How Financial Advisors can generate client referals

Referrals from existing clients to their friends, colleagues and family members are invaluable to financial advisors in building successful businesses, but there are many roads to getting those rich connections, according to two advisors and a business coach, who recently discussed their different approaches. In this post, I look at how Financial Advisors can generate client referals.

A successful advisor should always be talking to new prospects and clients. Asking for referrals, though, is never easy. It can be difficult to find the right balance between being aboveboard in presenting yourself and your services—with an aim to make a sale down the line—and being pushy to the point of annoyance.


If you really want to incentivize your current clients to talk to their friends and family about you, you may need to offer them something in return. One way you can do so is to set up a gift program for those clients who do succeed in referring you to one of their contacts. If that referral results in a prospective client meeting, a gift is a nice way to show your appreciation.

Then reward those who followed through in making a connection by giving them a gift or offer a discount on the services you offer to the clients providing you with a successful referral.

Incentive Programs

One way to get the word out about your referral incentive program is to announce it on your website or in the emails you send out to clients. Just make sure you are in compliance with all corresponding regulations when you do offer gifts to clients. You might also want to mix up the gifts you give, so your clients will be inclined to make more than just one referral. 

You could also run a competition for your clients. Whichever client provides you with the most actionable referrals wins the competition and receives the prize. You could have first, second, and third place winners, so more people would be encouraged to be involved. Again, let clients know about the contest during meetings or through your newsletter or email list.

Use Social Media

The more you start to engage with your clients through social media, the more your message has a chance to reach their friends and their colleagues. Create a Facebook page and ask your current clients to ‘like’ it, and then ask them to go ahead and forward it to their network of friends and colleagues. 

I hope you’ve found this article on How Financial Advisors can generate client referals. If you’re a financial advisor looking for help , please feel free to get in touch here. Myself and my team are more than happy to help.

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