This interesting research paper from 2014 captures major insight into the behaviors and circumstances that would trigger wealthy clients to refer friends and colleagues to their wealth manager.
Most interesting in the report is the following stats:
- 47% of wealthy clients would send a referral to their advisor without being prompted. This is most likely the bulk of how advisors are currently growing: Through referrals from their "forward" clients.
- Another 47% of clients reported they would refer, but only if asked to do so.
The latter 47% is the one our Referralytics™ program is most concerned about; those who need more guidance and direction as far as who to send to their advisor. Through our research and coaching, we can help the advisor understands the type of network a client has, and help the advisor ask leading questions that can result in more quality referrals from their happy clients.