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Practice Management > Building Your Business

The Other Side of Referrals

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Richard Manchester admits to being pretty picky when it comes to adding clients. When he does find a prospect that he thinks would be a good fit for himself and his firm, Manchester provides them with a list of 20 to 25 existing long-term clients who have agreed to field random calls from strangers and offer testimonials about their personal experiences. “I tell prospective client to go see three or four other advisors and ask them for a list of referrals,” he says of his approach. “They’ll either say, ‘Here’s a list of three or four’ or they’ll say, ‘Our clients are very wealthy and prominent and would never want their names handed out.’ That’s disguise for, ‘We don’t have referrals to give you.’” Manchester says he has never had a client turn down his request to be included on the do-call list.