The Elements

By Ironstone   |   August 12, 2014

No Referrals? Time to Rethink Your Process – Here’s How

Categories: Blog, Business Development, Referral Network

How Financial Advisors Can Increase Referral Pipelines

Business is going good and clients are happy, but the number of qualified prospects in your pipeline has dwindled. Now what?

The advisors we work with tell us, “I always ask my clients and centers of influence to let me know if they think of someone who will benefit from my services.  But, I end up with a pile of names and find that the referral is either not qualified or not interested.”

Time to rethink the approach. First, take off the pressure from your clients and strategic partners by focusing on how you can specifically address the needs and challenges their families and friends are facing.

Define Your Ideal Client:

Determine your ideal client by considering demographics, life stage, profession, psychographics, along with net worth and investable assets. Always communicate the characteristics of your ideal client to your team, existing clients, and strategic partners.

Create & Gather Content:

Create specific information that addresses financial issues and challenges facing your clients. You can build a great deal of credibility by writing your own content; however, if writing isn’t for you or time constraints prevent you from writing, seek out other compliance approved resources and add them to your content library.

Problem Solving:

Share a specific situation or challenge that you helped a client with and the steps you took to reach a solution. This will provide clients and centers of influence with more insight to your expertise and how you meet the needs of others.

Make Your Information Easy to Find:

Group specific topics together and share your resources by posting them to your website. Blogs, whitepapers, and brochures will enhance your authority and help position you as an influencer in the industry. Consider providing the same resources in a video, podcast, or as an educational seminar. Keep in mind, clients and prospects have varied communication and learning preferences. Provide information to them in the manner they prefer.

When a client or strategic partner provides a referral to your firm, their reputation is on the line. To earn a referral, the referee needs to feel confident that you are trustworthy, knowledgeable, and will provide a positive experience to a new prospect. By providing targeted information that applies to real life situations, you will become more appealing to your ideal clients and position your firm to be worthy of new referrals.


The foundation of our Performance Coaching and Consulting Programs are based on Ironstone’s Fundamental 4™, which is essential to design, develop, and sustain a successful business. Our ultimate goal is to help you avoid trial and error; shifting your mindset to launch your process of intentional change. [LEARN MORE]

Photo credit: ©iStock/Getty Images/Thinkstock



Practice Management

Ironstone is a learning and development consultancy with business acumen that translates across many industries. Our focus is on practice management strategies in order to enhance and improve both business and personal life. We support professionals who want major and comprehensive improvements that look at all aspects not just an isolated area for change. Ironstone has identified 4 key performance areas known as the Fundamental 4™, which are required to design, develop, and sustain a successful business.

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