MDRT Annual Meeting 2017

Seek Referrals From Clients Who ‘Love You’

Advisers should be specific about what type of new clients they are seeking when asking existing clients for referrals and should focus on those who have already provided a referral, according to the head of a Melbourne boutique advice business.

McQueen Group Executive Chair, Angus McQueen

McQueen Group Executive Chair, Angus McQueen

Speaking at the MDRT Annual Meeting in Orlando, Florida, McQueen Group Executive Chair, Angus McQueen said he discovered he was not receiving enough referral from his clients and decided to focus on referrals from clients with whom he had good relationships as they were more willing to pass on his name to other potential clients.

“Some clients really love you, and others sometimes don’t. Working with ideal clients who love you is easier for you and the client for referrals,” McQueen said.

“Ideal clients who love you and who have referred a client are the place to commence. If they have done it once, they can do it again. Some clients just don’t have it in them to refer. The ones who have and do become exceptionally important to you,” he added.

McQueen said this step requires advisers to define their ideal client so they can attract other like-minded clients stating that “Your ideal clients hang out with other ideal clients”.

“Having defined what sort of clients you are looking…helps you understand whom you are not looking for.”

“Having defined what sort of clients you are looking for is very useful as it helps you understand whom you are not looking for. So, refine what you are looking for. It is easier to find what you are looking for if you know what you are looking for,” McQueen said.

He told delegates at the meeting this step was comparable to getting in car without any specific destination and ending up back at the start of the journey.

“To find more ideal clients, you need to define and tell yourself what you are actually looking for, or you might just find more of the same clients who may not have the same economic capacity and economic future for you. You may have already outgrown them before they start,” McQueen said.

McQueen also warned the delegates that finding like-minded clients did not mean treating them all the same and used a series of anecdotes from his own business to relate how he attracted a range of clients.

“What style or what would work for people who are clients who love you, clients who refer clients, people with client bases and networks of people—what would work for each of them? It’s not necessarily the same thing. Target some specific marketing around them and how they could help introduce more clients to you,” McQueen said.

“With clients who refer clients, become clear about whom you are looking for, definite about what you are looking for, and change the landscape.”