The Power of Referrals - A Fresh Perspective

The Power of Referrals - A Fresh Perspective

The Power of Referrals - A Fresh Perspective

Develop a Plan

Like other aspects of building your business, consider a measured, planned approach to obtaining referrals. Simple “asking more people, more often” isn’t a strategy. It’s a shotgun approach that can often do more harm than good.

People are likely to refer friends and colleagues to someone they believe can help them. Part of your planning efforts should focus on ensuring that:

  • your existing relationships understand your philosophy when it comes to taking care of their wealth-management needs,
  • they understand the type of problems you are capable of solving, and
  • they trust you enough to refer you to people they know who have those same problems.

One of the most powerful things you can do to start increasing the number of referrals you earn is to narrow the focus of your efforts to a specific area that you are trying to develop. The more you can be perceived as an expert in a particular area, the more likely they are to refer people to you who share that problem. For example, if you have developed a reputation as someone who helps business owners, your prospecting plan should focus on those types of opportunities. Being regarded as “the person who helps business owners” will get you more referrals than the more generic “financial advisor who helps everyone."

Stay tuned for part two of The Power of Referrals, which focuses on key strategies for generating referrals, in your next WP newsletter.


Craig Swistun is a Vice President with CC&L Private Capital Ltd. and can be contacted at CC&L Private Capital Ltd. is an investment counseling firm that provides traditional and alternative solutions to high net worth individuals, foundations and endowments, first nations and trusts.

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