Referrals account for 83% of new business for advisors in a Charles Schwab benchmarking study, yet few advisors ask for them, and that’s a mistake, Scott Slater, managing director of business consulting at Charles Schwab Advisor Services said at the firm’s annual conference in Boston on Wednesday.

Nancy Allen, Schwab’s director of advisor services, added that clients aren’t reticent about referrals, but they do need to be asked for them. “Ninety-one percent of clients are willing to give referrals, yet only 4% actually gave referrals,” she said, clear proof that there is enormous potential for growth if advisors focus on this advice to build their business.

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