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Episode Summary

For financial advisors and planners around the world, the topic of referrals has been saturated from almost every angle. In this episode, we’re approaching referrals in a new way: through the lens of psychology. By combining behavioral finance and referrals, you can unleash the floodgates to more referrals in your practice or firm.

Imagine being able to get inside the minds of your clients to better understand what they think about referrals, how they feel about referring, how they would prefer you to bring it up with them, and maybe most importantly, what they identify as the most common barriers to referring more often.

That’s exactly what Dan did. Relying on his background in clinical and behavioral psychology, Dan interviewed thousands of clients to ask them those exact questions to help better understand the psychology of getting more referrals.

According to the responses from these clients, advisors should get approximately 96 referrals for every 100 clients!

The key point and major takeaway from that number is the realization that there is simply a gap between how often your clients are referring and how often those referrals become clients. In other words, you don’t need to spend your time trying to get clients to refer more often. Rather, you should spend more time making sure those referrals consistently convert to life-long clients.

And, as Dan will explain, the single best way to close this gap is by striving to understand what goes on inside the minds of clients when it comes to referrals so you can remove any barriers and friction they may encounter along the way.

And once you understand how clients think about referrals, how to bring up the conversation, and the barriers that stand in the way of referring more often, then you can design a system/process that will inevitably boost your referrals to a level never seen before and change the trajectory of your business!

Things You’ll Learn

  • What clients think about referrals, how they want to be approached, and the main barriers standing in the way of referring more often
  • The big mistake most advisors make (but don’t realize it) when asking for referrals
  • Why getting referrals in a high-trust industry like financial services requires a completely different line of thinking
  • How to bring up the referral conversation in a comfortable way based on what the clients wants to get the conversation flowing and ensure you never feel hesitant to bring it up in the future
  • Why getting structured feedback from clients every 12-18 months is the foundation of more referrals and Dan’s recommendations on how to do it
  • The exact questions to ask to get the most valuable feedback during those meetings
  • The one question that every firm should ask to instantly boost their referability
  • How to ensure you get referrals when someone passively hands out your information
  • The reality that most advisors fear getting vulnerable feedback and how to overcome it
  • Using the language that leads to more referrals and avoiding the language that prevents them
  • Dan’s story of his own advisor using his process on him and the surprising ways in which it enhanced his experience as a client
  • What 60% of clients say when asked the reason why they don’t refer and what they say when asked why they do refer
  • A process to identify and segment clients in a way that ensures you get the kinds of referrals you want

About Dan Allison

Dan Allison is the founder of Feedback Marketing Group, a consulting firm that work with advisors and planners specifically on fueling growth by focusing on increasing referrals.

Dan came highly recommended because he approaches referrals a different, more effective way. He draws from his background in clinical and behavioral psychology to first understand what’s going on inside the minds of clients to the remove any barriers or friction in the process and generate more referrals.

He used this exact approach to build and sell a business himself and now teaches advisors and planners across the exactly how to do it themselves.



Whenever you’re ready, there are 3 ways I can help you master the human side of advice:

  1. HSOA Masterclass: An 8-week group program on building trust & connection, aligning money and life, and delivering frictionless advice.
  2. The Ultimate Discovery Meeting: A proven framework to seamlessly convert prospects into life-long clients in one meeting.
  3. HSOA Community (COMING SOON!): An online space to meet, collaborate, discuss, brainstorm, learn and grow with other advisors passionate about the human side of advice

If you’re interested, let me know here.