8 Ways to Ask For Referrals

2. Answer a complex question.

There is something about retirement that Joe does not understand. Maybe he just hit that magic age when required minimum distributions (RMDs) need to get started. He's confused. "Is it this year or next year I need to start taking money out?" You provide the answer.

Approach: Who else do you know that is your age and has been asking the same question? Maybe I can help them like I just helped you.

Credit: Shutterstock

3. The more specific, the better.

You have a client, Sarah, who's a surgeon. She wants to invest in the stock market but does not want to deal with those day-to-day activities like following stocks and making buy and sell decisions.

Perhaps you will introduce her to the concept of managed money. Maybe you talk with her about ETFs that track an index. She likes that idea. She probably knows similar people.

Approach: Who do you know that wants to be invested in the stock market yet wants to keep the day-to-day interaction to an absolute minimum?

Credit: Adobe Stock

4. Find the complainer.

Some people are very comfortable with the stock market. They feel they own good stocks. It goes up, it goes down. They know you are in the background, keeping an eye on things. You will call if something needs attention.

There are other people who might work with an advisor who is not as diligent. They return client calls, but they do not initiate calls or make suggestions. The client is unhappy and complains.

Approach: Who do you know that works with a financial advisor and is dissatisfied with the relationship? I would be interested in talking with them.

Credit: Jetacom Autofocus/Shutterstock

5. Seek out the underperformer.

They might have short attention spans and neglect their portfolio. They are dissatisfied with the results, especially since the stock market did well. They moan and complain a lot.

Approach: Who do you know that invests in the stock market and is dissatisfied with the return they achieved last year?

Credit: fizkes/Adobe Stock

6. Introductions to organizations.

There comes a time when we feel, "I have all this client's money already invested." You keep in touch, yet don't ask them for more money because you think they have sent you everything they can send.

Do they belong to a nonprofit or industry association? Does it have an endowment or scholarship fund? Can they introduce you to the people who look after that money?

Approach: I know (organization name) is your favorite charity. Do they have an endowment or scholarship fund? Is there an investment or finance committee that puts that money to work? Can you connect me to them?

Credit: Adobe Stock

7. Client/prospect dinner.

You invite a couple of clients to a nice restaurant and ask them to bring along a guest. "Someone you think I should meet" or "someone you think I might be able to help." Everyone has a nice dinner getting to know each other.

Approach: Your client will often tell the story of how you helped them as a means of making the introduction at the table.

Credit: mavoimages/Shutterstock

8. Retirement lunch for a client.

Invite this client out to lunch. Ask them to bring a friend or two from the office, specifically someone retiring this year.

You all order food and toast your client's upcoming retirement. Your client will likely talk about how you made it possible.

Approach: Your client sings your praises. The other guests need the same help. They may (or may not) have an advisor.

Credit: Africa Studio/Shutterstock