Research Study Shows Professionals How To Grow Their Businesses

We’ve had so many financial and legal professionals contact us and ask how they can use our celebrity stories about estate planning to help their businesses.  In addressing this, we came across a fascinating research study that covers this very topic.  

It’s the “Economics of Loyalty” study, by Advisor Impact and sponsored by Vanguard.  It surveyed clients of financial planners to learn what differentiated clients who are merely satisfied from those who are engaged enough to make referrals.  It found that “engaged” clients made an average of 2.3 referrals, while those who were merely “satisfied” referred none.

The study also found another startling conclusion … there is almost no correlation between asking for referrals and receiving them. Rather, most clients made referrals to help their friends, co-workers and families members in need, not the professional.  In other words, to earn referrals and build your business, you have to show clients that you are able to provide a benefit to people they might refer to you.

How do you do this?  The Economics of Loyalty study identified these steps as the top ways to turn satisfied clients into engaged clients who make referrals, and at the same time, generate more sales from existing clients as well:

  1. Client Education;
  2. Stronger Personal Relationships with Clients;
  3. The Ability to Explain Difficult Concepts;
  4. Providing Access to Other Professionals; and
  5. Thank-You Gifts to Clients.

We have designed a program for professionals to accomplish all of these, by using fun and educational celebrity estate planning stories.  We created it to help you increase your sales and revenue to achieve each of these goals, in a number of easy-to-use ways.

First, estate planning is a perfect area to provide client education.  In fact, another study, by the College of Financial Planning, found that estate planning is the number one area clients are least knowledgeable about.

Second, working with clients and prospects to do their estate planning takes the focus away from trying to sell them something.  It also allows you, as professionals, to build stronger, deeper relationships with clients and at the same time shows them that you are a valuable resource, so they will want to refer others to you, knowing that you can help them.

Third, the sad reality is that most people are confused about estate planning.  Two-thirds of adult Americans don’t even have a will!  This is a great area for you to prove you can explain concepts your clients find difficult.  And don’t worry, our program will make it very easy for you to do this.

Fourth, estate planning is a natural area to be able to refer your clients to other professionals, which has the added benefit of building referral relationships with others –such as estate planning attorneys and financial planners — who can send business back your way.  The Economics of Loyalty study also found that being perceived as a client quarterback is a great way to generate referrals, especially among high net-worth clients.

Finally, our package includes 34 copies of our best-selling book as the perfect thank-you gifts for your clients, among other client giveaways, like our exclusive Estate Planning Organizer.

You can learn more about our Trial & Heirs:  Stop Leaving Money On The Table & Grow Your Business program here, to help you meet all of these goals and take your business to the next level!

Categories: Andrew and Danielle, Celebrities, Estate Planning, Examples of Good Planning, Trial & Heirs: The Book, Trusts, Wills
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