PLANADVISER - July/August 2021 - 34
growing your practice / referrals
Building Out Referral Networks
How should you ask your centers of influence for recommendations?
I
n the experience of James Pollard,
founder of adviser business development
and marketing program
TheAdvisorCoach.com in Claymont,
Delaware, the biggest hurdle for financial
advisers wanting to get referrals is
not knowing how to ask for them.
Most professionals know that
referrals are powerful, he says, but
they struggle with tapping into their
network to generate them. Often they
are uncomfortable requesting referrals,
and, in rarer cases, they may be
unsure that they are delivering sufficient
value and benefit to their clients
to merit asking for one.
Presuming the adviser delivers
significant value to his clients, Pollard
says, there really should be no hesitancy
to ask for referrals-especially
when the adviser follows a few key
guidelines and heeds a few warnings.
Define Your Target Market
" For example, one big issue I see is that,
when they do ask, advisers are far too
vague, " Pollard says. " One of the worst
questions to ask a client or a center
of influence is also among the most
common: 'Who do you know who could
use my services?' Merely asking this
question of a client offers it no insight
into the type of client the adviser may
be seeking. "
For instance, the existing client
may know many other professionals-both
those who are engaged
in running a defined contribution (DC)
retirement plan and those who may
be good candidates for wealth
management services-but it
may lack an intimate view
of the potential prospect's
financial life or responsibilities
in the workplace.
" The client needs to have
a clear picture of who an
adviser wants as a referral,
and it's the adviser's job to
help it get that clear picture, "
Pollard says. " Many advisers
34 | planadviser.com July-August 2021 Art by Irene Servillo
http://www.TheAdvisorCoach.com
http://www.planadviser.com
PLANADVISER - July/August 2021
Table of Contents for the Digital Edition of PLANADVISER - July/August 2021
Publisher’s Note
Data Points
Compliance News
Trends
Proposals That Please
2021 PLANADVISER Small-Plan Services Survey: Small Wonders
‘Like’ Me
Building Out Referral Networks
Look Toward The Future
Now A Fiduciary
Cybersecurity And ERISA
Q&A
PLANADVISER - July/August 2021 - Cover1
PLANADVISER - July/August 2021 - Cover2
PLANADVISER - July/August 2021 - 1
PLANADVISER - July/August 2021 - Publisher’s Note
PLANADVISER - July/August 2021 - 3
PLANADVISER - July/August 2021 - Data Points
PLANADVISER - July/August 2021 - 5
PLANADVISER - July/August 2021 - Compliance News
PLANADVISER - July/August 2021 - 7
PLANADVISER - July/August 2021 - 8
PLANADVISER - July/August 2021 - 9
PLANADVISER - July/August 2021 - Trends
PLANADVISER - July/August 2021 - 11
PLANADVISER - July/August 2021 - 12
PLANADVISER - July/August 2021 - 13
PLANADVISER - July/August 2021 - 14
PLANADVISER - July/August 2021 - 15
PLANADVISER - July/August 2021 - Proposals That Please
PLANADVISER - July/August 2021 - 17
PLANADVISER - July/August 2021 - 18
PLANADVISER - July/August 2021 - 19
PLANADVISER - July/August 2021 - 2021 PLANADVISER Small-Plan Services Survey: Small Wonders
PLANADVISER - July/August 2021 - 21
PLANADVISER - July/August 2021 - 22
PLANADVISER - July/August 2021 - 23
PLANADVISER - July/August 2021 - 24
PLANADVISER - July/August 2021 - 25
PLANADVISER - July/August 2021 - 26
PLANADVISER - July/August 2021 - 27
PLANADVISER - July/August 2021 - ‘Like’ Me
PLANADVISER - July/August 2021 - 29
PLANADVISER - July/August 2021 - 30
PLANADVISER - July/August 2021 - 31
PLANADVISER - July/August 2021 - 32
PLANADVISER - July/August 2021 - 33
PLANADVISER - July/August 2021 - Building Out Referral Networks
PLANADVISER - July/August 2021 - 35
PLANADVISER - July/August 2021 - Look Toward The Future
PLANADVISER - July/August 2021 - 37
PLANADVISER - July/August 2021 - Now A Fiduciary
PLANADVISER - July/August 2021 - Cybersecurity And ERISA
PLANADVISER - July/August 2021 - Q&A
PLANADVISER - July/August 2021 - Cover3
PLANADVISER - July/August 2021 - Cover4
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