Acceleration Module

Leveraging relationships to grow your business.

As part of the Acceleration® series, the client referral program shows you how to build and maintain a thriving referral program.

Let’s get started

Building the kinds of professional relationships that allow you to ask for referrals confidently is a critical step toward taking your business further. With some guidance and assistance from your wholesaler, the clients who already know you and have confidence in your services can be a ready source of introductions that can help you grow your business. As part of Acceleration®, the client referral program shows you how to build and maintain a thriving referral program. Your wholesaler is here to partner with you and provide any level of support you may need.

There’s referral power in your book of business.

Program overview

Next: Planning guide

When you’re looking at ways to grow your business, put client referrals at the top of your list. It just adds up:

Referrals from clients arrive with a level of familiarity, helping advisors grow and strengthen relationships on a faster track

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What’s the best way to start building the foundation of a client referral program? Your wholesaler can help you work your way through these steps.

Laying the groundwork for your goals.

Planning guide

Be Direct, Not Pushy

Be Patient

Provide Assurance

Smile

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Smile

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Provide Assurance

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Be Patient

Don’t beat around the bush. Make sure clients understand what you’re asking, but don’t pressure them to share names. It’s OK if they say no.

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Be Direct, Not Pushy

Next: Checklist and timeline

Follow these four steps to help create your client referral program.

Creating your plan of action.

Checklist & timeline

Hone your list: Review your client list and categorize your top referral sources. Plan to connect: Create a strategy for connecting with those clients. Schedule a meeting: Check your appointment calendar. If clients are already due for a phone call or meeting, make sure a referral ask is part of your meeting preparation notes. Plan on a check-in: If clients on your list aren’t part of a regular meeting cycle, create conversation opportunities with your top five.

Client identification

Set your script: Work on your ask and approach. Make it simple and personal. Make it your M.O.: Get comfortable making this part of your typical client conversations. Get it down pat: Practice, practice, practice.

Perfecting your “ask”

Putting a plan in place

Following up

Next: Tools & guides

Once you’ve established your client referral program, you’ll want to broaden your referral efforts to include a select external network of influencers from your community, commonly referred to as centers-of-influence (COIs) . Centers-of-influence are well-connected professionals who are in a position to refer business to you on an ongoing basis. CPAs, attorneys, Realtors and insurance agents are common COIs — individuals with a deep client base made up of people who require specialized services and expertise. However, don’t exclude other potential influencers, who may include local philanthropists, socialites, life coaches, local leaders or business executives. Any well-connected individual is a potential source of referrals in your community.

Centers-of-influence referral opportunities.

Tools & guides

Next: Reference guide

Program overview

Planning guide

Checklist & timeline

Review & follow-up

Next steps

Review & follow-up

Have any questions?

Next steps

Contact Your Wholesaler

877.345.GROW (4769) | cmannuities.com CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Annuities are issued by CMFG Life Insurance Company (CMFG Life) and MEMBERS Life Insurance Company (MEMBERS Life) and distributed by their affiliate, CUNA Brokerage Services, Inc., member FINRA/SIPC, a registered broker/dealer, 2000 Heritage Way, Waverly, IA 50677. CMFG Life and MEMBERS Life are stock insurance companies. MEMBERS® is a registered trademark of CMFG Life. Investment and insurance products are not federally insured, may involve investment risk, may lose value and are not obligations of or guaranteed by any depository or lending institution. All contracts and forms may vary by state and may not be available in all states or through all broker/dealers. FOR REGISTERED REPRESENTATIVE USE ONLY. NOT FOR USE WITH THE PUBLIC. CMGA-2212358.3-1022-1124. ©CUNA Mutual Group

Tools & guides

Program overview

Planning guide

Checklist & timeline

Tools & guides

Review & follow-up

Next steps

Program overview

Planning guide

Checklist & timeline

Tools & guides

Review & follow-up

Next steps

Program overview

Planning guide

Checklist & timeline

Tools & guides

Review & follow-up

Next steps

Program overview

Planning guide

Checklist & timeline

Tools & guides

Review & follow-up

Next steps

Program overview

Planning guide

Checklist & timeline

Tools & guides

Review & follow-up

Next steps

The likelihood of closing a referral is nearly 4 out of 5

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By seeking referrals with characteristics based on your best clients, you can shape your client roster to sharpen a niche or diversify clients

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Remind clients that you’ll take great care of their referrals and remove any fear or uncertainty associated with making an introduction.

If you ask, “Who do you know that I might be able to help?” and no names spring to mind, let them think about it. Chances are, they’ll remember your request and when they encounter a good prospect they’ll be better prepared to make the referral.

Your service is valuable. So this is as much about them doing something good for people they know as it is helping you grow your business.

Build your foundation: Start to outline your goals and expectations for implementing your client referral program. Set benchmarks: What would success look like? How many referrals do you want to have on an annual basis? How many new clients from those referrals? Keep track: Put quarterly milestone reminders on the calendar to assess your progress and approach.

Prepare to make contact: Outline your follow-up communication strategy for incoming referrals. Know your referrals: Put a plan in place that allows you to track and acknowledge client referrals. Be generous with your thanks: Whether it’s a thank-you note, lunch or a phone call, it’s important to let clients know they and their referrals are valued.

Referral opportunities

Reference guide

Asking for the referral Finding the right approach that is comfortable and compelling requires some practice. Here are some examples to get you started.

Client conversation reference guide.

Tools & guides

Program overview

Planning guide

Checklist & timeline

Tools & guides

Referral opportunities

Reference guide

Review & follow-up

Next steps

Next: Review & follow-up

To ensure you’re successful in executing and expanding your client referral program, we’ve provided a sample report guide to help you track a few key measurements over time and adjust your efforts as necessary.

Received referral progress report.

Source: 1. ReferralRock.com, Is Word of Mouth Hard to Track? 107 Experts Give Their Advice, August 22, 2022.

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Source: 1. ReferralRock.com, Is Word of Mouth Hard to Track? 107 Experts Give Their Advice, August 22, 2022.

According to a recent survey, referrals averaged a quality score of 4.18 out of 5

Identifying client candidates

Defining your approach

Setting goals and expectations

Following up

Acknowledge client referrals. Showing adequate appreciation for a referral is essential. Will you send a thank-you card for the referral and a small gift if the referral becomes a client? Would a personal thank-you call be better (and also afford you the chance to check in with your referring client)?

What will be your contact strategy for new referrals? How many times will you try to reach them, and how often, if you receive no response?

Determine what success looks like. How will you measure the performance of your referral program? Will you track the number and value of your referrals?

Be comfortably proactive. Realize that you have services that others need. Be confident and positive in your approach. Remember, this is also a way for clients to help people they know.

Rely on conversation starters. Think about “the ask” and how you want to approach the subject with your clients. What feels comfortable, natural and most like you.

Make it easy. Remind clients of the type of services you offer and where you can provide assistance and expertise such as during life changes. Provide them with your business cards.

Begin by making three lists and separate clients based on these criteria:

Satisfaction. Identify the clients who most enjoy working with you, those who place special value on your services and those who are most vocally satisfied with the work you’ve done for them.

Service. Next, list out clients who had a unique or specific problem that you were able to solve with positive outcomes. Can you identify a specific area of expertise or a common approach to service emerging? If so, capitalize on it in generating and converting referrals. Advisors who specialize have an edge over those who don’t.

Sociability. Finally, look for those clients who are well connected and comfortable with making referrals and introductions in general. They will include those who may have already provided you with referrals in the past.

Four tips for success

Once you start receiving referrals, how will you begin the conversation with new prospects? Be thoughtful, respecting your client’s relationship with the referred prospect. If you know their communication preference, begin there. If you don’t, consider a simple three-step approach:

What is your referral contact strategy?

3. Follow-up call:

If a meeting wasn’t scheduled in the first conversation, conduct a follow-up call in response to the direct mail to move the relationship forward.

2. Information packet:

Follow up with a personal note, your business card, testimonials you may have, and a brochure or article you may feel is relevant based on your initial discussion.

1. Telephone introduction:

Reach out for an introductory phone conversation. Let them know why you’re contacting them and ask if you can send them more information about your services. At the same time, see when it might be convenient to set up a lengthier discussion or meeting.

Tips for success.

Consider event referral strategies Another way to encourage referrals from your clients is to create a shared event experience that provides a direct and personal introduction to new prospects. Bring-a-friend seminar events Encourage your clients to invite friends and potential referrals to your next seminar. Seminars can provide the perfect spotlight for demonstrating your expertise as a financial advisor and provide a more casual environment for making introductions. Beneficiary dinners Give your clients the opportunity to introduce their beneficiaries and for you to share information and insights on what it means to be a beneficiary, considerations and implications.

1. Selection criteria

2. Getting connected

3. Compatibility evaluation

4. Value proposition

3. Compatibility evaluation

You can begin by leveraging existing contacts, some of whom may already be your clients. To find potential referral sources, you may want to create local visibility by:

• Joining, attending or serving the boards of organizations and associations that attract the types of professionals you want to meet. • Tapping into professional and personal networks. • Volunteering for local events and participating in community efforts.

2. Getting connected

Define your selection criteria and make a list of COIs to contact.

• Do they serve the same client base as you? • Are they trusted and respected by you and others? • Would they be willing to provide you with regular referrals? • Have they already provided referrals to you in the past? • Be selective about your choices and look for a level of compatibility that is comfortable and will support strong long-term relationships.

1. Selection criteria

Getting started

Here are some steps to help you plan your COI referral strategy.

Before establishing referral relationships with individual professionals, spend some time getting familiar with them and determine how well they align with your business. You want to ensure this will be mutually beneficial and worth your time to cultivate. Following are some questions to help you assess whether or not they meet your criteria:

• Describe your typical client. • Why do your clients choose to work with you? • What prompts you to refer clients to other service providers? • What qualities do you look for when evaluating a firm like mine before you begin referring your clients?

Help your COI understand your business and the services you provide. Be sure you have marketing materials that clearly explain your unique specialty and are easy for them to forward to their clients, including a supply of business cards. Make it easy for them to identify a quality referral and initiate the conversation. Similarly, get to know your COI’s business and their specialty.

Reciprocate

Don’t forget that referrals are a two-way street. You’ll need to give them in order to get them. Learn how to work their services into your client conversations and look for those opportunities to return the favor and send business back to your COI.

Visibility

Part of the challenge with nurturing COI relationships is staying top of mind. You might want to consider facilitating regular meetings. Whether for breakfast or lunch, at the office or virtually, stay connected. Keep your COIs informed on current financial matters or news that might be important to their clients.

Response

How you manage and respond to each referral contributes to the level of trust you’re building with your referral source. With each referral it’s important that you respond quickly and keep your COI informed as to when engagement has occurred.

Successful COI partnerships take time to cultivate. Be patient and persistent. Some key components to ensuring regular referral activity include:

Ongoing partnership

Join forces

Consider creative ways to offer joint seminars or events where mutual clients and prospects can mingle. Build the subject content around areas of interest to your audience, while allowing you and your COI to profile your individual subject matter expertise.

Think about how you will measure the success of your COI referral program over time and begin identifying what metrics you will track. • Who provided the referral? • How many times have they referred you? • Was it a qualified prospective new client? • How much new business was generated from the referral? • How many referrals did you send to your COI?

Measuring your success

Building a center-of-influence platform requires diligence and persistence. You’ve got to stay engaged month after month, regardless of the size of the referral network you already have in place. But the results can be worth the effort. A strong referral partnership with centers of influence is the gift that keeps on giving. Unlike referrals from existing clients, which are limited by your clients’ networks, COI relationships are truly symbiotic. As both partners grow their businesses and networks, the cycle gains momentum to deliver more referrals.

Converting COIs into ROI

Client conversation questions

Family conversation questions

Event-based questions

Problem-specific expertise questions

“I’d be happy to start a conversation and offer assistance in helping them navigate the change.”

“Sometimes I find my clients have children/parents who could benefit from assistance with financial guidance/retirement planning. We could set up an introductory meeting or invite them to my next seminar.”

Acknowledging money-in-motion events within the family is a natural segue into family referrals and introductions.

“Who do you know that I might be able to help?”

“My business is built on referrals. If you know anyone who would benefit from my services, I would be happy to reach out to them.”

“I appreciate the relationship we have and, in my experience, good people attract good people. So if you know anyone who would value my services, I’d appreciate your referral.”

Client conversation questions

Family conversation questions

Event-based questions

Problem-specific expertise questions

“Now that we’ve verified your beneficiaries, have you spoken to them about your plans? I often meet with beneficiaries to review their financial situation and would be happy to do the same for yours.”

Events and seminars are a great way to let clients share the benefits of your relationship with friends and family. Tell your clients:

“Our firm is hosting an upcoming event that will be a mix of clients and prospective clients. I’ve got your invitation here. Is there anyone else you think we should include?”

“I’m presenting an educational seminar on retirement planning next month and wondered if you know of anyone who might benefit from the information.”

Highlight your expertise to trigger thoughts about people they know who might be in need of similar assistance. Tell your clients:

“I’ve had some great success helping clients navigate their way through Social Security, Medicare/Medicaid and retirement planning. Do you know of others who might benefit from some assistance?”

“Helping plan through the financial impacts of divorce is a specialization of mine and I can provide assistance to others you may know.”

Download Sample Report Guide

Leveraging relationships to grow your business.

As part of the Acceleration® series, the client referral program shows you how to build and maintain a thriving referral program.

Identifying client candidates

Defining your approach

Setting goals and expectations

Following up

Client conversation questions

Family conversation questions

Event-based questions

Problem-specific expertise questions

Identifying client candidates

Defining your approach

Setting goals and expectations

Following up

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A referral program doesn’t have to rely on costly outside services or subscriptions to be effective

Participating in charitable organizations that inspire you allows you to be active in the community and contribute your time and skills. Your involvement not only showcases your experience and good will — the visibility increases the opportunity for prospecting and referrals.

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AA referral program doesn’t have to rely on costly outside services or subscriptions to be effective