Every advisor wants to grow their business through referrals. Yet, many people with investments are scared during the pandemic. This includes clients and their friends as well as your friends. This can be a fertile opportunity for you to help more people and earn referrals.
As they say, “This time it’s different.” Check with your manager about calling people referred to you. Certain states like New York have prohibited calling people other than current clients during the state of emergency. It’s better safe than sorry.
Your clients have questions and may be worried. You’ve spoken to them on the phone and drew them out, letting them talk. Once you’ve answered their question, you can use a referral strategy that’s been around forever:
Referral strategy No. 1
“Who else do you know that also wants to learn about …” If they’re worried, their friends or extended family could be worried as well. You would be glad to talk with them. They provide the introduction.
Referral strategy No. 2
In this case, your older client has a problem. Maybe it involves required minimum distributions on their retirement accounts. They’re in good financial shape and don’t want to increase their taxable income if it can be avoided. They heard something about a provision in the CARES Act in the United States. Although you don’t offer accounting advice, you let them know what you know and point them to the proper resources to check it out. They’re relieved. Their problem is solved. Once again, you use a referral strategy that’s been around forever.
“Who else do you know that has the same problem? I’m glad to talk with them.” They have friends in the same age bracket. They provide a name or two.
These are immediate ways to get referrals. Ideally, they introduce you over the phone or get their friend to call. Since most of us are under stay-at-home instruction, they have time on their hands. If, however, there is any doubt about calling non-clients now, you can get in touch by email.
What about “after the pandemic” opportunities? Some people might think the stock market is too volatile for them. They might be interested in an insurance product providing a degree of participation in the stock market along with downside protection. What would you recommend? That’s a good conversation when things calm down.
As an insurance professional, you want to help people. There are plenty of them out there who need it.
Bryce Sanders is president of Perceptive Business Solutions Inc. His book, Captivating the Wealthy Investor, can be found on Amazon.