I have been doing real well with Thank you cards but it is time to add a note to them asking for referalls any suggestions as to how are you putting it?
GB - I'm always cautious about trying to prospect using thank you cards. I've always liked keeping them "pure". However if you send out client review letters (PLEASE tell me you send out client review letters) include a couple of business cards in there and make a "P.S. If you know anyone who would benefit from speaking with me feel free to give them my number!). Or you could put a section on the letter with blank spaces where the client could write in names and phone numbers of 3-4 people they want to refer.
I knew an advisor who, after receiving a referral from a client, would send them a "Thanks for the Referral" Card. It said, "Thanks a million..." on the outside. When they opened it there was a $2 bill in there and it said, "I owe you the $999,998!". His clients ATE IT UP and were constantly referring people to him for the $2 bills!
When I ask for referrals, I pose a question about a specific situation. I do this to jog their brains.
For example, I could ask: "Do you know anyone who could benefit from my advice?". But it's too broad and easy to ignore.
I could ask: "Who do you know is retiring and is not sure what to do with their retirement plan?"
"Who do you know hates investing, but needs more income?" etc., etc.
I've received a better response from these "specific situation"-types of questions, rather than the general ones.
You wrote," I knew an advisor who, after receiving a referral from a client, would send them a "Thanks for the Referral" Card. It said, "Thanks a million..." on the outside. When they opened it there was a $2 bill in there and it said, "I owe you the $999,998!". His clients ATE IT UP and were constantly referring people to him for the $2 bills!"
And he got this past compliance?
I think it's a great idea...but it would never be approved by out "business avoidance department."
Compliance is a bear, but if you like the idea, I think you may find that you may be able to get it through.
like the idea from FreedomLvr and doberman. Whenever you send a
thank you note you need to a. be specific about what you are
reinforcing and b. make it memorable…so that the referrer
repeats the behavior. You can also send small inexpensive thank
you gifts. Go to: www.findagift.com to find gifts by specific
demographics. Make sure you personalize, if at all possible.
I don’t make any promises, but for good referrals, I often slip a $25 gift certificate to the client’s favorite restaurant into the thank you card. I don’t equate the gift certificate to payment for referral, just my way of saying thanks for thinking of me. From what I can tell, word must be getting out…I’ve got some nice referral activity on a regular basis…even had a former client send a nice referral over last month…go figure…