What are some of the most common mistakes advisors make when it comes to referrals? Our experts point to these:

  • Not asking for them. Enough said.
  • Being too aggressive. Yes, advisors must ask, but coming on too soon or too strong can doom their efforts.
  • Not enough visibility. With all of the tools available there’s no excuse for a dearth of client contact.
  • Not knowing clients well enough to feel comfortable asking for referrals.
  • Not having a referral system built into the business.
  • Overlooking the little things that go a long way: cards, handwritten notes, promptly returned messages.
  • Assuming one has done a good job without benefit of client feedback.
  • Talking too much, listening too little.

One financial professional pointed to another reason some advisors are afraid to ask for referrals. It has to do with what must be asked first: “They’re not sure what the answer will be to the question, ‘Are you happy?’”