Money Marketing (22/03/2019) – Three advisers with very different referral strategies share their tips
Referrals are a great way to build your client base, but how do you get them and what do you do if a client referred to you is unsuitable? Three advisers share their experiences.
Choose a niche
When brothers Ricky and Alan Chan founded IFS Wealth & Pensions in 2013, they went to a lot of networking events with a view to building professional connections for referrals.
“Networking helps you find out who you want to work with and who has clients that are compatible with your business,” says Ricky Chan.
“Another way of finding these connections is through existing clients. We do a lot of end-of-tax-year planning and ask clients if we can speak to their accountants to verify numbers. Over time, you build up a relationship.”
Once established, it is important to nurture and protect relationships with connections. For Chan, this means being willing to help everyone referred in some way, even if it means doing some work on a one-off basis for someone who does not fit the bill for ongoing advice.
“We are selective in clients we take on but if I can help an accountant’s client, it builds the broader relationship. If a client is not right for us, there is usually something we can do for them – something straightforward like helping set up a pension or having a quick chat. If they need ongoing service, I will point them to an online directory to find an adviser in their area.”
Chan suggests that when initially approaching professional connections, pitch yourself as a specialist in one area.
He says: “If you talk about everything you do, it will go over their heads. Pick a niche and get in the door that way. When they realise you are good at that area, they will ask if you work in other areas.”
Full article link: https://www.moneymarketing.co.uk/analysis/31-getting-referrals-right-pics-with-art/
