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When you’re looking at ways to grow your
business, put client referrals at the top of your list.
With some guidance and assistance from your wholesaler, the clients who already know and trust you can be an easy introduction to new clients and a sure source of business growth.
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 financial professionals 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 okay if they say no.
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Be direct, not pushy
Next: Checklist & 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.
Centers of influence (COIs) 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 whose clients require specialized services and expertise.
However, don’t exclude other potential influencers,
which 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
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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
Source:
1. ReferralRock.com, Is Word of Mouth Hard to Track? 107 Experts Give Their Advice, 2022, August 22.
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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
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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. Financial professionals 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?
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.
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.
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 professional 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.
Selection criteria
Getting connected
Compatibility evaluation
Value proposition
Value proposition
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 on 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
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.
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. Here 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?
• When evaluating a firm, what qualities do you look for before
you begin referring 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.
Reciprocity
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 to your clients’ network, 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
• New job • Retirement • Marriage • Divorce
“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
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
Annuities
Insurance | Investments | Technology
Client Referrals
Leveraging relationships
to grow your business.
Let’s get started
Have any questions?
Next steps
Contact your wholesaler
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TruStage™ 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. 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 GENERAL PUBLIC.
CMGA-2212358.4-0623-0725 © TruStage
877.345.GROW (4769) | www.trustage.com/annuities
Program overview
Planning guide
Tools & guides
Tools & guides
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
Review & follow-up
Checklist & timeline
Introduction
Program overview
Planning guide
Checklist & timeline
Tools & guides
Review and follow-up
Next steps
"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."
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
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