Referrals

So what does “knowing your product” actually mean? You probably think it means being knowledgeable about the various policies you sell. To some degree, that is correct. We all need to know details on the policies we market to our clients as well as the various riders that are associated with them … at least for compliance’s sake. However, surrender …

We are in one of the toughest businesses out there, right? Nothing comes easy to an insurance agent anymore, right?  We are all getting too old for the games people play, right? So, we all learn lots of catchphrases and rhetorical sayings. We all believe that if we keep mastering the English language, or whatever language you sell in, everything …

As consumers, we have so much choice in the marketplace, and marketing efforts don’t always effectively convince us to buy. The one type of “marketing” that holds the most sway over any decision we make is the enthusiastic referral of someone we know. The same is true for financial advisors. Prospective clients have a lot of choice, but a referral …

I have read many articles on our industry, but I rarely come across ones that keep the art of referrals simple. These articles, blogs, and stories all talk about CPAs, attorneys, and all the relationships we need to maintain with these sorts of folks. But none of the articles ever talk about family and friend referrals—referrals from people that we’re …

You know that to attract high-net-worth individuals and high-income earners, you have to be a little more creative and sophisticated with your approach to the referral process. One powerful strategy in my referral system is hosting client-appreciation events. Client-appreciation events help you grow business friendships with your clients. As your business friendships grow, so does client loyalty and the amount …

In my last article, I showed you a safe and effective way to ask for referrals. As promised, here’s what you can do when you have a client who isn’t comfortable with your request—or just doesn’t want to have a referral conversation. I was coaching a top producer the other day, and he was frustrated, because one of his top …

As your plane taxis down the runway, the person beside you strikes up a conversation. The what-do-you-do-for-a-living question will usually come up. When it does, you know that they will inevitably follow it up with another question—perhaps something like: “My brother-in-law is really into gold stocks. Do you have any hot tips?” Many professions have these dreaded questions. In social …

It’s time that the financial services industry change its paradigm (belief system) around referrals, and make the switch from a producer-centered referral process to a client-centered approach. Let me explain.   Producer-Centered Referrals Most advisors and agents have been taught an approach to referrals that is what I call “producer-centered.”  They get taught to tell their prospects and clients, “I …

Here are nine things you need to do to put your business in a position to attract more high-quality clients through referrals. If you can establish all, or most, of these strategies as solid habits, you’ll create an unlimited supply of high-quality referrals: 1.  Treat the entire referral process with importance. How you send it out to the world is how …

Have you ever had a sale that didn’t close and you weren’t sure why? Chances are you lost the sale because you didn’t establish sufficient trust and rapport with your prospect. Once you have developed trust and rapport, you’ve actually got the hard part behind you and you’re probably going to make a sale! You see, it really doesn’t matter …