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Prospect Stories: What Really Happens After Someone Drops A Referral
An HNW prospect, looking to switch financial advisors, asked her friends and network for referrals. And, afterwards?
She's still looking.
Half the referrals didn't even make her shortlist to call
"I asked around. My whole circle. Friends of friends. Half the time [the referrals] were on-point and the other half wasn't," she told me.
So, half got screened out before a conversation.
Now, I get it. This is just one person’s story. And, maybe you get all your business from referrals.
But have you thought about how many referrals it took for you to land that initial meeting or to sign that new client?
Because what if you could increase your win percentage?
What you can glean from this prospect’s story
1) Referrals get screened, too
A lot of advisors think when they get name-dropped (“You should talk to Susie”) the prospect will definitely call.
But that’s not actually how it works.
If the prospect is seriously looking, that name-drop spawns an entire conversation, and how well you’re advocated for is what *actually* determines whether you’re going to get a call.
2) Referrals don’t always end in signings. So, then what?
Remember, the HNW prospect is still looking, which meant she talked to all her referrals and didn’t find any she liked.
So now what? Does she just sit around and pray for more names to come her way?
No, she went looking on her own.
But, guess what? A lot of advisors think if they can grow by referrals, they can ignore everything else: website, social media, public speaking, etc.
Which means this HNW prospect, someone who’s actively looking to switch firms, will never find them.
But this is just one person, right?
You may think she’s a unicorn. But, research published by Katie, Hillary, and me shows that 12% of prospects (about 1 in 8) in Colorado are HNW switchers.
Yes, I know. You can make stats tell whatever story you want, so come to the Virtual Prospect Lab and listen to the prospect herself, in her own words.
Free, 45 minutes, and you'll hear exactly how she screened the names she was given.
4 sessions: Aug 18 & 20, Sep 8 & 10
10-10:45am MT / 12-12:45pm ET. On Zoom.