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Promoting Referrals & Introductions in a Bear Market

by Bill Cates

You are in the stress reduction business. 

Many of your clients are nervous about the market, the economy, and all the other things going on in the world.  Your mission (should you accept it) is to ease their fears and reduce their stress – as best you can.  Seeing yourself in the stress reduction business will serve you quite well in winning and keeping clients.  I wrote more about that here: Your Client’s Fears and Concerns Almost Never Go Away Completely.  

Some advisors are losing clients right now.

During this Bear Market and possible recession, are you staying in touch with your clients a little bit more than usual?  Are you reminding them of some of the things you’ve helped them put in place to mitigate their risk?  Are you helping them make relevant adjustments when needed?

I spoke to an advisor last week who has lost 5 clients this year. That’s unprecedented for him. Was he taking these clients for granted? Was he addressing their concerns and stress to their satisfaction? Or did another advisor come along and do that better than him?

Assuming You’re Referable

Assuming you’re referable in today’s environment, here is a simple and effective way to mention the possibility of referrals and introductions – something you can say just about any time in a meeting or even a quick conversation with a client:

George and Martha – I’d like to mention something quickly. As you speak with your friends, family, and colleagues at work… When you hear others express concern with their financial situation or disappointment in how their advisor is staying in touch with them, please remember that I’m never too busy to see if I can be a resource for them. Sometimes gaining a new perspective on things can make all the difference in the world.  Make sense?

Optional Addition:

And when you do think of someone who fits this description, let me know so we can figure out the most comfortable way for you to introduce me to them. How’s that sound?

I expect your word track might be slightly different than above as it should be genuine for you. However you say it, let your clients know that you’re still taking on new clients and that now is a time when so many people are looking for direction they can trust.

Would you like more on this topic?
9 Ways to Boost Referrals in a Volatile or Bear Market

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