Many advisors overlook the importance of adequately thanking clients for referrals. While some may respectfully gesture their thanks through a quick email, only a select group truly goes the extra mile to express their appreciation. These excellent advisers understand the value of doing the right thing and show clients how much they genuinely appreciate the introduction.
A story that shows the power of effort
Imagine a financial advisor with a client who wants to grow their commercial property portfolio. The client had multiple commercial properties in mind, but the financial details of real estate investments demanded a more thorough approach. Rather than leaning on cookie-cutter strategies, the financial planner chose a tailored path.
The advisor went beyond the standard playbook, accurately evaluating each property with a sharp focus on market trends. The advisor delivered a thorough custom report with detailed cash flow projections, tax-saving strategies, and creative financing options for each potential purchase.
This personalised approach struck a chord. The client was impressed by the depth of care and the planner’s genuine commitment to their success. By investing extra time and effort into crafting a personalised plan, the financial planner helped the client make smarter investment decisions, in the process building a relationship based on trust.
Effort equals excellence
Here’s what we recommend instead of a quick email or phone call to thank a client for a referral:
- Post a quality handwritten card which genuinely demonstrates the value of the introduction
- If the referral is a potential high net-worth client, you could send the existing client a personalised gift, such as a bottle of Scotch or a bunch of flowers.
The more personalised the card or gift, the more it will reflect your appreciation.
On a side note, larger advisory firms should draft a gift-giving policy with a monetary threshold above which a gift would not be acceptable.
Further reflection on gifting
A tremendous gifting strategy is to align annual reviews with clients’ birthdays. You can give your clients birthday cards and perhaps gifts and thank them once again for the referrals they have made.
Mastering the art of client referrals
Of course, the overall strategy to gain additional referrals requires more. It would be best to focus on educating your clients, who may share valuable content with potential clients.