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4 Advisors Who Created Successful “Referral-Only” Businesses (Without Asking for Referrals!)

by Bill Cates

Is it really possible to build a successful referral-only practice without asking for referrals? I have to admit, until I started interviewing top advisors for my podcast, I was skeptical about this possibility.

I have worked with thousands of advisors over the last 25+ years, but had not met any truly successful advisors who were getting all of their new clients through referrals without having a consistent process for asking their clients to think about making introductions.

I have coached and interviewed a lot of “by-referral-only” advisors in the past, but they haven’t been that successful. Their level of activity was low and their income was not what they wanted.

But, these 3 interviews broke the mold and changed my opinion.

As we kick-off 2022 and many of us are in goal-setting mode, I highly recommend you listen to the inspirational episodes linked below. After all, what better goal is there than to quit prospecting altogether and build the business of your dreams working by referral only?

4 Advisors Who Have Built Successful Referral-Only Businesses … Without Asking for Referrals!

Ep. #7: “How to Build a Successful Business Operating By Referral Only” with Diana Defrate & Katriina Pavvola

Not every advisory team has been able to create a “by referral only” business where the quantity and the quality of clients have been exactly the right fit.In this episode, I speak with Diana DeFrate CFP®, CLU®, Founder/CEO, and Katriina Paavola, CFP®, Founder at DeFrate & Paavola, LLC. Diana and Katriina share how they’ve managed to build a successful business operating by referral only sharing WITHOUT asking for referrals.

Ep. #3 – “How a Business Friendships Turn Loyal Clients into Advocates” with Lester Matlock

Many financial advisors like to keep an arm’s length distance between themselves and their clients, keeping everything strictly on the professional level.

But many of the most successful financial advisors are doing the opposite.

In this episode, private wealth advisor Lester Matlock discusses his Bucket List Campaign and how he creates a business friendship with clients, so they become his biggest advocates.

Ep. #11 – “How to Grow Your Business Without Prospecting” with Randy Carver

Stop prospecting … and let your clients prospect for you!

Creating great relationships with your clients who value the work you do (and value you as a professional) will open up the doors to many more in-segment clients.

In this episode, I speak with Randy Carver CRPC®, CDFA®, President and CEO at Carver Financial Services, Inc. Randy discusses how he and his team have brought in 25 new relationships along with 100 million in assets over the last three months without doing any prospecting.

Forward this article to a friend or colleague.

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