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5 Powerful Referral Ideas for Financial Advisors

It’s no secret that referrals from existing clients offer one of the most effective ways to acquire new customers. Not only does word-of-mouth cost less than the marketing strategies usually employed by financial advisors, but clients who have been referred by family members or friends tend to have stronger levels of loyalty and typically become more profitable long-term clients. But in encouraging referrals, it can be difficult to strike the right balance between presenting yourself and being pushy to the point of annoyance.

So, how do financial advisors get referrals? Here are our top tips for inspiring current clients to spread the word within their own social spheres.

1. Focus on Serving Your Existing Clients

The best way to encourage your existing clients to recommend you to their friends and family is to ensure they’re happy with the service you’re providing. Getting referrals means being professional, serving your clients first and doing a good job — so that existing clients will want to tell their friends and family about you.

2. Build an Emotional Connection With Top Clients

Spend some time strategically socializing with your top 25 clients so you form a relationship that extends beyond a business meeting. Find shared interests and hobbies, and use those as a starting point for engagement. Hobbies can also connect you to social circles — and prospective clients — that you might not otherwise encounter.

3. Create an Incentive Program

For some clients, the promise of a gift can provide the extra nudge they need to share your name with their social circle. After checking to ensure that you’re in compliance with all corresponding regulations, consider offering gifts to clients who make a connection. Try to tap into the emotional connection you’ve built with existing clients to find a gift that aligns with their interests.

4. Tap Into the Power of Social Media — Especially LinkedIn

Social media is a great way to stand out to prospective clients online. Connect with current clients on social media and encourage them to share your posts and profile with their own followers and friends. But keep in mind that not all channels are created equal. While Facebook still dominates in popularity, LinkedIn is the ideal social media tool for identifying quality prospective clients, given its nature as a business- and networking-focused channel. Not only can you leverage LinkedIn to connect with current and prospective contacts, but the platform also serves as a way for you to stand out from the crowd as a credible industry advisor by tapping into Farm Bureau’s content that’s curated specifically for its Wealth Management Advisors.

5. Ask for Them

One of the simplest referral ideas for financial advisors is to simply ask for them. As you’re wrapping up a fruitful meeting, maybe you mention the fact that you’re offering initial consults with prospective clients free of charge, and that you would be happy to answer any questions their friends or contacts may have. It shouldn’t feel like you’re asking your client to do you a favor; rather, approach it as a way of getting the word out about your services to people who potentially need them.

A Trusted Referral Network

As a Farm Bureau Wealth Management Advisor, you’ll join our growing built-in referral network of more than 1,700 agents with 540,000 clients. Learn more about how Farm Bureau can help you grow your wealth management business.