Slideshow 5 Tips to Help Bank Reps Increase Referrals

Published
  • July 23 2012, 9:59am EDT
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5 Tips for Increasing Referrals

Many bank advisors feel they aren’t getting enough referrals from branch employees. What can they do? Make a stronger case for sending referrals, Rick Rummage, founder and CEO of The Rummage Group, writes in BIC’s July issue. The advisor’s job is to cater to referral sources and treat them as though they were clients, he says in the article.

Advisors must put to rest any misgivings that bank staff might have with sending them referrals. Here are five tips he offers advisors to put their referral sources at ease and get those referrals flowing.

Make a list of potential sources for referrals

Advisors should take note of all the potential sources of referrals they have at their fingertips. Say an advisor covers four branches and each branch has seven employees, then there are 28 possible referral sources within their branches alone. And outside the branch, there are also many more referral sources.

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Kill your referral sources with kindness

Get to know them, their interests and their families. Try to remember if the referral source has kids and ask about them by name. If they are into fishing, maybe you should share a fishing story. “This all sounds very simple, but very few advisors take the time to build rapport,” Rummage writes.

Say ‘thank you’

Make sure you always thank your partners for the referral they provide. Go the extra mile and explain how you helped the referral. Let the referral source know how your help put the client in a better financial situation.

Build trust

Always do what you say and remember that your actions reflect on the individual that provided you with the referral. If you turn off or hurt the client, you are hurting the referral source.
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Dazzle them with your knowledge

Referral sources like to feel that you can really help their clients. You need to show you care about the client’s needs and will leave them better off than you found them. To do that, spend time educating your referral sources about financial planning. Have sales meetings monthly and make sure you cover financial planning topics. “Try to make your referral sources feel like they are doing their clients a disservice by not referring them to you,” Rummage writes.