Survey says: referrals!

Knowing how to generate a continuous flow of high-quality referrals is among the most important marketing challenges any advisor faces. The results of a 2012 survey of financial advisors by research firm CEG Worldwide offer some interesting insights on the matter:

The top five sources of professional referrals:

1. Accountants: 68 percent
2. Estate planning attorneys: 61 percent
3. Life insurance specialists: 35 percent
4. Mortgage brokers: 29 percent
5. Personal property and casualty agents: 12 percent

What were the sources of all referrals?

• Professional connections: 54.2 percent
• Clients: 30.1 percent
• Seminars/conferences: 13.5 percent

Number of client referrals received each year (by advisor income group):

Moderate-income advisors:

• 26.7 percent received 3-5 referrals
• 12.3 percent received 6+ referrals

Middle-income advisors:

• 44.0 percent received 3-5 referrals
• 11.2 percent received 6+ referrals

High-income advisors:

• 23.1 percent received 3-5 referrals
• 29.2 percent received 6+ referrals

How many clients did respondents have?