial advice is triggered when something happens or is going to happens in a client’s life. For instance, the sale of a business, divorce, or an upcoming retirement.
How financial planners can build instant trust with clients
As a financial planner building instant trust with clients is one of the biggest obstacles you will need to overcome. This article looks at a different yet highly effective approach.
What is the most important financial planning question of all?
Do you want to have greater impact with your clients, create more value, and escape the diminishing world of transactional financial advice? If so, there is an important financial planning question.
Presenting your clients financial plan - the key to success
Great people skills - in an instant!
Is it possible to have great people skills in an instant?
How to ask great financial planning questions
Asking great financial planning questions is the bedrock of gathering the information you need to create a highly compelling plan for your client.
Why is your financial planning practice culture the key to delivering exceptional service?
Are you committed to delivering exceptional client service? If so, employees who genuinely care, communicate well, and take responsibility are the key. The foundation of this resides in the business culture you create.
Are your financial planning conversations too nice?
What is the difference between a financial advisory conversation and a financial planning conversation?
Should Financial Planners stop talking about retirement?
Why should financial planners choose their language carefully in their financial planning conversations with clients?
Understanding your client’s world – key number 1
Financial Advice is so often delivered in very unimaginative ways that has little difference to how the majority of practitioners deliver it.