Have your referrals plateaued? That could be because it can be awkward to ask for referrals, and clients don’t like being asked to give them. Word-of-Mouth Influence (WOMI) can help you get referrals without asking for them. It involves getting your clients to tell others about your services. Oechsli uses a simple, yet powerful metric to measure WOMI with financial professionals: the number of referrals received in the past year.
These referrals are unsolicited—not as a result of an old-school referral approach, where you ask clients about people they know (75% of investors dislike that approach).1
More WOMI = More Referrals
This research shows that some financial professionals are generating far more WOMI than others over the past year:2
Laggards: 0-2 new households by referral
Middlers: 3-9 new households by referral
Generators: 10+ new households by referral
A Model to Help Explain What the Generators Are Doing So Well2
Why do Generators get more new business by way of referral? That’s what this content is all about—how you can use the WOMI hierarchy to do the actions that lead to higher levels of new business.
There were a number of behaviors that were positively correlated with referral flow. We put all of the behaviors into various segments of the hierarchy, just to make it easier to understand and implement.
1Source: Oechsli, 2017 Affluent Investor Research-Most Recent Data Available
2Source: Oechsli, 2017. The research was conducted with 404 financial professionals. 30% were from wirehouses, 26% independent, 17% regional, 15% RIA, 6% bank, 3% insurance, and 3% other.Most Recent Data Available
Oechsli is not an affiliate or subsidiary of Hartford Funds.
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