Bill Cates

To solve problems and get fresh ideas, two minds -- or 5 to 6 for that matter -- are better than one. Here are a some study group best practices for advisors.

Generating referrals is not a numbers game. Referral Coach Bill Cates says that it is better to get one great referral than a litany of names.

Most financial professionals are not as referable as they think they are or as they need to be to garner a lot of great referrals.

One source of an advisor's referability isn’t the advisor at all; it’s their support staff – be it client assistants, receptionists, para-planners, and other associates. Bill Cates says how your staff represents you can be a limiting factor in your referability. Check out some of his thoughts and ideas to help ensure all the members of your team make a positive contribution to your ability to generate referrals

To generate more high-level referrals, Bill Cates suggests advisors try hosting a simple, targeted educational seminar populated by clients and their friends.

Putting your clients and best prospects on a regular call cycle is an idea that is well known and well understood conceptually, however, for most advisors it remains a conceptual idea, not an executed one, according to Bill Cates.

Bring value on the very first contact. Bill Cates says it is a a simple concept that advisors often muddle. He offers three simple ideas to help provide value immediately to your new referral prospects.

Can you say “no” to referral prospects? Bill Cates says it is a critical skill if you want to expand your practice.

So you've met a great prospect or received a great introduction. What's next? Bill Cates offers dos (and don'ts) for what to say when you call your new prospects.

Here are five critical things blogger Bill Cates believes advisors should do to turn a referral into a quality introduction.

To get referrals with real payoff, make sure your clients and professional peers understand your firm's offerings -- and needs.

When don’t you ask for referrals? In these three scenarios.