There is a quote made famous by American author William S. Burroughs that says, “When you stop growing, you start dying.” While the idea behind this might apply to many aspects of life, it’s perhaps especially relevant when framed within the context of the insurance industry.
Each advisor is unique. Varying skill sets, approaches in process and attitudes allow each of you to build a practice that fits you. However, there are certain practices that are utilized by almost all top successful advisors, one of the most important of these being the implementation of an effective referral process.
Most advisors would agree that finding new clients is one of the more challenging aspects of this business. Simply finding someone who is prepared to have a discussion can prove difficult. Coupled with DNC (Do Not Call) constraints, privacy restrictions and even just the social stigma surrounding the insurance industry, it is sometimes a wonder how an advisor can grow their business at all. What is so striking is that many advisors work so hard to secure a new client, but then fail to utilize that relationship to allow for new clients to follow with much less effort.
When it comes to referrals, most advisors have concerns. In fact, many feel that asking for referrals makes their client feel uneasy. It can also make an advisor feel like a bit of a salesperson and that utilizing this approach might damage the new relationship with their client. An advisor doesn’t want to do anything that may impact the trusted relationship you are building. All understandable and valid concerns. The idea of pulling out a pen and paper and asking your new client for a few names of people that you can approach for a new sale can indeed feel aggressive. We want to treat the client with dignity and respect, and this type of old school approach is not always ideal – so, what’s an advisor to do? Continue reading “Referrals: A Critical Part of Your Growth Strategy” →