Being Process Driven
Transcript: What does it mean to be process driven? According to our 2022 updated advisor, referability research, the advisors getting the most referrals are not just process driven when it comes to referrals, but across many aspects of their business. Having defined processes is critical. According to our research results, the most referable advisors, those getting over 15 referrals a year, have a process for communicating with their clients, working with COIs, attracting referrals, capturing and managing referrals, using their CRM, their follow-up process, and even running an initial meeting with a prospect. Every action or reaction is intentional, thoughtful, and consistent. Think about your business and how you attract and manage prospects, especially referrals. What about how you manage your client and professional relationships? Are you systematic, consistent? Is your entire team aligned? Our 2022 referral research also highlighted a strong correlation between firms who got a lot of referrals and those who focused on training and developing their team around how they talk about who they serve and the unique value they provide those clients. There was also a correlation with firms who trained and planted referral seeds with their centers of influence or COIs. The key takeaway here is have a plan. Write it down, share it with your team, and formalize it with technology and workflows. This toolkit will help you develop and activate your referral plan.