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Financial advisors know the power of referrals. As a financial advisor you know if you service your client well and give an amazing client experience, then referrals would flow out of your practice more than you can handle. It works this way with top advisors because they have a process. It's not some magical script, it is a process and it starts with key client data.
What data do you need? What networks would you like to build?
This is not a fact-finding exercise. It is having a meeting after your meeting. It is having a casual conversation over coffee or lunch and getting to know your clients better. here are four key pieces of data to collect. Think Networks. What networks do they have that you do not know about?
1. Extended family network, not only do you want to know about their parents regardless if they are alive or not but also your client's siblings. we probably know their children by now but how would the extended family?
Recently I was working with a financial advisor who uses mind maps to collect family tree information. they were doing some estate planning work but it uncovered a tremendous amount of opportunities and people to connect with. this is how you turn an ideal client into an ideal family. it takes time it takes a conversation we know the number one source of referrals is family.
2. Network of professionals. Sure you have a network of people that you work with but do you know your client's network of professionals such as account lawyer realtor mortgage brokers commercial people insurance agencies? this is how you find and build a strong COI network. through your best clients.
Most of the financial advisors I work with have a network of 10 to 20 COIs that they truly coordinate with their clients. They have a process to collect the data and put it in their CRM system. each client has a minimum of six fields in the CRM system. it is valuable data.
3. Hosting networking events. When was the last time you brought your network of professionals together to meet each other? make a list of your COI network and call all of them and put together a lunch or online event to meet each other. Top advisors I work with do a feedback network event with their top clients. They bring together their top clients and ask for feedback on how they're doing as well as find out more about their network professionals. They discover how they're connected in the community and more about the events and activities they are involved in.
If you have never done a COI network event or client feedback event now is the time. it is a heck of a lot easier Than any other marketing a financial advisor could do to grow their practice.
4. Community network. Wealthy people who have philanthropic goals spend time in their community with charities and organizations and people who are aligned with their values. if you understand what they do in their community and what is near and dear to their heart you found one of your high net-worth client's valuable networks.
What events do they attend? Is there an opportunity for you to meet like-minded people? In the past, I joined a hospital foundation because they tremendously helped my family. It was near and dear to my heart and I wanted to give back. Every year at their annual golf tournament as a volunteer was the registration desk. At the event, I met a tremendous amount of people. These people were introduced to me by other people in the organization. The introduction was powerful because they said "I would like you to meet Grant, a volunteer at the hospital foundation and my financial advisor." I was there to volunteer as well as meet people in our community.
You know your clients like golf but what events do they attend with golf? If you like golf as well, is there an opportunity to attend an event with a client and meet other like-minded people? What events do your clients attend? Advisors I work with use their CRM system in a growth mindset. They put listsof events and activities that clients are involved in. This gives them an opportunity to talk about the event, ask a few questions, and maybe sometimes the client invites you to the event. They say " hey would you like to join me?" Find the events data first.
Where do I start?
Start by making a list of clients that you like to have coffee or lunch or casual meeting conversations with. Build a list of data that you would like to collect such as a worksheet. I help advisors collect the data through our "Financial Advisor Practice Management System. Collect the information and put it into your CRM system. Now you have networks of opportunity and the data defined to meet and acquire more ideal clients. Family network data, extended network of professionals data, and community networks data. Would you not agree that having this data gives you a higher probability of success in finding, meeting, and acquiring more ideal clients in the next year? Remember practice management is about three things: process process process. Go for it and good luck!
Related: What Is Your Prospect’s Journey as a Financial Advisor?