{"id":85557,"date":"2021-07-05t12:00:04","date_gmt":"2021-07-05t16:00:04","guid":{"rendered":"\/\/www.g005e.com\/?p=85557"},"modified":"2022-12-22t00:42:38","modified_gmt":"2022-12-22t05:42:38","slug":"6-steps-to-maximize-referrals","status":"publish","type":"post","link":"\/\/www.g005e.com\/2021\/07\/05\/6-steps-to-maximize-referrals\/","title":{"rendered":"6 steps to maximize referrals"},"content":{"rendered":"

\"female<\/a>how to foster opportunities from your wealthiest clients.<\/strong><\/p>\n

by anthony glomski and russ alan prince<\/i>
\nyour $5-million high-net-worth practice<\/i><\/a><\/p>\n

as part of the discovery process, you are ascertaining who your wealthy clients can refer to you. in empirical study after study, accountants (as well as other professionals) say that they get most of their client referrals from their current clients. they also say that this happens because they do an excellent job for their clients.<\/p>\n

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another insight we find in the research is that very few professionals are doing much to foster getting referrals from their highly satisfied clients.
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\nby and large, because you do a great job for a wealthy client, when that client is approached by someone looking for those services you offer, you might \u2013 let us emphasize might \u2013 be referred. getting referrals this way is all dependent on someone your wealthy client knows wanting what you can deliver, and your wealthy client remembers and is inclined to refer you.<\/p>\n

further complicating getting referrals is that your wealthy clients \u2013 even those who are elated with you and your firm \u2013 are very likely not talking about you and your firm all that often. when the wealthy speak to each other, most of the time is spent talking about family or their business. the professionals they use do not come up often unless someone is complaining and looking to make a change.<\/p>\n

determining who your wealthy client can refer:<\/strong> through the discovery process, you can learn the business and personal ecosystems of each wealthy client. there is a really good chance that some of these other people would make excellent clients for you and your firm. determining who your wealthy clients can refer is really pretty easy, for instance, when they are business owners.<\/p>\n

when you learn about a wealthy entrepreneur, part of that learning is understanding all the other businesses they deal with. this means all their suppliers and all their customers. you do this by simply asking them about their business, listening carefully and probing.<\/p>\n

if the wealthy entrepreneur, for example, owns a manufacturing company, you might ask, \u201chow do you get your widgets to your customers?\u201d your client will most probably tell you without any hesitation. let us say she says, \u201cwe use a trucking company.\u201d you can follow up with, \u201cwhat\u2019s the name of the trucking company?\u201d there is an excellent chance she will tell you. the trucking company and the owner(s) might be the right clients for your high-net-worth practice.<\/p>\n

we do not advise you to ask for a referral at that moment. instead, we recommend you put together a map of each wealthy business owner\u2019s business ecosystem. not only are you identifying potential clients, but you can also gauge the level of rapport the wealthy entrepreneur has with these other business owners. one way to help determine the quality of these relationships is by looking at how long they have been doing business together. generally speaking, the longer the relationship, the more likely a referral will be considered.<\/p>\n

at the appropriate time, you ask for an introduction to specific business owners your wealthy entrepreneur is close to. the way you ask makes a big difference. always ask in a manner that will make your wealthy client look as good as possible and connect to his or her self-interests.e<\/p>\n

appeal to their self-interests<\/strong><\/p>\n

to reiterate: it is all about them. you are looking for ways to help your wealthy clients achieve their agendas. operating this way regularly works for you because by helping them achieve their self-interest, they will often need to rely on your expertise or that of your firm. there are two principal ways to appeal to their self-interests: direct alignment<\/strong> and adding value<\/strong>.<\/p>\n

direct alignment:<\/strong> this is usually the easiest way for you to assist your wealthy clients, and it gets you compensated immediately. for example, you know that an ultrawealthy entrepreneur wants to make sure all the fast-moving parts of his life outside of running the company are well managed cost-effectively. the answer can very well be business management services.<\/p>\n

knowing the goals and critical concerns of the wealthy, with your resource grid in hand, you identify ways you and your firm can be of assistance. if a wealthy entrepreneur is thinking about selling her company, there are a variety of services you can provide pre-sale such as:<\/p>\n