How to build a highly referrable business



As a financial advisor, referrals from happy clients help your business grow. Your clients are unlikely to refer you to their networks if you don’t continue to uphold the service delivery standards that you promised them on Day 1. When these standards slip, clients soon become unhappy. These clients will eventually take their money elsewhere. More importantly, they’re unlikely to recommend your business to family, friends, or colleagues.


If you want your clients to sing the praises of your financial advisory business to anyone who will listen, there are three golden rules that your business must follow:


  1. Prioritise the Client

Your clients are your business’s most important resource. Without your clients, you have no business. We’re not just talking about the revenue your clients bring; we are talking about client relationships. When clients feel valued by a business, they are happy to refer you to their connections.


Nurture client relationships by ensuring that your clients receive the attention they deserve. Here are a few ways to do this:

  • Address your clients by name in your communications with them.

  • Message your clients on their birthdays.

  • Check-in with your clients on their anniversary of starting work with you.


2. Work Smart


In order to refer your business to their networks, your clients need to know what makes your business different from your competitors’. You want to be known as the financial advisor who provides the very best service and delivers excellent results. Maintaining this reputation becomes more difficult as your list of clients grows. More clients means more reporting and a greater administrative load on you and your team.


To step up to the challenge, your business may need to hire additional administrative staff. However, this will raise your overhead costs and require you to onboard more clients to maintain your profit margin. You’ll soon reach capacity again and get stuck in a cycle of onboarding and hiring new staff.


Alternatively, you can work smart and introduce high-quality reporting software to your business operations. This will free up some valuable time to help you serve your clients more efficiently. If you implement Seed Analytics reporting software, you will have time to focus on building your business while the software handles reporting tasks. We also offer training in our reporting software for your admin staff.



3. Fight the Stigma


Financial advisors have a nasty reputation for onboarding a client, meeting with them once to sign the service contract…and then disappearing. As a result of this stigma around financial advisors, you’ll need to prove your trustworthiness before a client will even think of referring you to others.


A trustworthy advisor keeps clients updated on their investments and is available to answer their questions or address their concerns. Clients don’t want to have to ask you how their investments are performing. You should tell them of your own accord. Equip your business with high-quality reporting software to ensure your clients receive their reports in their inbox, every month without fail.


We can’t control whether a client decides to refer our business to their networks, but we can control how efficiently and effectively we serve our clients. Improve the service you offer with reporting software that serves you. Book a demo with Seed Analytics.


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