ASK SCOTT
Question: Am I the only one not getting million-dollar referrals? Scott’s Answer: You can’t get enough qualified referrals to grow your business! Client referrals are dead. I used to sit at the industry meetings and watch as they paraded advisors across the stage who were killing it. I would hear them proclaim, “We grow our business on referrals. They just pour in,” and wonder why I wasn’t receiving a ton of qualified referrals. “Am I the only one?” I wondered. It wasn’t until I began helping advisors attract million-dollar clients that I found the answer. They were lying. Client referrals are off 90.5% since 2008, according to Financial Advisor magazine. A warm prospect is teed up by a client referral or an introduction from an attorney or an accountant. Within that group, there are some who are hot prospects. They have external or internal urgency. Hot prospects have already decided to take action to change advisors. It’s only a matter of whether they are going to work with you or not. They ask questions like, “How do you work? How much do you charge? What’s your process?” Those are all questions from somebody who’s already decided to buy.
Research says that prospects who have already decided to buy make up around 3% — that’s it. Do the math. Only 3% are looking to buy, and referrals are off 90.5%. I didn’t understand why I was getting very few introductions from attorneys and accountants whom I had sent quite a bit of business until … I was hired to teach attorneys at the National Network of Estate Planning Attorneys how to attract million-dollar clients. They are taught to get new clients from financial advisors, which is why they have few, if any, qualified prospects. Most, if not all, of their new qualified clients come from financial advisors like you. You are not the only one. You can’t get enough warm or hot prospects to grow your business. The gold is in the cold . Here are the three keys: 1. Crank Your Credibility — credibility stacking, not credentials. 2. Control Your Prospect Flow — action attraction, not image marketing. 3. Convert the Heart, not the Head — focus on problems, not products. The No. 1 action attraction is still a proven seminar. Listen to Bill McLaughlin from Wall, New Jersey, a 32- year veteran: “Using Scott’s Seminar Money Machine, I’m getting a steady stream of $2–$5 million dollar prospects who are becoming clients. I even got my biggest client ever, worth over $50 million.” To learn more, go to SeminarMoneyMachine.com. Imagine being able to attract million-dollar clients on demand — as many as you can handle. Send your questions to scott@scottkeffer.com for a chance to have your questions answered in this publication!
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