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Why clients aren't providing referrals

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While a large percentage of investors find their advisor through a referral, more than half of those polled in a recently conducted ByAllAccounts survey say they have not provided referrals for their own advisor.

As the following chart shows, some indicate they aren’t comfortable with this, while others say their advisor hasn’t asked them to do so. In addition, 25.8 percent believe their advisor has not “earned the right” to receive a referral.

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Why hasn’t your client given you a referral?

Uncomfortable making referrals 27.40%
Advisor has not asked for referrals 25.80%
Advisor has not earned the right to receive referrals 25.80%
Do not know of any referrals 22.60%
Other 19.40%
Advisor’s performance may negatively impact my relationship with the referral 14.50%
Advisor may produce poor results 11.30%

Source: ByAllAccounts