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Adviser workshop: how to thank clients for referrals

We speak to the industry's top financial planners about how best to show gratitude for new business referrals.

Julius says...

We have the same approach for any client that provides a referral. We call them up and say, ‘thank you so much. We are very grateful.’

When you call the client to thank them and tell them their referral has also become a client, they tend to be really pleased.

Sometimes we might send a card. But we want to keep the client clear of doubts; we do not want them thinking we paid a lot for it.

Also, at some point in the relationship, we might have a lunch with a client anyway. But this would not be directly related to the referral because we want to keep the two separate.

It is not our philosophy to give vouchers, for example, but each to their own. Maybe a certain type of client would expect this, but not usually the ones we work with. We do not need that type of client. We are not desperate.

Generally, clients are grateful we have helped them and want to pass it on to one of their friends. It is hard to find a good planner, just like it is to find a good plumber or builder.

Top quote:

'We do not want to pollute our relationship with clients with any monetary incentives. Personally, I do not want someone recommending me because they are going to get paid for it. I want that to be 100% genuine, no strings attached.'

Top tip:

Do not spend to say thank you or it will taint the relationship and referrals.

Julius Lipner is a financial planner at Consilia Wealth Management

Julius says...

We have the same approach for any client that provides a referral. We call them up and say, ‘thank you so much. We are very grateful.’

When you call the client to thank them and tell them their referral has also become a client, they tend to be really pleased.

Sometimes we might send a card. But we want to keep the client clear of doubts; we do not want them thinking we paid a lot for it.

Also, at some point in the relationship, we might have a lunch with a client anyway. But this would not be directly related to the referral because we want to keep the two separate.

It is not our philosophy to give vouchers, for example, but each to their own. Maybe a certain type of client would expect this, but not usually the ones we work with. We do not need that type of client. We are not desperate.

Generally, clients are grateful we have helped them and want to pass it on to one of their friends. It is hard to find a good planner, just like it is to find a good plumber or builder.

Top quote:

'We do not want to pollute our relationship with clients with any monetary incentives. Personally, I do not want someone recommending me because they are going to get paid for it. I want that to be 100% genuine, no strings attached.'

Top tip:

Do not spend to say thank you or it will taint the relationship and referrals.

Julius Lipner is a financial planner at Consilia Wealth Management

Jillian says...

We reward clients by inviting them to our annual conference. Here, we have nice food, nice wine, maybe some local Sheffield gin, and some very good speakers. We have another of these events coming up in May at which [Royal London director of policy and former pensions minister] Steve Webb will be speaking.

The conference is for about 50 of our key clients who have supported and helped us through the year. We thank our key clients, who are the ones that provide warm leads. So we put on an event for them.

Some clients are our ambassadors. Referrals in the current context also means retweeting LinkedIn articles and Twitter posts. It is the promotion of the business. The way social media has taken off, those types of endorsements are very valuable.

On Twitter we ask for comments from clients and send those out on our Twitter feed. Referrals, endorsements and promotion of the company are not just a case of asking ‘can you call Joe Blogs next door? He has £50,000 to invest’. It comes in different guises: many more than it did 10 or 15 years ago.

There is nothing inappropriate about us thanking clients for their help. They just want us to grow as a business and help us do so. There is nothing untoward in the way we do this.

Top quote:

'There is nothing inappropriate about us thanking clients for their help. They just want us to grow as a business and help us do so. There is nothing untoward in the way we do this.'

Top tip:

Reward clients for support, referrals and endorsements that help your business grow.

Jillian Thomas is managing director of Future Life Wealth Management

 

What the twittersphere thinks...

New Model Adviser® reporter Christine Dawson sent a shout-out to Twitter to get the industry's opinion on referrals and, as ever, we had some great responses:

Comment & analysis

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