Referrals have long been the backbone of a financial advisors’ growth plans. However, the process of getting those valuable new contacts can sometimes be elusive. For those financial professionals who are looking to reach more referrals, improve the quality of referrals, or just get better at the “ask,” read on for our tips.

1. Start by Providing Great Service

If you want your clients to refer you, the first step is to make them happy! If you aren’t sure whether your clients are satisfied with your financial services, you can start with a survey. Send out a few questions to your clients, asking about their satisfaction with various aspects of your firm. This is a good jumping-off point to find ways to improve.

One of the top reasons clients leave their advisors is due to a lack of communication, so start there if you’re looking to improve your client experience. This goes beyond whatever you’re sending to update clients about their individual accounts. To really build a strong connection, you need to connect on a personal level. A few ways you can do that:

  • Annual birthday emails or greeting cards
  • Light-hearted emails on major holidays
  • Check-in with clients on personal matters when appropriate (anniversaries, family emergencies, etc.)

Your clients are more likely to refer you if they feel a personal connection to you, so make that the first step in your referral journey.


2. Establish Yourself as a Financial Resource

Another way to keep yourself top of mind for your clients and increase the likelihood that they will refer you is to establish yourself as an invaluable financial resource.

By providing consistent, valuable content that keeps your clients updated on the markets, current events, and financial topics that matter to them, you’ll become their trusted resource. Trust is the single most important trait clients look for in their advisors, so make sure you’re producing a steady stream of webinars, videos, and blogs that deliver valuable information that your clients can easily share with their friends and family.

One advisor, James McLellan of McLellan Financial, found great success with his content:

James McLellan, McLellan Financial

“One client had been speaking with his brother about me because his brother is retiring soon. Unbeknownst to me, he had been forwarding my email newsletters to his brother. His brother started poking around my website and then decided to call. We met and it turns out that he has a $2 million account he’d like to transfer.”


3. Give Referrals to Get Referrals

You don’t live in a vacuum. You’re a person in a community with a lawyer, physician, dog walker, hairstylist, and lawn care professional. By getting in the habit of referring your network out when your clients are looking for someone, they’ll be reminded that they can refer your financial services firm to their friends as well.

FMG Suite VP of Product Experience and Creative, Brandon Brown, explains it well in this video:


4. Ask for Referrals the Right Way

As humans, we mean to do things, but often we don’t take action until we’re asked. The same is true for referrals! Your clients may love you, but if you don’t remind them to refer you to their friends, family, and colleagues, they may never do so.

Set yourself up to ask for referrals for your financial advisory on a regular basis. A simple email that includes the following can be very effective:

  • Reminds your clients what you do for them
  • Asks if they know anyone who is looking for a financial advisor
  • Offer something in return (free ebook)

By sending a quarterly email that reminds your clients that you’re there for them and simply asks for an introduction, you can greatly increase your referral rate.

With the FMG Suite referral campaign, we do the heavy lifting for you, so you just have to turn it on. We send a professionally-written email every quarter that offers a free downloadable ebook in exchange for referrals, so you can grow your network without even thinking about it.

David Demars, Demars Financial Group

One advisor, David Demars of Demars Financial Group, received four referrals on the day the referral campaign email was sent out from his FMG Suite platform. He took those names, sent a custom email to introduce himself and his firm, and was able to convert some of those referrals into new clients. 



If your financial services firm is looking for new ways to grow your business and gain more referrals, follow these tips. And if you’re ready for some extra help, demo the FMG Suite platform today and learn more about our automated campaigns.