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Komfie Manalo, Opalesque Asia: Financial advisors lack a formalized framework to fully leverage their contacts and maximize their referral potential, according to a new report published by SEI in collaboration with Absolute Engagement and The Client Driven Practice LLC. Data generated by the new study, What Makes You Referable? The Elements of Referability, which gathered data from 512 advisory firms across the U.S., has found that most advisors find it challenging to attract enough referrals to help them reach their growth expectations.
Studies conducted by Julie Littlechild, CEO, Absolute Engagement, and Stephen Wershing, CFP, President, The Client Driven Practice LLC, revealed that 50% of investors report having referred an advisor, while less than five percent of advisors report actually receiving referrals from clients.
"Attracting referrals involves more than a tactical marketing campaign or simple outward facing techniques," said John Anderson, managing director and head of practice management solutions for the SEI Advisor Network. "Businesses that attract the most clients have a formal framework of systems, habits, and characteristics that work together to project a specific and compelling value proposition to target clients, and that support and reinforce each other. The more sections of that framework that are in place, the more referable advisors become."
In order to create ongoing referrals, advisors need to communicate effectively and...................... To view our full article Click here
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