My job is to challenge my clients as to where they are financially and make them think about things that they do not want to think about. Many view me as the finacial bad guy and pay me well to be that guy.
As an advisor, this benefits my clients in many ways. Most significantly, as you are able to do, my clients are able to check me out via my references. My experience has taught me that this is the most critical element when choosing a financial professional.
Building a relationship with my clients is pivotal to my success and the best way to do that is through a known introduction. By focusing on referrals, this allows me to spend more time on my client’s needs through continuing education on changing tax laws, new investment strategies, and potential product enhancements. Alternative client generation techniques such as seminars, cold calling, or buying lists are time consuming activities which would severely hamper my effectiveness as a planner.
After 9 plus years building a practice in this manner, I have learned that my clients tend to refer me to like minded individuals who are typically similiar to them in their financial needs, affording me time to consolidate my efforts in areas which truly benefit them as an expert.