The Power of Referrals


If you are a financial professional, generating client referrals should be high up on your list to grow your business. There are two ways you can generate those referrals – from your existing client base or from referral partners.

Referrals from your client base:

  1. Trust & Exceptional service:-Asking your clients for referrals should not have to be awkward- if you do a great job and have a relationship with your client then it will be all natural! You need to prove yourself as the finance professional they went to – show your clients the quality of your work before asking for a referral and your clients will acknowledge that. As a mortgage broker, I show my clients that it is not all about rates and what I can do – it is about structure and the clients’ individual circumstances. Do not underestimate the value of good service! Once you nail it, then the referrals will flow back to you. While you are providing exceptional service, do not forget to invest in your relationship with your client. Instil trust and show empathy when need be- for e.g a recently divorced wife trying to buy her family home back – or  a couple who has had the husband retrenched and are deep down in debt are most likely to need your extra attention. If you ALWAYS have the best interests of your clients as your main driver then they will always confidently refer you to others.
  2. Be Direct and Ask – It is important to let your clients know that you are a referral business. Let them know by planting seeds during your engagement with them- reinforce the service you provide and the things you do for them. As they are signing their Statement of Advice/ or loan documents, mention “Do not forget to tell your friends and family!” Make it about wanting to serve instead of sell!
  3. Follow up call – locked in your CRM – It is important to follow up and keep in contact- this shows that you genuinely care about your client and they are not just a transaction. Put calendar reminders for e.g 60 days call just to see if everything went ok! Building a relationship that lasts beyond the transaction/ business process is key to getting your clients to refer you to others.

Referrals from other professionals:

  1. Your Ideal Client: You have thought about your client avatar or your ideal client but have you thought about your ideal referrer? Where is your audience and where is your referrer’s audience? Could you possibly leverage from each other? Think how you could add value and ultimately leverage each other networks.
  2. Reach out to them– have a coffee and try to understand each other’s businesses- how do you operate and how would the other professional position you in their engagement with their clients? It will not happen overnight but the best thing to do is to give / add value to your potential referrer. Start liking their posts on Facebook and share their page to your network. Suggest sending them relevant articles for their monthly newsletter! Always think how you can add value to your referrer partners and their businesses before even asking them to start sending you leads.
  3. Define your relationship and its parameters: is this going to be a two – way relationship with no money exchanged? Or with only introductions/ leads exchanged? Have an agreement drafted and signed if possible! But most times – it is better to reciprocally open the doors to each other and not pay an entry fee…

Whatever you do, TRUST is the main lever with which you can generate those critical “word of mouth” referrals straight to your business. Have you found your “ideal referrer” yet?

Written by Corinne Jacquin- Mortgage Broker- Lending Specialist – from Ma Maison Advisory Services- Credit Representative No 478751- Authorised under eChoice Home loans- Credit Licence no 390502