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January 05, 2017 at 10:59 AM
Since joining my father’s practice 13 years ago, I have worked alongside him to advise his longstanding clients, and I often take on their children as my own clients. Those client introductions have been a huge part of expanding my personal book of business.
Notice I said introductions and not referrals — an introduction creates a stronger opportunity than a referral. Just think about how an introduction over a lunch with a current client and their friend or colleague can be different than having a name on a piece of paper to call.
My advice to advisors just starting out or trying to expand their business is to provide a quality experience for every client, ranging from the client who has been with you the longest and has a large amount of investible capital to the client who is just starting out and beginning to navigate their way to long-term financial success. I receive referrals from both young and old clients because I have clearly defined service models for different types of clients with tailored communications to millennials and to baby boomers.
