Feb 1, 2021
In this episode, Steve talks with Dan Allison, the President and Managing Partner of Broker’s Clearing House in Des Moines, IA.
Dan started out in financial services after a career in clinical and behavioral psychology. One of the big areas of opportunity he noticed was improving the efficiency of client referrals.
Based on his own research, Dan found that the biggest problem with generating referrals was both a lack of process, and a lack of focus on the right things. For Dan, the key is focusing on “being referable'', and this is best achieved when there is a strong understanding of who you are as a person. It is on this guiding principle that he’s focused his professional career for the last 17 years.
Dan talks with Steve about how he got into the business, how he conducted his research around referrals, and five steps that will help your clients become an organic source of new business for your firm.
"It's great to have more revenue, more profit, and more resources. But growth was a by-product of us delivering value and providing a service that is needed, and being referable in the first place.” ~ Dan Allison
Main Takeaways
- Many clients are willing to provide referrals, but aren’t very effective at doing so.
- Referral shouldn’t be a bad word. Referrals happen because someone trusts you. They are putting their own reputation on the line.
- Growth is a by-product of providing meaningful value in a market. If you focus on providing genuine value, the growth will come.
- Certain characteristics are very helpful in turning clients into advocates for your firm — over-delivering on value, understanding your value prop, understanding your capacity, and knowing how to make the introduction.
- It’s important to know the difference between clients who are “gold mines” for referrals and those who are “land mines.”