Steve Wershing

What is your client experience like? The "Referral Doctor," Steve Wershing, asks, have you designed it to be like a fast food chain, or a high-end dining establishment?

If you want to attract new clients, spend time talking about the benefits that people will have by working with you. Too many advisors talk mostly about their process. The problem with that is people don't care about your process.

When it comes to figuring out how you will improve your services or what new things you can do for clients, there is a lively debate about where those ideas should come from. Are you overlooking an obvious source for new and profitable ideas?

How do your clients refer you? Steve Wershing, "The Referral Doctor," says the answer can help you attract significantly more. And one simple question can teach you a lot about providing your clients the motivation to refer.

Steve Wershing, "The Referral Doctor," says one of the great misconceptions in our business is that clients "give" us referrals. If advisors want to learn how to attract a significant number of ongoing referrals, they must understand the dynamic that causes people to make referrals in the first place.

Steve Wershing, "The Referral Doctor," says the client advisory board is every firm's most important tool for gathering detailed client feedback. But to take advantage of this wealth of information, your board's preparation is critical.

Steve Wershing, "The Referral Doctor," says if advisors want to get referrals, it’s more important to have people remember what kind of service and performance you delivered than to simply have a collection of fans.

Steve Wershing, "The Referral Doctor," says it’s not your people that make clients happy but what your people do. And understanding that distinction is crucial for firms that want to add and retain clients and the staff to service them.

Steve Wershing, "The Referral Doctor," says the one of the biggest challenges financial advisors face when they’re trying to attract new clients is finding an effective way to differentiate themselves from the competition. Too often, advisors try to sell themselves as "better" when they really should be accentuating how they're different.