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I speak to a lot of financial advisors in any given month in my role as a referral/business coach. Imagine the list of things I’ve heard over the years. Occasionally a trend emerges that that warrants attention and, in this case, sharing with others.

The trend is that many investors have become unsatisfied with how their advisor chose to respond to the pandemic. The lack of communication from advisors during the pandemic has pushed a large group of clients to seek a new advisor. Consequently, advisors who have done a great job of staying in touch with their clients and genuinely expressed their concern for the client’s health and safety are seeing a spike in client referrals. These are the same advisors who have done an exceptional job of teaching their clients how to refer new clients to them. One client of mine had a total of 12 client referrals in all of 2019 and is currently juggling over 52 new client introductions since the pandemic because of this scenario.

What can you do to position yourself to acquire new clients during this pandemic? You can start by not WIMPing out on referrals.

Don’t WAIT for people to refer you.

I wish I had a dollar for every time I heard an advisor say, “All I have to do is provide great service and my clients will refer me.” That amounts to an advisor sitting back and waiting for the phone to ring. If that were working, there wouldn’t be a desire from so many advisors to find the secrets to getting more referrals.

Providing great service will go a long way towards giving people something good to say about you. The alternative will put you on the list of advisors losing clients.

Great service has become the expectation.