Story of the Day – The Trend
A key desire of advisors is to activate clients to recommend and send new clients their way. As I coach advisors, I’ve noticed a significant trend. When I ask advisors: “How do you ask clients for referrals?” I hear one of the following answers:
- I don’t
- I try, but am inconsistent (and feel awkward)
- At the end of the client meeting, I ask the client who they might refer
After #3, I usually hear:
The client looks at me blankly and says ‘I don’t know’. I don’t get any referrals, the client leaves and forgets about it. I’ve been taught how to do this, but it never seems to work, I don’t know what to do.
The Problem
Most advisors blame themselves and end up going around in circles of failed attempts followed by self-blame. It’s my job to help clients get out of ineffective patterns by finding the clues to failure and activating new solutions.
In this case, the clue is the missing perspective. Everything is focused on the advisor, what the advisor wants, does and says. The client’s perspective is completely missing.
The Answer – Let’s Switch Seats
Let’s switch seats for a moment in a setting where you are the “client”. Imagine you are at the doctor’s office for an extensive physical. You’re naked on the examining table while the doctor discusses your health. Of course, you’re focused on all the tests, measures and suggestions for keeping yourself healthy. At the end of the physical the doctor looks at you and says: “I am expanding my practice, what friends might you refer to me?”
What would you think? What would you do? For me, I would be stunned and completely unable to provide an answer that would satisfy the request. After all, I am at the doctor’s office for my business, not for his (or hers).
The Client’s Perspective
A client meeting is essentially a financial physical. The meeting is about them and their business, not about promoting the advisor. When we take a moment to look at it from their view, of course, they don’t come up with a satisfactory referral in that moment.
Tip of the Day
Switch Seats – Consider things from the client’s perspective.
We can’t expect clients to focus on advisor business when they’re in a situation that is primarily about client business.
After you switch seats, you can develop methods to fully satisfy the client with their business and also help you with your business.
Resource of the Day
Brainstorming a Fresh Approach
There are lots of ways to align with the client’s perspective about their business and then shift the focus to helping you. Each advisor has different patterns of working with clients. Brainstorm personal approaches that work with your client relationships, that will be natural for you and for them. When you look at it from the client’s point of view, you’ll be amazed at what you uncover.
