Brokering Trust: Fire up your Referral Engine
o If a foodie referred a sub-par restaurant, you’d second guess their palate.
o If an interior designer referred you to an “exclusive” boutique full of pedestrian department store décor, you’d be disappointed.
o If a fashionista referred you to Edward Scissorhands, you’d never speak again.
In a world where we’re so eager to accept referrals, financial advisors often fail to take the referral process seriously. In a consulting and advising business, granting a referral is the ultimate form of trust.
Consider this: When you give a referral, it is a direct reflection upon your own expertise, standards, and expectations of the world around you. Not only are you casting a light (or shadow) upon the referred party; you’re also giving insight into your own level of expertise.
When you grant a referral to other professionals, you are brokering trust. You do so with the utmost care because the performance of that attorney, accountant or other professional is a direct reflection upon you. Why, then, do so many advisors make the referral process a passive activity in their business? Why is it solely, “We love referrals” or “Your referral is the best compliment” on business cards or a web site?
A weekly coffee-and-cards referral club is not the answer to growing your portfolio. Elite advisors understand that a referral is a direct endorsement of expertise and credibility. That credibility is shared between both parties. It must be earned. It must be intentional. And it is only successful when based upon shared expectations.
Share your business vision.
Articulate your ideal client profile to your industry partner. Help them understand precisely who you target (demographics, niche services, industry specialties) and exactly what services you offer that no other advisor can deliver to this segment.
Champion your standards.
If they’re going to hand over a prized contact, your colleagues need a clear picture of the extraordinary client experience you offer. They need to trust in your process, your communications style and your on-going client relationship strategies. Walk them through the steps of your client experience so that they become comfortable sending clients down that path.
Reinvest in the relationship.
By its very nature, brokering is a bi-lateral transaction. You must reinvest in your industry partners by learning their business too. Understand their ideal client profile. Study their client intake process and total client experience. Learn from their best practices. The investment of time and intentional focus upon your colleagues will yield returns for both of you.