Reframing the Referral Conversation

Mike McGlothlin   |   November 2020   |   1-minute read

The largest asset in your financial practice is your clientele. Adding to that clientele, and specifically asking for referrals, is also one of the hardest tasks to tackle. But why? You know you bring value. You’re pretty sure your clients understand that value. But you still hesitate when it comes down to asking them who else you could help.

Most of us just aren’t sure what words to use. You don’t want to come across as high-pressured or pushy. Or you don’t want to put a strain on a client relationship. Our current environment isn’t helping either. It’s just flat out harder to ask for a referral in a virtual setting. Fortunately, with the right words, these obstacles can be removed.

Finding the right words

The key here is to reframe the conversation into something you can easily repeat with multiple clients. Think about helping your clients make the connection between how you helped them and conversations they will have with friends and family over the upcoming holidays either digitally or in person.

Here are some openers:

  • “If you have friends or family who have questions or concerns, I’m happy to help.” This type of statement reiterates your client’s value to you without making it awkward. You’re also showing them that you value what’s important to them.
  • “Let me know if you have questions or concerns around Social Security, guaranteed lifetime income or retirement cash flow.” By mentioning specific concerns, you’re positioning yourself as the expert in that field. You’re also focusing on concerns that they are likely to discuss with family and friends.

Simple, easy phrases like these remind your clients that you’re available to help their loved ones as well. And by making the conversation repeatable and using language that maximizes the opportunity, you will become more confident and prepared when asking for referrals.

It’s also an opportunity to find more of the A-list clients that are on all our wish lists. You’ll be able to cultivate profitable new relationships. If you’re ready to get started, we’re here to help. It’s time to make asking for referrals something to look forward to, instead of something you dread.

Just reach out to one of our retirement income consultants at (800) 589-3000 or download The Best Way to Ask for Referrals.

Transformational Tactic

Learn about the best way to ask for referrals. By reframing the conversation, you’ll be able to grow your business and develop more profitable relationships.

About the Author

Mike McGlothlin, CFP®, CLU®, ChFC®, LUTCF®, NSSA® is a bestselling author, industry-renowned speaker and expert in growth strategies for financial advisors.

Today as the Executive Vice President of Retirement for Ash Brokerage, he leads 65 direct reports who have grown the business line to one of the largest wholesaling teams in the Brokerage General Agency space.

As a professional guide, he can help any financial advisor looking to create exponential revenue growth, to find new clients and better streamline their operations by incorporating simple methodologies and proven models.