Bill Cates' referral abundance premier issue by Robert Sarkissian

REFERRAL abundance

Proven Strategies To Build A Thriving Referral-Based Business

premier issue $ 9.95

For Advisors

For Leaders

The Missing Link to Your Referral Success The Accountability Challenge

PLUS

• Enhance Your Referability • Reach Hard-to-Reach Prospects • 10 Ways to Get Referrals without Asking

www.ReferralAbundance.com

Referral Store: www.referralcoach.com/referral-store

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A Message from Bill Cates President of Referral Coach International Why does generating a thriving referral-based business seem to be such

Table of Contents

a complicated and mysterious notion to most financial professionals?

Feature Article I – for Advisors & Leaders

After all, getting referrals is not rocket science. It’s just simple relationship building and leveraging strategies. Or so it would seem. In my feature article, The Missing Link to Your Referral Success, I reveal what I believe to be a little considered, yet critical factor in referral success (and success in general). If you’re an advisor or agent, this article might hit a little too close to home for you. If you’re a manager, you now have a new tool to use with your advisors/agents. If you are a manager or leader, you know the importance of accountability in creating sustained results. In The Accountability Challenge, I give you

The Missing Link to Your Referral Success Feature Article II – for Leaders The Accountability Challenge

An increasing trend in the financial services industry is to use social prospecting tools to find top-level prospects – especially the affluent and wealthy. In Reaching Hard-to-Reach Prospects you’ll learn more about how you can tap into one aspect of Social Prospecting, i.e, Referral Events.

Enhance Your Referability Are you Winging It with Your Client Service?

helpful in your business. I look forward to receiving your feedback and

Reaching Hard-to-Reach, Top-Notch Prospects 13 Promoting Referrals Get Referrals without Asking for Them

Programs Referral Products Your Referral Store

Referral Boot Camp Master a Systematic Approach to Referrals

6 12

Referral Coaching Establish the Habit of Referrals

suggestions for topics for future issues. You can contact me directly at BillCates@ReferralCoach.com. To Your Success!

Social Prospecting

Referral Coach Solution

I sincerely hope you find this first issue of Referral Abundance to be

Departments

some great tools to improve your ability to hold advisors/agents accountable to better habits.

7901 Sandy Spring Road Suite 102 Laurel, MD 20707 800 488 5464 info@referralcoach.com

REFERRAL abundance | 3

Advisors & Leaders

Link

The Missing to Your Referral Success by Bill Cates – President, Referral Coach International

I was having dinner about a week ago with one of the most successful business people I know. We were talking about what separates the top producers from all the rest. Through our discussion, I realized that there was a missing component in what I teach people about how to acquire more clients with referrals. He confirmed something that I had started to suspect.

I have come to the realization that many business owners and sales professionals (and most other people for that matter) don’t operate from a Prosperity Mindset. They either don’t have a clear vision of what abundant prosperity looks like to them or they don’t really want it bad enough to do what it takes to get there. Call me naive, but when I first started teaching my referral system, I assumed that everyone in sales and business had a Prosperity Mindset; that everyone wanted to achieve a high level of financial success. But that doesn’t appear to be the case. What about you? Are your actions consistent with a Prosperity Mindset? When you see a strategy or tactic that you think will allow you to increase your revenue –– do you implement it? Or do you let your fear, mistaken assumptions, or other head trash get in the way of taking action? By the way, as I talk about prosperity, I don’t just mean financial prosperity. Prosperity is a much broader concept than just money.

Three Legged Stool When it comes to attracting prosperity into our lives – to use a metaphor – there are 3 legs to the stool. First, we have to infuse our thinking with thoughts of prosperity. We have to monitor and change our self-talk. Earl Nightingale in his classic work “The Strangest Secret” pointed out that “What you think about, you become.” I once had a teacher who said to me over and over again, “What you focus on grows stronger in your life.” So your thinking must be prosperity thinking.

4 | REFERRAL COACH I N T E R N A T I O N A L

Second, we need to get excited about this prosperity. I believe it’s the emotional component that many people leave out in their efforts to what they want in life. Yet it’s the emotional component that seems to be the most powerful. So we must infuse our thinking with thoughts of abundance. We must do it with enthusiasm. And the Third leg of the stool is taking action. How can you say you come from a place of abundance if your actions aren’t consistent with that? Without action, it’s purely wishing and hoping. I know that our Unlimited Referrals® Marketing System works. We have plenty of evidence from many different sources to prove that. When I deliver a referral seminar, folks emerge excited about their new strategies and new referral mindset. Yet, all too often, they fail to fully implement the strategies. What’s up with that? Is it fear? Is it reverting to old habits? Is it just being reactionary and not strategic with their business? Probably all of that and more. In most cases, I think the common denominator of ‘failure to implement’ is a symptom of not wanting the results, the growth, the prosperity… bad enough – bad enough to move through the fears and set aside the false assumptions that hold us back. Do you have a true Prosperity Mindset? Do you have a clear and positive vision of what prosperity means to you? Do you keep it on the forefront of your awareness? And – most importantly – are your actions consistent with your vision? Let me repeat… Are your actions consistent with your vision of prosperity?

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Now, I wouldn’t be serving you well without giving you a few action steps to take away from this article. Here are three:

1. Get in touch with the real value you bring to your

this without putting limits on what you think is likely or possible. Don’t bind yourself with what you think is possible. Think bigger and broader than you’ve ever thought before.

clients. If you don’t sincerely believe in the value

Then…write a paragraph or two describing this

of what you sell or get excited about the work you

thing that you want to have, or way you want to

do – move on to some other line of work. A friend of

be, or what you want to do. Write the paragraph

mine – Mickey – has led his company in sales pro-

with words of emotions and senses in it. What

duction for 15 straight years. That’s no small feat.

would this thing look like, feel like, maybe even

He told me that he was producing mediocre results

smell like? How will you feel when you have it?

until he finally got it that he really helped people. He let go of the drive to make money and grabbed on to the drive to help people. That’s when his business took off. And guess what, the money is coming in hand over fist.

Then – read these paragraphs out loud to your friends, family, or colleagues who will cheer you on. DO NOT… I repeat… DO NOT read this to people who will challenge you or be anything for you other than a cheerleader. Remember I said earlier that

Here’s a novel idea. Ask your clients what they value

the emotional component is so powerful? When

in the work you do and the relationship they have

I read these vision paragraphs out loud to my

with you. This will renew your enthusiasm and vali-

study group, I get super charged with positive

date your beliefs.

emotions. And the bottom line is that I’m achiev-

2. Create a success library. Read about successful

ing the results I want.

people. Read classic books like “Think and Grow

If I followed you around for a week – watching your actions

Rich” by Napoleon Hill. Infuse your thinking with

and listening to your words – would those words and

thoughts and strategies for success. Changing

actions reveal a prosperity mindset? It’s all about action!

your current mindset, to a more prosperous mindset will not happen overnight. So surround yourself with the success of others through books and audio programs. One thing that has helped me is my prosperity

I hope I got you thinking. But more importantly, I hope you will do something different from this day forward; bring an abundance of financial prosperity, an abundance of love and friendship, an abundance of good health, and an abundance of fun into your life. RA

study group. We meet once a month for about 5 hours. We formulate our vision for abundance in all areas of our life. We modify those visions and we help each other take the appropriate actions.

3. Share your vision with others – but be selective. With my prosperity study group, we made a list of all the things we want to DO, HAVE, and BE. We then took the top 3-5 items – the ones we truly wanted – and made a list of all the attributes of

Go to: www.ReferralAbundance.com

Watch a Free 7-Minute Video of Bill Cates Talk about Abundance.

that thing. When you do this, do your best to do

REFERRAL abundance | 5

How many great clients are you getting

not

because you don’t use a systematic approach to referrals? Master Referrals at our Referral Boot Camp for Financial Professionals. You can tap into a referral system that shows you precisely when to ask for referrals… how to ask for referrals…and what to do with any response (even a flat-out rejection) to improve your relationship with your client. And you can do this without appearing needy, tacky, or making your clients feel uncomfortable. This system will even show you how to get more referrals without asking for them. “Without a doubt, your Referral Boot Camp was the best educational experience my partner and I have ever attended in our 13 years in the business. We started getting more and better referrals as soon as we returned from the boot camp. You have helped us make a huge shift in our thinking, which made asking for referrals – and getting them - almost effortless.” – Joe De Sena, Ameriprise Financial – Melville, NY

“Just last week, we brought in a new client through referrals who placed over $7 million with us. Your system works well.” – Alizabeth Apodaca, Steven Lynch Wealth Management, Albuquerque, NM

“I more than doubled my revenue this year. This system really works.” – Aquiles Larrea, LF Consultant Partners, Wall Street, New York, NY

“I used one of your strategies and it worked brilliantly. We had a client who had told several of her friends about us, yet they had not called us. After your seminar, we used the language you suggested. It worked! She pulled out her Blackberry and gave us each person’s phone numbers, emails, spouse’s and kid’s names, and more. She told us to tell them she told us to call because she wants them to have a good retirement. Three dead referrals brought to life again. We already have an appointment set with one of them. Your strategies have proven immensely helpful.” – Lisa O’Connor, Financial Planner, Barnum Financial – Shelton, CT 6 | REFERRAL COACH I N T E R N A T I O N A L

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The Referral Boot Camp will help you dissolve your referral barriers! What Makes Our System Different? 1.

Our system is “client-centered.” Instead of pressuring a client to give you referrals (the old way), you motivate him/her to willingly give you more referrals by providing real value first.

On the second day, you’ll: • Be skilled at how to get quality introductions to your new prospects. • Know how and when to thank your clients for referrals. • Have an action plan for ensuring you implement what you learn – to produce results.

2. We are the only referral system that teaches you how to back out of a referral conversation with confidence and poise. When you know how to get out of the conversation, you’ll ask more often.

3. We address and dissolve the barriers that keep advisors from asking for referrals.

Learn a System You’ll Actually Use Learn Our System In 1-1/2 Action-Packed Days The Referral Boot Camp is the best way to learn our system because you learn by doing. You practice with your peers. You give and get constructive feedback in real time. And you’ll get personal coaching from Bill Cates.

Isn’t it Time You Became More Systematic with Referrals? The Referral Boot Camp for Financial Professionals is More Affordable Than You Think! Use our Early-Bird Discount to Save Big! Bring a Referral Buddy with You and Save Even More!

To learn more about dates, locations, tuition, and if the Referral Boot Camp is right for you Call Sharon at 1-800-488-5464 or Go to www.ReferralCoach.com/bootcamp

PLUS – the Boot Camp includes 3 follow-up coaching calls with Bill Cates – to learn new material, such as getting referrals from CPAs, and to reinforce what you learned at the Boot Camp.

On the first day, you’ll learn: • 3 Ways to become more referable more quickly. • 3 Ways to stay tapped into the life-time value of your clients. • 10 Ways to get referrals without ever asking. • When to ask for referrals – and not a minute before. • Our popular VIPS Method™ for Asking for Referrals – that never feels pushy to clients and never comes across as begging. Really! • Know how to deal with referral objections – including how to back off professionally and with confidence. • Be on your way to mastering the entire referral process. REFERRAL abundance | 7

Enhance Your Referability

Are You Winging It with Your Client Service?

Believe Me – Your Clients Can Tell by Bill Cates – President, Referral Coach International

When it comes to serving your clients, do you follow a specific model that drives your behavior or are you winging it? I can assure you that your clients can tell the difference! Are you winging it when it comes to how you stay in touch with your clients? If so, it’s costing you loyalty and referrals. Many of the most successful financial professionals I have interviewed have a very specific client service model. It drives their behavior and the behavior of their staff.

Three Types of Client Interaction

Segment Your Client Base

1. Transactional – You and your staff must have systems and standards

The ideal way to craft your client-service model is to think in terms of a

in place that allow you to deliver superior transactional service.

matrix. To do this, you must first segment your client list into A, B, C

Good systems will keep you from making mistakes. Good standards

clients. The concept of segmenting your book is certainly not a new

will ensure proper response times. Great transactional service should

one. But have you done it? Have you revisited it lately?

be a given. Every one of your clients expects this from you. And, as important as this is, it won’t create true client loyalty or generate referrals

2. Value Added – Here’s where you start building loyalty and refer-

Now, take that list of all the things you can do to add value and build business friendships and create a matrix. Your ‘A’ clients get everything. They get the First Class “Wow” treatment. Your ‘B’ clients get a subset of that list, and your ‘C’ clients get a little less.

ability. If you don’t continue to add value to the relationship, you are no longer necessary. For your ‘A’ clients, consider 12 touches per year. The number of meetings you have will be determined by

Too Much to Do Right Now?

the complexity of their situation. Many advisors are turning to a

Does the thought of this matrix seem a bit daunting? Maybe you have

concept I call “themed phone calls.” They create a value-centered

a lot of clients. Okay… at least do this for your ‘A’ clients. To keep your

theme for each phone contact between meetings. If you’d like

clients loyal and to stimulate more referrals, work from a client-service

some ideas about themed meetings, just go to our resource page

model. Get your ‘A’ clients to see and feel the difference in how you

at www.ReferralAbundance.com to download your free “Themed

are attending to them. Stop winging it when it comes to client service.

Meetings Report.”

Have a plan and follow your plan.

3. Business Friendships – It’s invaluable when you get to know your

Make a list of all the things you can do to build value for your clients

clients on a more personal level – beyond what brought you together

and all the things you can do to build business friendships. Now

in the first place. The truth is, most of your clients would like you

you’ll be ready to start your client service matrix. To get a

to be their business friends.

Client-Service Matrix Worksheet, go to our resource page:

There are many things you can do to establish and enhance your

free

www.ReferralAbundance.com

business friendships. Hosting client-appreciation events is a triedand-true strategy. More personal things like dinner, lunch, a round of golf, or trip to the theater are also very effective. Following your clients’ sports interests or the progress of their children are two great things to do. (See page 13 for our article on Social Prospecting for more ideas.)

Clear Intentions Produce Clear Results

There is something magical that happens in a business relationship when you break bread at a client’s house or they in yours.

To get a free Client-Service Matrix, go to our resource page:

Don’t miss these opportunities. In fact, structure them into your

www.ReferralAbundance.com

client service model.

8 | REFERRAL COACH I N T E R N A T I O N A L

Leaders & Managers

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The Accountability Challenge

Holding Advisors and Agents to High Expectations and Great Results Watch a Free 7-Minute Video of Bill Cates Talk about Abundance. Go to: by Bill Cates – President, Referral Coach International

www.ReferralAbundance.com

You already know that one key to make any kind of training stick is accountability. There are 2 types of accountability; internal (from within the individual) and external (from outside the individual). Everyone has some ability to tap into their internal accountability. It’s been my observation that only a few rare birds have a very high degree of internal accountability. Earlier this week I was talking to a financial professional who had recently purchased our new self-study program “Boot Camp in a Box.” In just 3 weeks, he had generated more referrals than in his previous 6 months. David has a very high level of internal accountability. He wanted to change. He learned some proven ideas and then implemented them without anyone having to hold his hand or push him through the process. Don’t you wish that every financial professional in your firm was like David? He invested his own money in himself and then produced results.

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REFERRAL abundance | 9

(continued from page 9)

If you don’t focus on the behavior necessary to reach the goal, by the time the “deadline” has hit, it’s too late.

Since most financial professionals are only human, their extreme success often depends on a well-placed dose of external accountability; from time to time. This, of course, is where you can enter the picture – if you’re willing and if your reps are willing to let you in.

Only Coach the Coachable Not all of your people are coachable. The problem is, they don’t often know it. They “yes, but” you to death, but don’t even recognize their own behavior. With rookies, you can tell them to do just about whatever you want. Veterans have to let you in first. They have to be open to coaching or it just won’t work. Ask them, “Would you like to see if I can help you with this?” If they say yes, and then later “yes, but” you, you have their original agreement to fall back on. “You said you were willing to accept my help, but you don’t seem to be open to my suggestions. Tell me your perspective.” Bottom line, if someone is not coachable, back off and hope they find the internal accountability to make the changes they need to make. Don’t waste your time and energy trying to coach the un-coachable.

Sometimes “The Carrot” is Enough There are two basic catalysts to change – pain/fear/the stick and pleasure/reward/the carrot. Some people will be moved to change behavior based on their vision and desire for more success. Their vision will pull them forward through their new behaviors. The more clear the vision the more powerful of a magnet it can become. The more the person is excited (emotionally invested) in the vision, the more likely he/she will take the necessary action and move through the roadblocks that always seem to pop up. One strategy I’ve learned over the years is to get as clear as possible on the goal I’m trying to achieve and/or the behavior I’m trying to change. A wise person once said to me, “Clear intentions produce clear results. Vague intentions produce vague results.” When I have a vision for a certain area of success in my life, I first make a list of all the qualities of what this success would look like. I take all those qualities and put them into paragraph form. Here’s a portion of one of my goals – notice it is written in the present tense – as if it’s already happened. And, it’s all positive. I spend no time on what I don’t want; only time and energy on what I do want. 10 | REFERRAL COACH I N T E R N A T I O N A L

“Now that I have sold my business for $10mm, I am splitting my time evenly between ‘playing’ and helping people rebound from hard times. My newly formed foundation is funding and supervising programs designed to educate and counsel people to go beyond being self-sufficient, to being as successful as possible. I am playing golf, having a blast entertaining folks in my home on the river, and traveling to all corners of the earth. I am attending to all my relationships as well as staying in terrific physical shape through proper diet and exercise.” I urge you to try this with your own goals and then help some of your reps do this with theirs. Read this paragraph everyday with some energy behind it. You’ll be amazed at how you begin to make different choices that bring you closer to your goal on a daily basis.

Sometimes You Need “The Stick” While having a clear vision is always a good thing, it’s not always enough – especially when it comes to adopting new habits that have fear associated with them (like asking for referrals). They need the possibility of some “future pain” to motivate them to new action. If having a clear vision of more money or a better lifestyle were enough of a motivating factor, all your advisors/agents would be doing everything they need to be wildly successful. Heck, you might even be out

w w w. R e f e r r a l A b u n d a n c e . c o m of a job. The truth is, more people are motivated by fear or pain than the possibility of reward. The Stick is still very helpful, even when The Carrot is a big one. One thing you can do to help your reps rise to a new level of success is to find out what their Catalyst of Change is. Is it the carrot or the stick? Or is it both? For me, I need both. I need a clear vision to inspire me. But I often need some external accountability to keep me going – to sustain a high level of progress. Like many in our industry, I belong to a study group. We meet on a regular basis, and one of our roles is that of accountability. We set goals and are expected to meet them. If we don’t, some form of accountability is usually in place. Oftentimes, it’s money. For example, I wasn’t spending enough time writing (my new book and articles). I set a goal for the number of days I wanted to write over the next month. For each day I didn’t fulfill, I paid $250 into the kitty. At the next meeting I wrote a check for $750. Ouch! One of the guys in the group suggested that the penalty “obviously wasn’t enough.” He was right. The goal isn’t to write the check, it’s to achieve the goal. So we upped the amount to $500 per day. Now that got my attention. I paid nothing at the next meeting and got some great writing done. One of my coaching clients wanted this sort of accountability around referrals. He is a graduate of Texas A&M. The Aggies’ biggest sports rival is the University of Texas. He set goals for new referral behavior and his accountability was a series of $200 checks made payable to the “University of Texas Athletic Scholarship Fund.” Luckily for him, and the Aggies, he didn’t send a single check. And, he developed some incredible referral habits.

One more thing… accountability to goals need not be a harsh process. You need to adjust what you do and how you do it to the personalities involved. Sometimes just asking how they did is enough. Sometimes measuring behaviors is enough. In other cases, you need to probe more into their barriers. And in some cases, you need to create a penalty for not performing a certain behavior. RA

5 Action Steps You Can Take 1. Get good at whatever you’re asking them to do. A colleague of mine, Bill Brooks, likes to say, “You can’t lead where you won’t go and you can’t teach what you don’t know.” If you are trying to build a thriving referral culture, then how good are you at getting referrals? How well do you know the system?

2. Help your financial professionals create clear visions of their future. Have them get crystal clear and put it in writing. Have them refer to their visions on a regular basis. Have one or two of them read their visions out loud at the beginning of each group meeting.

3. Help your reps get clear on the activities necessary to reach their visions. It is the daily activities that produce the results.

4. Ask them if they will allow you to hold them accountable to these specific behaviors. The vision (the carrot) will not be enough for most of your people. Use accountability (the stick) to make sure they engage in the day-to-day behaviors necessary to reach their goals.

5. Celebrate! There must be a balance. If you are going to create a culture of accountability, you must balance that with a culture of celebration!

Achievement Goals vs. Behavioral Goals Once a clear vision has been created, the next step is to delineate the specific strategies and tactics (behaviors) necessary to reach that vision. This is where accountability comes in. If you don’t focus on the behavior necessary to reach the goal, by the time the “deadline” has hit, it’s too late. The goal is not achieved and you can’t go back in time to fix it. People need to be held accountable to the behaviors designed to reach their goals. For some, accountability will seem like micromanagement. That’s because it often is. Have you noticed that it’s usually the people who resist the micromanagement of their goals who need it the most? REFERRAL abundance | 11

STOP Insanity = Delivering Training with No Follow Up

Y T I N A S

N I E the Referral Coach Solution THwith

Here is a comprehensive approach to referral training that won’t break the bank but will produce results. In just 90 days (one quarter) you can implement and reinforce a referral training program that will change behavior and drive results – for the long term! Select from one of 3 training methods – live, video, or phone – all of which are designed to keep you under budget and on schedule to meet your production goals. All programs come with an optional, automated follow-up program that ensures the training will stick and produce real results!

What is the Referral Coach Solution™?

How do you get started?

The Referral Coach Solution™ is a 90-Day Referral Blitz™ designed to change behavior and drive results (for the long term).

• Pick the training method that best suits your overall goals, logistics, and budget.

• Pre-Training module to insure Proper Mindset • Dynamic Training Sessions (Live, Video, or Telephone) • Built-in Reinforcement and Measurement (Referral Fast Start Program™ & Referral Scoreboard™ )

How will this help your advisors/agents? • Increased awareness and confidence with referrals • A systematic approach to asking for referrals • Fears and mistaken assumptions will be dissipated • More high-quality clients generating more new business • A high-performing referral culture that sustains itself over time

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• Decide on how you will implement the pre-training module. • Determine your level of involvement in the reinforcement program: Referral Fast Start Program™ and Referral Scoreboard™. • Call Sharon Landesberg to set up a personal consultation with Bill Cates to help you determine how we can help you reach your objectives.

Get the best referral training in the industry into the hands of your advisors/ agents as soon as possible! Contact Sharon at: Sharon@ReferralCoach.com or call 800-488-5464

Social Prospecting

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Reaching the Hard-to-Reach, Top-Notch Prospects by Bill Cates – President, Referral Coach International

In this era of harder-to-reach prospects – especially among the affluent and wealthy – Social Prospecting has become the business-building model of choice for many successful advisors/agents. To my mind, Social Prospecting, quite simply, is the use of social environments to identify, meet, and grow relationships with qualified prospects. For over 12 years, I’ve been teaching financial professionals how to build a thriving referral-based business. Not only is this an effective marketing strategy, it’s also a lot of fun!

Why Does Social Prospecting Work? While many of your new prospects are ready to discuss their financial situation and financial goals with you on the very first appointment, many others are not. Many solid prospects would prefer to meet you in a more social setting first; to get a feel for you – do they like you, do they trust you, etc. Using referral events and other social prospecting tactics, you can reach many more high-level prospects than you may be reaching now; especially the affluent and wealthy.

Client Appreciation Events I’d like to draw a distinction between what are called ClientAppreciation Events and Referral Events. In a nutshell, a client appreciation event is some sort of social gathering (fancy or informal) with the sole purpose of saying “thank you” to one or more clients. The purpose of a referral event, while the activity can be the same, is for one or more clients to bring one or more prospects to meet you. The trouble I often see with these events is that advisors try to turn a client-appreciation event into a referral event. They try to do a “hybrid.” While hybrids have their place, I believe you will see better results with most of your events if you limit them to one purpose – either appreciate the business (to build loyalty), or host an event where your clients are expected to introduce you to one or more prospects. Client-appreciation events allow you take your client relationships to new levels of business friendship that probably wouldn’t be possible through the normal course of business activities. This dynamic not only enhances client loyalty, it also makes you more referable. People give referrals to people they like and trust. Client-appreciation events contribute significantly to this dynamic.

Examples of Social Prospecting Social Prospecting encompasses a wide range of activities. Here are a few you might consider: • • • • • •

Client Appreciation Events Referral Events (Event Marketing) Community Service Activities Charity Events (Philanthropic Endeavors) Club Memberships Hobby or Special Interest Groups

In this issue of Referral Abundance, I’ll touch on a couple of these – Client Appreciation Events and Referral Events. In future issues, I’ll discuss other social prospecting strategies.

Types of Client Appreciation Events • • • • • • • • • • •

Holiday Parties Picnics Sporting Events Wine & Cheese Tastings Chocolate Tastings Intimate Fancy Dinners Golf Outings or Swing Clinics Boat Outings Ski Trips Theater Events Cooking Classes

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Referral Events that Attract Qualified Prospects

Getting Guests to Referral Events

You host a referral event for the express purpose of your clients introducing you to prospects in a social environment. Be very clear with your clients about the purpose of this event. You’ll have much more success. As a rule, you want to keep your referral events much smaller than your client-appreciation events. Remember, the purpose of a referral event is to create a solid connection between you and your new prospects. If you have too many prospects to meet, you may not connect well with any of them.

I recently had the pleasure of interviewing Bill Cupach. Based in Cleveland, Bill knows just about all there is to know when it comes to putting on successful events (he was an event planner before he joined the financial services profession). Bill told me that, “The advisor is the Sponsor, and the client is the Host.” Which is a better phone call to the guest? “George, my financial advisor, wants to take me to dinner and bring you along as a guest.” OR “George, I’m hosting a dinner party at Chez Expensive to introduce you to our personal financial advisor who might prove to be a great resource for you. It’s going to be a lot of fun. Are up for it?”

Referral Events – Case Studies Theater Excursion – Don Zajac is a financial advisor near Detroit, MI. Every year Don arranges for a 2-day theater trip via motor coach; alternating between Chicago and Toronto. Don arranges the bus, theater tickets, hotel, and dinner. His very affluent clients and their very affluent guests actually pay their own way. He just makes all the arrangements. Over the course of 2 days he spends several hours on the bus with these folks, has dinner and breakfast with them, and a wonderful evening at the theater. Don told me that “People get off the bus, shake my hand, thank me for a wonderful time. Then they say ‘we have some questions about our finances, do you think you can find some time for us?” Don gets several wealthy clients this way each year – well worth his investment in time and effort.

The Chef’s Table – Another referral event idea is The Chef’s Table. It’s the kind of event that clients like to attend and feel comfortable inviting a guest to. The chef is usually involved in this event. Sometimes he/she prepares a special entrée or dessert just for the group. They can also recommend wine pairings for the meal. If you want to make this an evening no one will forget, have your guests picked up from their homes in a limo. Talk about the “wow” factor! For a personal touch – and a nice excuse for getting back with your clients and their guests – take some photographs of the attendees. Hire a professional, if you can afford it.

Let’s Take a Boat Ride – I know an advisor who uses his boat all summer long as a way to entertain clients and their guests. “Bring a guest and you get to spend the day on my boat.” What a way to have a fun summer, celebrate your current client relationships, and prospect for new business. There are two things I particularly like about “boat prospecting.” First, it’s a small group, so you get a lot of time with everyone. Second, you get to know them in a way that has absolutely nothing to do with your business. You go through an adventure together – especially if you do some fishing or other water sports. Adventures like these almost always contribute to people trusting each other more.

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The Wow Factor! Client appreciation events and referral events need not be expensive propositions. The key is handling all the details – to the extent that your guests really notice. Make your invitations stand out – not like the run-of-the-mill wedding invitations that so many advisors use. Have someone available to greet them as they arrive to the event. Make sure the directions are perfectly clear or, better yet, send car to pick them up. Call all your guests before the event to check on special food restrictions or preferences. And, most importantly, follow up. Don’t host a referral event if you don’t set aside time to follow up with your guests. Call your client first, if you like, but call the prospect within 48 hours of the event. RA

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Promoting Referrals

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10 Proven Ways to Get Referrals

Without Asking By Bill Cates – President, Referral Coach International I’m a big believer in asking your clients for referrals. And I know that many financial professionals just can’t seem to crack through their barriers to approach their clients for referrals. All is not lost. Here are 10 proven ways to promote referrals to your clients. About 70% of the time, these techniques will result in your clients giving you referrals at some time in the future. So consider them as “planting the seed” for referrals. However, you can expect that about 30% of the time, these techniques will generate referrals right on the spot. These little things you do now will act in the same way compound interest turns consistent small deposits into riches. You’ll reap the rewards for years to come. To show you how practical these techniques are, I’ll bring most of them to life with a sample script.

Reminder of Confidentiality. “George, there’s one thing I want to run by you. Many of my clients like to introduce me to others whom they think should know about the important work I do. I just wanted you to know that should that opportunity present itself to you, the work we do is always kept completely confidential. They will never learn about your financial situation from me and vice versa. Does that make sense?”

Who You Serve the Best. “George and Martha, there’s something I want to mention to you. Many of my clients like to introduce me to others whom they think should know about the important work I do. Should that ever come up for you, it’s good for you to know for whom our processes are best

suited. These days, our practice is geared toward successful couples like yourself. They usually have children, but not always. Generally they have a combined income of over $100,000 – some of my clients are even in the $400,000 range and more. While I don’t expect you to know someone’s exact financial situation, you probably have a sense. Does this make sense?” [Note: Your profile range may be different, but you get the idea.]

How I’ll Contact Them. “Randy, quite often my clients like to recommend the work I do to others whom they care about. Should that ever come up for you, I thought you should know how I usually like to handle those situations. First of all, I don’t like to surprise people with a phone call from out of the blue. I’ve found that everyone seems to feel most comfortable when they know I’ll be contacting them and have a sense of why. “So, if you identify someone you think I should contact, please come to me first. Together, we’ll figure out the best way for us to approach them. We’ll do it in a way that suits your relationship and feels comfortable and natural to everyone. If they are (continued on page 16) REFERRAL abundance | 15

(continued from page 15)

interested, we’ll likely meet for a no-obligation review – as you and I did initially. If they decide they don’t care to move forward, I assure you I won’t pressure them or become a pest. That’s just not my style. How does all this sound?”

“Don’t Keep Me a Secret.” I’ve been teaching this simple phrase for over a dozen years and I’ve been impressed with two things: 1) how many financial professionals are using this phrase with great success; 2) how often it results in a referral conversation right on the spot. It never hurts a relationship. You’re not going to say to a client, “Please don’t keep me a secret” and they respond, “I can’t believe you said that. Give me my check back.”

Tell me. If I ran into a good prospect for your business, how would I know it and how would you like me to introduce them to you?” When you demonstrate a genuine willingness to give referrals, many people will reciprocate with you. This can be a great start to a productive Center of Influence relationship.

Celebrate Referrals. Every time you meet a new prospect through a referral, celebrate it. Talk about the person you know in common. Tell them “It’s great Tom introduced me to you. When I meet folks through referrals like this, it leaves me with more time to serve my clients, instead of spending time looking for clients. Make sense?” (“Sure

30% of the time, these techniques will generate referrals right on the spot – without even asking for them. Try saying this to your clients at the end of valueoriented meetings. Add it as a PS to your handwritten notes. You can even add it to your email signature file and your voice mail. [Editor’s Note: Don’t Keep Me a Secret! is the title of Cates’ new book from McGraw-Hill – published September, 2007]

Willingness to Give Referrals. This is a great technique to get a referral conversation going with anyone who is a small business owner, salesperson, or anyone who needs referrals for their business. You can use it with your prospects, clients, friends, people you meet at social functions, even neighbors you meet at your kids’ soccer games. “Frank, you sound like you do pretty good work for your clients.

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does.) “And, quite frankly, it’s how most people prefer to meet their financial advisor.”

Who Should I Thank? I got this simple technique from my business manager, Karen Hood. One day she was talking on the phone to a prospective client who had called our office to see how we might be a resource for them. At some point in the conversation, she said to him, “By the way, who referred you to us so we know who to thank?” When I heard this, it was like that beer commercial where one of the cartoon characters says, “Brilliant!” Put the following message on your voice mail. “This is Mike Smith. Sorry I missed your call. Please leave

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a message at the tone. And if you were referred to us, please let us know who we need to thank.” This sends the message to all who call you that you get referrals on a regular basis – you are referable. And that you have an attitude of gratitude.

Never Too Busy. Here’s a simple one. Just say to your clients, “I’m never too busy to see if I can help your friends, family, or colleagues with the important work I do.”

“Don’t keep the important work I do a secret.” your clients’ awareness. Promoting referrals in the above ways will do just that. You’ll never hurt a relationship, you’ll plant a very powerful seed that can bear fruit later, and you will often walk away with referrals on the spot. RA

Earn the Right. Tell your clients something like the following (early in the relationship), “One of the ways I know I’m doing a good job for my clients is when they tell others about me. And I know the only way that happens is from me providing first class advice and first class service. I hope that at some point, you will trust me and the work I do well enough to tell others. Fair enough?”

By Referral Only. Have “By Referral Only” printed onto your business card. Or when you hand someone your card, write those words on it. It sends the message of importance and exclusivity. It’s important that you’re not obnoxious about asking for referrals. And it’s equally important that you find soft ways to keep the topic lively in

The little things you do now will act in the same way compound interest turns regular small deposits into riches. REFERRAL abundance | 17

“My referral coach was great. The combination of your Boot Camp followed by coaching is the best way to go!” – Dan Young, A.G. Edwards, Chicago, IL

I would recommend this program to anyone who would like to make introductions an integral part of their business.” – Rich Miller, The Harrison Group, Havertown, PA

Make Getting Referrals a Get a systematic approach to referrals and the confidence to use it! You will receive ongoing coaching, ongoing support, and produce tangible results. The Referral Champions Coaching Program™ is available in one-on-one and small team formats. “As soon as I began to work with your coach Ray Vendetti, I started using the VIP’s conversation. Almost immediately, I received a referral that resulted in a new client who transferred $550,000 to me. That first client, alone, recouped my investment. My next case was a $750,000+ retirement fund to manage. This referral system and the coaching program are both winners!” – Thomas C., ChFC, Roswell, GA 18 | REFERRAL COACH I N T E R N A T I O N A L

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What You Get

What to Expect

1. Ongoing, one-on-one attention from a

Some of the results that you can expect when you implement the most effective referral system in the industry:

RCI Certified Referral Coach™.

2. A referral system that you can easily fit into your practice – that will actually work!

3. Accountability – so you really do what you know you should be doing.

1. A referral process and language you can trust. 2. More confidence than ever before when talking to your clients about referrals.

4. The Referral Champions Success Kit, including the 4-Audio CD Album “Prospecting for Quality Introductions”.

5. Special pre-coaching preparation to help you maximize your results.

6. Customized telephone coaching sessions with a Certified Referral Coach™ approximately every 3 weeks for about 4-5 months.

7. Access to your coach at any time via email and specially arranged phone calls – in addition to your regularly scheduled calls.

8. Training – Focus – Support – Goals.

3. A systematic process in place to make referrals happen – so you don’t have to wait for them to come.

4. The ability to back off professionally when someone doesn’t want to talk “referrals” – in way that will actually strengthen your relationship.

5. More high-quality introductions to qualified prospects than ever before.

6. The Do-Not-Call List transformed into the Wanting-To-Be-Called List.

7. The bottom line? More clients and more income!

9. Results and Celebration.

Habit You Can Count On! What’s The Investment? How much would you invest to have more referrals and more clients in your business? Forget the cost of this coaching... what’s the cost to you of not getting better with referrals? Individual Coaching:

$3,200 to $4,700

Small Team Coaching:

$895 / Person

Do The Math – How many new referral clients will it take to recoup your investment in this coaching program? 1-3 at the most? Like compound interest, this investment in yourself pays for itself many times over throughout your career. Confident. Focused. In Control. Is this how you’d like to feel about your referral process? Then this coaching program is for you! Call Sharon at 1-800-488-5464 or 301-497-2200 or email Sharon@ReferralCoach.com REFERRAL abundance | 19

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