What's the best way to generate referrals: asking for them or earning them?
Thomas Fross of Platinum Advisor Strategies said, “If you want to make a client uncomfortable, you should ask them for a referral,” Thursday at the Platinum Top Producers Boot Camp.
Ron Carson, the Prosperous Advisor, disagreed and offered this rebuttal.
Super Bowl Sunday always reminds me of one of my favorite quotes from football legend Vince Lombardi:
“Some people try to find things in this game that don’t exist but football is only two things – blocking and tackling.”
Contrary to what many believe in our industry, and to a recent article that suggests otherwise, asking for referrals works. In fact, this is exactly what we practice at Carson Wealth Management Group and Peak Advisor Alliance. I built Carson Wealth Management Group with this principle, and much of our success is simply because we do a lot of blocking and tackling - and we execute the little things well. Not seeking and asking for referrals is completely contradictory to anything I’ve ever experienced in building my own million-dollar business.
Americans are hurting financially, and although we need to consider our time as a valued commodity, holding yourself out for just wealthier clients is part of the problem in this country.
The financial services industry has been dessimated over the past 5 years, and now more than ever there is a need for industry growth. Laying the foundation for selecting clients based on any specific details is not helping the issue.
I was listening to a wholesaler teach about client profitablity, and deciding when to FIRE your less profitable clients. It makes me sick to think about the greed that drives the corporate side of the industry. If there is going to be a difference made in this country, it will not start with firing clients.
Referrals are good. ALL of them. Let us try to make a difference for this country.