Referrals may be a silver bullet for those who actively pursue them within a growth strategy, and they will likely continue to be the main source of new clients for many firms in the future. Advisors rate client referrals as a highly effective source of new business.

Although client referrals are the single biggest driver of new business, only 20% of advisors ask for referrals systematically. Worse, a majority indicate that they can address referrals only occasionally in client meetings. Only half of advisors always place a call or send a thank-you note to a referrer. Approximately 14% of firms – even those at the top – indicate that they follow a formalized referral process.

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