Why advisers suck at asking for referrals, and what you can do about it

Ever wonder why the thought of asking your clients for referrals feels like you’re stepping onto a stage with a spotlight glaring down on you?

It’s not just you — asking for recommendations is a common fear among many financial planners. Isn’t it odd?

We’re in the business of changing clients’ lives for the better by helping them achieve their dreams, yet we hesitate to secure our own future by simply asking, “Know anyone who might need my help?”

If you can relate to the “Do I have to?” feeling when asking for client referrals, keep reading to learn how to change your ways and why it matters.

Most advisers would benefit from client referrals but avoid asking for them

Here’s the scoop: if asking for referrals makes you squirm because it nudges you right out of your comfort zone. It’s not just a fear of rejection from ancient tribal days, it’s also about facing potential criticism head-on.

You might have thoughts like: “What if they think I’m being pushy?” “What if they aren’t as happy with my service as I thought?”

Uncomfortable, right?

In fact, there’s even more to it. It’s true that for some advisers, those pesky impostor syndrome thoughts can get in the way of asking for referrals.

For others, it’s simply a matter of forgetting to ask among all the other daily tasks, or failing to mention it in passing as your client is half way out of the door.

If you push yourself out of your comfort zone, though, you could reap some real rewards. More referrals are likely to lead to more business – it’s really that straightforward.

And although you might not want to hear it, if they aren’t ready to refer you, their reasons might just be the feedback you need to tweak your services and up your game.

So, how about reframing the narrative around referrals?

Instead of dreading the ask, why not see it as a litmus test for the quality of your service?

It’s not about pushing for names; it’s about ensuring you’re so good that they can’t wait to tell their friends about you. And if they say “no”, it’s a chance to learn and grow, not a tribal exile.

4 top tips on asking for referrals

If you’re still nervous about asking your clients to refer their friends, families, and colleagues, you’re in the right place.

Here are our top four tips on asking for client referrals.

1. Ask three times during the advice process (start, middle and end) and once afterwards by email. Being asked multiple times makes it much harder for the client to forget about your request.
2. Build the question into your meeting template or script. If you have it on your checklist, you can keep practising every time you meet with a client, and are less likely to forget.
3. Make the question about helping others (your clients’ friends and family) rather than the client helping you grow your business. This means your client may see the request as an opportunity to help those they love, rather than doing free marketing for you!
4. Ask your client for advice on how they think you could get more referrals. Most people love being helpful – this will probably result in a referral or two without asking, but you might also get some great marketing ideas.

It’s time to put your fears behind you and make asking for referrals as routine as reviewing a portfolio. It’s all part of the service. Who knows? Your next referral could be your biggest advocate yet.

Need help asking for referrals? We’ve got your back

If you need a little help, we have an awesome “Asking for Referrals” course that lets you know the word patterns that work best, how and when to ask, and gives you the confidence to pop the question!

Get in touch to find out more. Email hello@melo.co.uk or call 0113 4656 111 for a chat.