|
For historical and a brief summary of other information on networks please click on the relevant link below. | ||
|
|
| |
Adviser
Community
The Independent Resource for the Financial Adviser Community.
More Guerrilla Marketing
OTHER TOPICS
What is “The Adviser Community”....A free resource basically you could define in three words “strength in numbers”. This is help for you from people like you...read more
Mortgage Market Review.....From an industry point of view. What is the likely affect on how you do business...read more
The Right way to use the Telephone for Business....Are you 100% confident your telephone manner and practices don’t lose you business.....read this to make sure
Sources of Self Generated Referral Business...They’re free, and they work........read the full article
Sources of Self Generated Referral Business (Page 1)
Starting with the best, since I’ve never really been blessed with much self control, unpaid for referrals tend to come mainly from your client base or their friends and family. This probably isn’t much of a revelation so far but isn’t it amazing how some peoples clients seem to be falling over themselves to refer people to them whereas other brokers get the job done but never seem to get their details passed on to anyone else?
Luckily there are usually simple reasons behind this and steps you can take to boost your number of referrals from existing clients.
1) Be friendly, professional is good but for a lot of people it isn’t enough. After all they have the right to a competent, professional service but will be much more likely to recommend you if you are a family friend.
2) Make sure the service you give clients is at least 110% of their expectations. Don’t just find them a mortgage, let them bask in your warmth. Make sure they know the mortgage you have found them is a minor miracle, or at least a really good deal considering their circumstances. Keep them up to date at every stage of the operation, Make sure they never have to call you to see what’s going on and if there’s bad news, such as they can’t get the mortgage they hoped for, make sure they know why this is and how lucky they are to have a friend like you to find them the next best deal.
3) Don’t just stp at the mortgage. Shame on you if you don’t offer to review all of your clients insurance requirements as well as obviously any cover needed for their new mortgage. REMEMBER....if you don’t supply fulfil their insurance requirements them somebody else will and it’s more than likely they won’t just stop at the insurance “There you are Mrs Smith, that’s your insurance sorted, now I see your current mortgage deal ends in May this year. Tell you what, why don’t I just give you a quick cal l, just before it ends to see how much I can save you when you drop back on the standard rate.”
4) Any prospects that your clients do pass to you make sure you act on them straight away, that minute if possible, but certainly that day and when you do make sure they know who passed you their name and make sure you give them your very best service. I never like to mention any negatives in a marketing article, but if you don’t come through for them there is a big possibility that you will make your original client feel stupid for recommending you and you won’t hear from them again either.
5) ASK FOR REFERRALS. A trifle obvious you might think but if you don’t ask you won’t get. Remember “the shy bairn gets nowt”, or, in English “don’t be shy in approaching clients” . I was talking to a Broker once who worked in the adverse market, that’s when there was a adverse market and he had a rule that his advisers weren’t allowed to leave a clients house without three referrals. They would badger the poor people for ages to get these names “you must know three people who could be helped by a cheaper mortgage?”, “what about workmates? “what about mates at the pub?”. I certainly would never condone these types of high pressure sales techniques, but you need to ask the question. If you are embarrassed, get over it, if you don’t feel right asking work out a rough outline of what you are going to say and repeat it as many times as you need to into a mirror until it becomes more natural and you are used to the phrases.
6) place insurance in trust. Whenever it’s in the clients interests offer them the opportunity of having their term insurance placed in trust (if you don’t know how to do this then find out, as soon as you’ve read this article). Placing a policy in trust doesn’t cost the client or you anything, makes sure their dependents get the payout quickly and to the intended beneficiary if the unthinkable were to occur and gives you access to three trustees to uphold the trust. You only technically need two but offering to use three shows you are careful with their money and gives you access to an extra prospect. When you visit the trustees to get their signature on the trust document, explain the procedure and why it was good of them to agree to become trustees. When this has been done mention that of course you appreciate that they will already know the procedure from the trusts on their policies. When they look concerned and say their policies aren’t in trust, be understanding and explain that a lot of financial advisers are too busy to “mess about with trusts” or don’t like to do work for nothing since you don’t get paid for setting up the trust.
In the current hard times it’s more important than ever for Mortgage Brokers and Financial Advisers small and not so small to seek out sources of business. You can advertise, promote your website, even pay for leads , but one of the most cost effective sources of leads are those generated via referrals. These basically come in two flavours, those which are bought and paid for, which can be quite tasty but sometimes have a slightly bitter aftertaste, and free referrals which are by for the best, have beautiful strawberry taste and leave you feeling full for the rest of the day.
Self Generated Referrals