Updated October 6, 2022, at 3:35 PM
What’s the best referral source for financial advisors?
You may find referrals online through social media pages and advertising. You might get some from your CPA or another business partner. Maybe even from word-of-mouth in your shared office building. Heck, you could even search “best referral sources for financial advisors.”
But the truth is, some of your best referral opportunities can come from your firm’s social events.
Because just like you, clients cherish the opportunity to spend quality time with their friends and family. There are few better ways to strengthen your client relationships and get introduced to their friends and family like coming together at one of your firm’s fun social events.
Here are four tips (along with sample call scripts to use) that may not seem all that huge but can be the difference in you landing new business or not.
Referral Tip #1: Make Your Invitation More Personal
While a professionally-designed invitation can go a long way, a personal call to your top clients can go much further when it comes to generating referrals.
To ensure that your most important clients are always at your social events, you and your team members should make personal phone calls to boost attendance numbers.
If you don’t have time to call all of your top clients, divide and conquer. For example, the advisor can call clients #1-10 and let other team members call clients #11-40. We’ve included some example call scripts below you and your staff can use as a starting place.
Related: Client Segmentation Guide for Wealth Management Firms
Advisor Initial Call Scripts
[Client’s name], do you have any plans for [date]? We’re hosting a wine tasting for [date] at [location] and have some excellent wines lined up for everyone to enjoy. With you being one of our closest clients I wanted to personally invite you and a couple of your friends or family to join us. Do you think you and [partner] can make it?
If they can attend: That’s great. I realize they would need to check their calendar but which of your friends would you like for us to include on the guest list?
If they can attend and offer names of guests: Perfect. I’m going to have our staff send a confirmation email and reach out to you on [date] to confirm reservations for [guests]. If you have any questions or think of anyone else that would enjoy the event, please let us know. We’re so excited and we look forward to seeing you!
If they can attend but don’t offer guest name(s): That’s no problem. If it’s alright with you, I’ll have our office save two spots on the guest list and call you next week. Would that be okay? Great. We’re so excited and look forward to seeing you!
If they can’t commit to the event: I completely understand. Why don’t you check with [partner] and let us know if that works for you two, and I’ll reach out to you next week as a reminder. Would that be okay? Great. I certainly hope you can make it. We’re really excited about the event and would love to have you join us.
Staff Follow-Up Call Scripts
If they’re attending but haven’t provided guest name(s) yet: Hi [client’s name], this is [name] with [company name] did I catch you in the middle of something or do you have a minute? Great. I wanted to confirm your reservations for our wine tasting event on [date] at [location]. Are you and [partner’s name) still planning on being there? Perfect. And we also saved two additional seats for any guests you’d like to bring. Did you decide on who your guests will be?
If they’re attending and provided guest names already: Hi [client’s name], this is [staff name] with [company name], did I catch you in the middle of something or do you have a moment? Great. I wanted to confirm your reservations for our wine tasting event on [date] at [location]. Are you and [partner’s name] still planning on coming? Awesome! We also have [guest names] on our list, are they planning on being there as well?
If they’re attending but their guest can’t make it: Oh no, we’re sorry to hear [guest’s name] can’t make it. We still have two extra seats reserved for you. Who else do you know that enjoys good wine?”
Sample reminder call script: Hi [client’s name], this is [name] at [company name] just giving you a quick call to let you know we’re looking forward to seeing you tomorrow at our wine tasting event. I know you’re a big fan of [favorite wine type], so I made sure we have some there for you. Again,
we look forward to seeing you and [guest’s name] there.
Referral Tip #2: Get Advice From Clients
By asking for your clients’ input on social event ideas, you’re planting the seed for an invitation in the future. Asking your clients for their advice can also help create additional advocates for your events, especially if they’re the ones who suggested the idea.
Below is a script you can use for approaching clients with this question: [Client’s name], we’re considering holding a handful of intimate events this year for our awesome clients, like you, and their friends and family. We’re thinking of a wine tasting or maybe a golf clinic. I’d love your feedback or advice. Do those sound appealing? If not, do you have any suggestions?
Related: 12 Habits That Build a Killer Client Appreciation Program
Referral Tip #3: Get Names Early On
Sometimes telling a client to bring a friend isn’t enough. As a result, you may need to jog their memory or help them think of people they know who might enjoy your event. Having these names beforehand can make things a lot easier.
Here’s an idea for how you can start sourcing names from your clients: If your next event is a golf outing, make a point of asking your clients who they typically play golf with or if they’re members of any golf clubs in the area.
Exploratory questions can act as a springboard for more conversation and learning about potential prospects that you can start engaging. You might even consider inviting your client out for a round of 18 and ask them to bring along their golf partner(s).
Referral Tip #4: Be Positive
Last but not least, it’s critical to remember that your attitude reflects not only you but your business and even your planning skills. Whether you’re calling to invite clients or calling to confirm reservations, the number one rule of thumb is to be positive and engaging.
Because if you sound like a robot who’s just after more sales, you may come across as disingenuous and that can cause people to decline or back out of your future client events.
Keep Reading: How to Attract High Net Worth Clients For Wealth Management
