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It’s Thursday evening and you’re sitting in front of your computer, logged into Zoom, participating in a monthly board meeting. You’ve been on this board for three years. As you look at the people participating in the call, you say to yourself, “These fantastic people are such influencers in our community. Why haven’t I received any referrals from this group in three years?”
I get it. I hear this often from the advisors I coach. There’s an etiquette in this situation that makes asking for a referral a sensitive or even inappropriate behavior. At the same time, part of the reason why you dedicate yourself to this purpose is to gain exposure for you and your firm, build your credibility, meet influencers in the community, make an impact where it matters to you and yes, hopefully land some new business along the way.
Your active participation on a board sends a message to others that you care about the mission of the organization and your community. It helps the other members experience your integrity, professionalism, dedication and authenticity. If you serve on a committee, you might even have an opportunity to allow your business and financial skills to shine as well. This is all being observed by the influencers on the screen in front of you.
But most of it is expected of you as a board member. It played a role in why you were selected or invited to become a member in the first place.
The key to getting referrals from a board is treating those influential people as genuine centers of influence (COIs). One of the most important elements to being referred from COIs is the depth of your relationship with them. The same applies to the people on the board. Seeing the members once a month on a Zoom call (or post-COVID in person) isn’t enough to develop the kind of relationship that supports referrals.
Spending time with individual board members to get to know them personally and professionally will establish more meaningful relationships. Schedule a Zoom call with three different members. Post-COVID, meet them for lunch. Tell them that you would like to get to know them better and learn more about what they do for their company or firm. During the call, focus on them entirely. If they try to push the focus over to you, say something like, “If it’s okay with you, I’d like this call to be all about you today. If you’d like we can schedule another call where I can tell you more about me.” Then, use the five words that will make you stand out and trigger future referral opportunities.
Ask them, “How can I help you?”
That phrase is entirely unexpected. There’s a chance that they might not even know how to respond because they rarely hear it. Be prepared to ask them about their goals and ambitions, both personally and professionally. Listen intently. Take notes. Think of how you can help them achieve one or more of those goals. For example, maybe someone has plans to go to Spain for the first time in 2022. Perhaps you know someone who lives or has travelled there, and you can make a connection. Or perhaps someone has a goal to raise $200,000 for a charity this year and you can offer to share their event through your social media or be a corporate sponsor.
Helping someone to meet a goal that is important to them is one way to exponentially advance the relationship. Your willingness to offer help and put the focus on them first will ensure their willingness to reciprocate. In essence, you have led this relationship authentically and modeled a giving behavior that will benefit everyone.
When you meet for the second time, I guarantee that the other person will repeat those five special words right back to you. Then, the door is open for you to discuss with them exactly how they can help you as well. Prepare yourself in advance so you know how to answer that question. Doing so will position you to receive their future referrals.
Michelle R. Donovan is a referral/business coach, speaker and partner of Productivity Uncorked LLC, helping financial advisors increase their referrals and get more done in their day with coaching and DIY Courses. Michelle has written a Wall Street Journal Best Selling book, The 29% Solution (published in seven languages) and an Amazon Best Selling book, A Woman’s Way: Empowering Female Financial Advisors to Authentically Lead and Flourish in a Man’s World. Email Michelle at [email protected] or connect with her on LinkedIn.
Read more articles by Michelle R. Donovan
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.
