Hot business tip number 15: Create stronger referral sources

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Referrals are a key component of your success.

Referrals are a key component of your success.

Without exception, leading advisers are adept at creating deep, suitable and profitable relationships with key referral partners.

Whilst this can be a complex area, there are seven key principles which can greatly increase the ability of advisers to cultivate active and prosperous relationships with a range of other professionals.

Respect – demonstrate respect for your referral source, and similarly gain their respect for what you do.

Reciprocity – you can’t expect referrals to always come to you, without you referring back the other way.

Results – it’s important to thank the referral source and to detail exactly how you have helped their client.

Regularity – it’s not enough to go and see the referrer once, explain what you want, have them agree and then sit back and wait for the referrals to roll in. Regular communication is vital.

Right person and right referral – make sure the person you build the relationship with is client facing, and sees the type of clients that fit your target.

Remuneration – you need to be totally transparent about how you are remunerated and formally agree any sharing arrangement.

Relevance – your referral source has to have relevance to your business and vice versa.

The above is an extract from a whitepaper for Zurich by Elixir Consulting.

And don’t forget your existing clients either. The Business Health CAT Scan Client Satisfaction Survey found that 86% of clients are willing to refer their adviser to friends, family and colleagues.

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This is an extract from a collection of business improvement tips for advisers, launched at Zurich’s Trax2Success national roadshow, featuring the 2013 AFA Adviser of the year Jenny Brown.

Click here to read Hot business tip number 1: Look after yourself and your staff

Click here to read Hot business tip number 2: Survey your clients

Click here to read Hot business tip number 3: Place a higher value on your time

Click here to read Hot business tip number 4: Review your client onboarding process

Click here to read Hot business tip number 5: Adopt an estate planning methodology across your business

Click here to read Hot business tip number 6: Tailor your communication strategy by client generation

Click here to read Hot business tip no number 7: Change your approach to review meetings

Click here to read Hot business tip number 8: Create a differentiated service offering (segment your client base)

Click here to read Hot business tip number 9: Set up a Board of Advice

Click here to read Hot business tip number10: Develop a client retention strategy

Click here to read Hot business tip number 11: Run a program where staff drive improvements

Click here to read Hot business tip number. 12: Build your emotional intelligence

Click here to read Hot business tip number. 13: Go Social

Click here to read Hot business tip number. 14: Get better at handling objections

Click here to read Hot business tip number. 16: Set up a Google account

Click here to read Hot business tip number. 17: Learn from leading advisers

Click here to read Hot business tip number. 18: Make better use of technology in your business

Click here to read Hot business tip number 19: Improve your office environment

Click here to read Hot business tip number 20: Develop a great value proposition

Click here to read Hot business tip number 21: Make more use of video in your business

Click here to read Hot business tip number 22: Optimise your website for mobile

Click here to read Hot business tip number 23: Have a marketing plan

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