Why Relying On Referrals Is A Liability
For a long time, referrals were the “I’ve made it, I’m good at what I do, I don’t need to market myself,” safe zone for many advisors.
As referrals started coming in, there was a sense of relief that you could keep your foot on the brake and not have to worry about stepping on the marketing pedal to accelerate your practice.
But waiting for your phone to ring for a referral is no longer the safe zone as it once was, unless you are happy depending on an unpredictable and passive model to grow your business.
Here’s why…
New advisors are coming into the market every day, and even though they are “new”, they have the same tools as you, the same designations, and offer the same services… and in the eyes of your prospects, appear to be on par with your level of experience and expertise.
Your prospects now have an abundance of options they never used to have, and they don’t have to do much to exercise them either. A quick search on LinkedIn will bring up hundreds of financial advisors to choose from in a split second.
In fact, it’s likely that during a sales conversation with a new prospect, you’re only one of a list of advisors they’re planning to speak with.
This is a very different scenario from how you got to where you are in your business, before the financial advisory industry become commoditized.
In the early days, having extensive experience, core domain knowledge, and an inner circle of contacts, were the main barriers of entry into the market, and once you overcame them, you were in a strong and dependable position.
But technology and the internet have removed those barriers forever, and that once strong and dependable position is no longer secure and predictable.
It’s not that your knowledge and credibility are no longer essential. It’s that in a
low-barrier entry environment, there are many other advisors who can claim to have them also.
And since your prospects can’t experience your knowledge and credibility until after they’ve become your client, relying on it in your sales process or as the basis for referrals, can no longer produce a predictable flow of inbound high net worth opportunities.
There are simply too many other advisors they can choose from, who are doing exactly the same thing.
If you’re still generating a comfortable flow of clients from referrals and you’re wondering what all the fuss is about, it’s time to take seriously that the strategy that got you to the position you’re in now, will not keep you there.
If you’re seeing less referrals this year than last year, then now is the time to re-think how you’re positioned in your market.
Are you positioned based on your knowledge and credibility, which puts you alongside everyone else and forces you to prove and sell yourself?
Or are you positioned as a Trusted Authority, so that you’re perceived as different and truly differentiated in the minds of your prospects, before they have a sales conversation with you…that is the answer you need to discover as soon as possible.
If you're an ambitious advisor, with a defiant streak (following the crowd isn't your thing), who is overly reliant on referrals, with limited time and resources, but willing to grow and challenge your own thinking -- and you'd be happy with 1 – 2 new high-net-worth clients per month...
Then it's time to upgrade your skill set to a "category-of-one" new inbound high-quality sales/lead model (no prospecting), that defies traditional industry thinking and norms...
Get Your Free Book & Free "Get New Clients" Lead Generation Consultation ASAP!
Order the new book “Trusted Authority” below and get a free “Get New Clients” lead generation consultation (value $995).
In this ground-breaking new book, you’ll discover:
- How to create a flow of high-quality leads in the next 90-days by becoming the Trusted Authority in your market
- How to differentiate yourself from other advisors so that your ideal client says “He/she is the one for me…”
- How to re-position yourself to create inbound demand for your ideal clients only becoming a “category-of-one”
- How to create a “by-appointment-only” business so you stop lowering your authority by "chasing” leads
- How to onboard new clients in one single meeting or zoom conversation… yes this is possible!
Meet The Author
Ari Galper is the world’s number one authority on trust-based selling and is one the most sought-after sales conversion experts for Financial Advisors.
He is the creator of Unlock The Game®, a completely new revolutionary sales approach that overturns the notion of selling as we know it today.
Ari has been featured in CEO Magazine, SkyNews, Forbes, INC Magazine and the Australian Financial Review.
His newest book, “Trusted Authority”, has become an instant best-seller among Financial Advisors worldwide.
With clients in over 35 countries, his global sales systems have become the most successful Trust-Based Selling systems of our time.
In a day and age where technology rules the selling world, for many growth-oriented advisors, deep trust has taken a “back seat” to the sales process.
Ari’s personal insights on how to build trust between buyers and sellers continue to break new ground in the financial services industry.
Ari has been on a mission for the last two decades to change the financial services world through trust.
Through his sold-out talks all over the world and his in-house trainings for high-producing advisors, Ari has become the global ambassador to businesses all over the world.
He regularly connects with global business icons and leaders of industries seeking his counsel on how to infuse trust in their organisations and across their teams.
Ari is a true “disruptor” in the financial services industry. He has been endorsed by legendary sales mentors like Brian Tracy who said: “Ari Galper’s trust-based selling approach is the greatest sales breakthrough in the last 20 years”.
Ari’s sales growth consulting firm has a growing waiting list of financial advisors wanting access to his unique Trusted Authority lead generation models and sales conversion strategy advice.
Ari is also the author of “Lessons From Toby”, a special book about his son Toby who has Down’s Syndrome, who has made a major impact on Ari’s approach to teaching authenticity and trust in his Trust-Based Selling approach.