How ladies’ nights lead to referrals

By Michelle L. Bender, CFP

Michelle Bender (second from the right in a blue dress) at a murder-mystery party

Referrals are important to my business. About 95 percent of my new clients come through referrals from existing clients. Furthermore, referrals match how I work. I’m not a high-pressure financial advisor, and referrals already know from their family or friends what they can expect from me, so I don’t feel like I have to sell them on what I do.

Ladies’ night
One event that builds referrals for me is my annual ladies’ night out. This low-key, no-business, social event creates goodwill with my female clients. We also encourage them to bring a female guest. My hope is that this fun and casual approach allows my clients’ guests to get to know me and my staff and eventually become clients.

I have about 140 female clients. I get about 45 to 60 attendees at each event, and I can get up to three referrals per event. In all, the events cost $3,500 to $4,500 to hold. This includes drinks, dinner and entertainment. Every year, we do something different for entertainment. One year, I threw a murder-mystery party; another year, a sous chef demonstrated how to make quick and easy appetizers; this year, we’re holding a glassware painting party.

However you find your referrals, I encourage you to do so in a way that’s genuine to who you are and matches your business approach.

Michelle L. Bender, CFP, is the president and owner of Potomac Financial Consultants, LLC, in Germantown, Maryland. Potomac is an individual asset management and retirement planning firm that manages about $220 million in assets for about 300 clients. She’s also a seven-year MDRT member with three Top of the Table qualifications.

You can see more from Bender in the videos

• “Fee-based planning: A better method?”
• “Should you be using a third-party money manager?”

For more about referrals

• Read “Women: One of your wealthiest market segments”
• Read or watch “Are you making the most out of your referrals?”