Most advisors say referrals are the key to growth. So why do so many fail to dedicate the time and resources necessary to generate them?
Advisors claim to have built their businesses on referrals -- but a lot of them aren’t very good at making them happen, says Mike Greene, senior vice president of Ameriprise Financial.
There’s a reason for that, says Ray Sclafani, founder of ClientWise. “Ironically, being a financial advisor can be isolating,” he says. “It’s very easy to get in the same routine -- stuck in your office-cave, speaking to the same people, doing the same tasks.”
To avoid stunting future growth, Sclafani says it’s important to make a concerted effort to break free. That might mean relearning how to ask for client referrals, or scheduling time every week to network.
Start simply today by asking one client for an introduction.
“Do your research ahead of time so you can call the client and give them names of people they are connected to,” says Michael Silver, co-founder of coaching firm Focus Partners.
If you are worried about how to ask, check out Matt Halloran's latest podcast.
If it helps, you can include the client, says Focus co-founder Eric Sheikowitz. “Consider setting up a face-to-face meeting with the client and the referral, centered around something the referral is interested in.”

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