80% of Advisors Say They Need to Change Their Referral Marketing and Prospecting Strategy
Financial advisors are missing millions of dollars in new revenue and new clients because they don't have a consistent, disciplined referral strategy, according to a new report published by Horsesmouth LLC (www.horsesmouth.com), an online business development service for financial advisors.
New York, NY (PRWEB) October 21, 2005 -- Financial advisors are missing millions of dollars in new revenue and new clients because they don't have a consistent, disciplined referral strategy, according to a new report published by Horsesmouth LLC (www.horsesmouth.com), an online business development service for financial advisors.
The report, "Automatic Referrals: How to Instill Discipline in Your Referral Strategy and Guide Your Clients to Deliver Perfect Prospects
Every Time," was developed after Horsesmouth conducted two research studies of its members, including a detailed referral survey of more
than 1,660 advisors with an average of 13 years in the business.
The survey revealed that 80% of advisors are unhappy with their referral strategy and are unfocused and inconsistent in how they
pursue referrals. Some typical comments included:
| | - "I need to make a more conscious effort to ask for referrals."
- "I need to establish a systematic approach for asking, rather than relying completely on a casual reference."
- "I'm worried I'll get referrals I don't want."
- "My strategy needs to be more formalized and routine."
- "I don't have a well-focused strategy and that is probably the reason I have less success with referrals than I'd like to."
- "I fear asking for referrals might damage the relationship with my best clients."
- "I'm worried about having to turn down a referral from an A client."
|
80% also said they wanted to change their eferral strategy.
Horsesmouth CEO William T. Nicklin says the research spurred his organization to produce a comprehensive action research report to show financial services professionals how they can customize their own referral strategy so that it will work with whatever business model and approach they take to their business.
Nicklin says advisors need a good referral strategy to compete successfully in acquiring new clients, especially high net worth (HNW) prospects, who typically say they want to meet a financial advisor through a recommendation or referral from a friend, colleague or family member.
He noted that for some top advisors, referrals is the one business development strategy that always has a strong ROI and keeps working year in and year out, especially when compared to the effectiveness of other traditional prospecting approaches, such as seminars, cold calling and direct mail.
"As advisors look ahead to some of the greatest new business opportunities of the future-IRA rollovers and retirement income planning for boomers-a solid, disciplined referral strategy will be the primary business growth driver for many advisors looking for new clients and new assets to manage," says Nicklin.
The highlights of the report include:
| | - 197-page report guides you step by step in transforming your referral strategy
- 13 Action Research Summaries give you detailed review of each chapter for fast reference to key points
- 11 reusable worksheets and checklists to put your plan into action
- 4 detailed case studies showing how advisors succeed with referrals
- Plus, real-life referral insights gleaned from more than 1,600 advisors
|
Since an early release of the report to Horsesmouth Members in July, thousands of copies have been sold. Advisors have responded enthusiastically, according to Nicklin, mostly because the report's action outline helps advisors immediately start improving the quality
and quantity of referrals they receive.
"It's gratifying for us to hear from all the Horsesmouth Members who have read the report and put its recommendations into action," he says.
"This is a way to get new clients fast and in a manner that takes very little additional investment of an advisor's time and energy."
The Automatic Referrals report is now being made available for the first time to a wider audience of financial professionals, including FAs, financial planners, wealth managers, investment consultants, bank brokers, broker-dealers, accountants, insurance agents, and money managers who are not members of Horsesmouth.
There are several ways to acquire the report:
Non-members of Horsesmouth can purchase the report at a special introductory price of $99 through the end of the year ($129 starting
Jan. 1). The report can be purchased online at the Horsesmouth Store at http://www.horsesmouthstore.com.
The report can also be purchased as part of the Horsesmouth Membership package, which for a limited period includes the report and an annual
membership to the online service for $189 a year.
Branch managers, firms and funds can purchase discounted bulk orders of the report, including customization and co-branding, by contacting
Nicklin at 212-217-1134 or e-mail: wtn@horsesmouth.com.
About Horsesmouth
Horsesmouth's flagship product is a daily, online service that helps financial advisors increase their sales, work with their clients, and
manage their practices. The Horsesmouth archive contains more than 3,000 feature articles showing advisors how to excel in such areas as
sales and marketing, investment strategy, managed money, financial planning, wealth management, client management, practice management,
and business planning.
In addition, the Horsesmouth service includes special online tools, including a Business Plan Builder, a broad selection of e-mail newsletters, and moderated discussion groups featuring more than 40 industry experts and coaches helping advisors solve their specific
problems. For a free trial and more information on how to become a member of Horsesmouth, visit www.horsesmouth.com.
Horsesmouth was founded in 1996 and is located in New York's financial district.
Note to Editors: The press may request a review copy by contacting Nicklin or download a special excerpt edition of the report at
http://www.horsesmouth.com/referrals/referrals
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