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Do clients have nightmares? Of course. In addition to the stock market falling off a cliff, they worry about feeling obligated to provide referrals. Does that sound improbable? Of course not. The advisor asks the client to refer a friend. The client approaches a friend. They say: “My advisor is looking for new clients. Will you talk with her?” The friend says: “Your advisor has you lining up new clients! How much do you get paid?” The friend is embarrassed and vows never to do this again. How can you make this easier for your client and still get some referrals flowing in your direction?
A good place to start is to look at the list of your ideal prospects. These are people in the community you know would be great clients because it’s obvious they have plenty of assets. They might be executives at the company where your client works or fellow members at their favorite nonprofit. It might be people living in their housing development. Make a short list and show it to them.
Ask: “Who do you know on this list?” Would you be willing to introduce me? Let’s hold that thought for a moment.
There are other ways of asking for referrals that don’t use the word “referral.” That is important because “referral” is industry jargon, like the word “prospect”. Who want to be someone’s prospect.
One way of softly asking the question is by mentioning a name and saying: “This is the type of person I would like to meet.” Another expression is “This is a person I think I may be able to help.”
The next sentence is easy: “Could you introduce me?” You are not asking them for a referral, you are asking for an introduction. The hidden message behind “referral” is the client needs to “sell you” to their friend, getting them interested enough to agree to a meeting or to reach out to you.
An introduction means finding a way to get both of you together in the same place at the same time. Here’s an example: We were at the Admirals Club at Heathrow awhile back. I saw another couple sitting at a nearby table. We are fellow volunteers at the same nonprofit back home! What a coincidence! We said hello and invited them to join our table. If we had another traveling companion, it would have been rude to not introduce them! That companion would have met the other couple. It’s all completely normal.
Taking this out of the “fantastic coincidence” category, your client might know this guy stops off for a drink at a certain bar before returning home. She might be a regular with her partner at a certain restaurant most Friday nights. They might tailgate before every home game.
It is easy for your client to invite you to join them. You are in the right place at the right time. You are introduced and you talk with them. You see if you hit it off. You don’t bring up business, but they will ask “What do you do?” (Doesn’t everybody?) You find them on LinkedIn and send an invite. If you prefer the “old school” approach, you know where to show up next week. Your paths cross again.
Introductions are a lot easier to get than referrals. It is great when your client tells your story and lists all the ways you helped them, creating a referral. Not all clients are good at that. Asking for introductions makes it easier for your client.
Related: Why Clients Should Properly Value Their Collectibles