9 Ways to Make Introductions Happen
95% of RIAs say that introductions from their current clients are very important in sourcing new clients, according to CEG Worldwide, a global training, research and consulting firm for advisors.
Yet too many advisors do not regularly reach out to their clients to ask for these crucial introductions.
Here are 9 ways to getting more high-quality introductions from your current client base.
Start by confirming that your relationship with the client is strong. Next, point out that with all the uncertainty in the markets, many investors are unhappy with their financial advisors and are looking for better advice. Explain that you would like to provide that additional advice Ė a second opinion if you will.
After asking clients if they know anyone who would benefit from a second-opinion, ask if anyone else comes to mind. Continue to ask until no other names are offered.
Once you have a list of names, ask for information, as well as what would be the best way to approach the prospects. In most cases, itís a good idea to ask the client to give the person a heads up that you will be reaching out to them.
Make a point of assuring your client that you will follow up with a phone call immediately and that you will let him or her know how the conversation goes.
Make sure your client knows how much you appreciate the introductions, and that you look forward to providing these people a second-opinion. Consider sending a brief handwritten note, as this has become a lost art and is greatly appreciated.
Your goal for the initial contact with each prospect should be to schedule an initial second-opinion meeting. Emphasize that you donít take on new clients unless you can offer them substantial value, and that if you find that their current advisor is doing a great job, you will say so.
After the initial meeting with the prospect, send a follow-up letter to prepare him or her for the meeting. Include documents that you will need to conduct your assessment, such as tax returns, brokerage statements, mortgage statements, wills and trusts, and other financial records.
Itís natural that your client will be curious about how things worked out. Lack of feedback may make it tougher to get new introductions from them in the future. Keep in mind that you do need to protect client confidentiality, so get a prospectís permission to report back to the client who provided the introduction.
A client who provides one introduction is likely to provide more down the road. Itís important that you acknowledge the client simply for providing the introduction, whether or not the prospect worked out.