Relationships
Growing Your Financial Services Practice Thru Referrals
Client acquisition is the foremost challenge in the first three to four years of a Financial Services Professional’s career. Introductions and referrals is the lifeblood of client acquisitions. Asking for referrals or introductions requires four things to be in place.
- The clients found value in your work with them
- They believe your services will help the people they introduce you to
- They trust you
- They want to help you!
We called them the four referral flags.
The Four Referral Flags reminds us we should provide first class service to every potential client and client. We can then expect and deserve referrals and introductions to other members of their families, friends and neighbors and associates.
Four Referral Scripts That Work!
We give you four referral scripts that get you on your way to growing your practice through valued relationships. You will find the approaches are different..but setting expectations for referrals are similar. This is why they work!
Referral Script #1 – HOW DID YOU GET YOUR REFERRAL?
Financial Services Professional: How long have you live here in this neighborhood?
CLIENTS: Oh about ten years….
Financial Services Professional: How did you find your doctors and dentists?
CLIENTS: Matt and Megan, who are our neighbors, referred us to several physicians. We also got a referral to three dentists from the nurse at the doctor’s office.
Financial Services Professional: This is exactly how I grow my business. I rely on my satisfied clients to tell their friends, neighbors and co-workers about the insurance and financial services I offer and the way I worked with my clients. Now if you sit back and think, “Who Do You Know?
- recently married within one year or recently married?
- has newborn son or daughter?
- recently adopted child?
- recently opened or purchased a business ?
- building or recently purchased a new home ?
- recently purchased a auto or boat?
- recent college graduate or will be graduating this year?
- complain about paying too much taxes last year?
- couple that are divorcing or recent divorcee?
- caring for a developmental disabled child?
- complain about stock market performance?
- retiring within the next 24 months or recently retired?
- whom doctors have notified that they have less than 2 years to live ?
- suffered recent death of a loved one ?
Referral Script 2 – HOW I GET PAID?
Financial Services Professional: “Mr. Client, now that we are through for today let me ask you for your help. For my own growth both personally and professionally, your opinion is very important to me. How do you feel about the work I have provided you and your family?”
Client: “It was good.”
Financial Services Professional: “I appreciate that, but more specifically what was good about it?”
CLIENTS: You did fine! In fact, we are really pleased with ….
Financial Services Professional: “Again, I thank you for your feedback. That will help me a great deal in the future. I am also glad to hear that you are pleased with the work I have done for you to this point. If you remember when I opened our conversation, I mentioned that I did not charge a fee for doing this work for you and your family; however, I am compensated in two ways.. the 2nd being if I provide value to your insurance and financial situation I would ask you for 3 introductions to quality individuals like yourself. Before you give me the 3 names let me tell you about the kind of people I can help the most:
- people who have been married in the last 5 years
- young families with children between the ages of 0 to 18
- people within 10 to 15 years of retirement age.
Again, I only ask for 3 names.
Referral Script #3 – MY REPORT CARD
Financial Service Professional: Well! We are done! Again I congratulate you on making the insurance and financial decisions you made tonight.
Financial Service Professional: Now it is time for my report card. Well…. how did I do? (Smile when you say this)
CLIENTS: You did fine! In fact, we are really pleased….
Financial Service Professional: As I mentioned in our first meeting, I am compensated several ways. Commissions are one way. I also get compensated by "Introductions" to other people by my satisfied customers.
Financial Service Professional: Can we brainstorm for a few minutes?
Financial Service Professional: can you think of family, friends or associates experiencing any of the following life events: If so they need my help!
- recently married within one year or recently married?
- has newborn son or daughter?
- recently adopted child?
- recently opened or purchased a business ?
- building or recently purchased a new home ?
- recently purchased a auto or boat?
- recent college graduate or will be graduating this year?
- complain about paying too much taxes last year?
- couple that are divorcing or recent divorcee?
- caring for a developmental disabled child?
- complain about stock market performance?
- retiring within the next 24 months or recently retired?
- whom doctors have notified that they have less than 2 years to live ?
- suffered recent death of a loved one ?
Referral Script #4 – OPPORTUNITY TO HELP
Financial Services Professional: Well! We are done! Again I congratulate you on making the financial decisions you made tonight.
Financial Services Professional: So tell me….how do you feel about the work I have done.? (Smile when you say this)
CLIENTS: You did fine! In fact, we are really pleased….
Financial Services Professional: Wonderful….I would like to give you an opportunity to help people that are important to you.
People that I find that can use the most help are people that are experiencing any of the following life events: If so they need my help!
You are On Your Way To Quality Unlimited Referrals
If you use The Four Referral Flags and the Four Referral Scripts, you are on your way to receiving unlimited and quality referrals. Keep in mind, referrals are earned. Provide first class service to every potential client and client. You can then expect and deserve referrals and introductions to other members of their families, friends and neighbors and associates.