Moving Beyond the Many Messages Imparted in Atlanta

To secure referrals, said Cates, advisors have to start with the proper mindset: Rather than regard the request for introductions to prospects as self-serving, they should view referrals as opportunities given to clients to help others like themselves identify financial priorities and achieve goals and objectives.

Cates touted techniques that, he said, consistently prove effective in producing referrals. Examples: creating business cards that state "by referral only;" and holding client appreciation events that, by reinforcing already positive impressions among satisfied clients about the sponsoring advisor, yield more introductions to prospects.

Additionally, said Cates, advisors should get in the habit of asking for referrals as part of a "value discussion:" asking the client what parts of the engagement they find most valuable; treating the request for referrals with importance; getting the client's permission to brainstorm for names of prospects; and suggesting names or categories of people who might be open to the advisor's services.

There was, in sum, an abundance of valuable information imparted to eager listeners in Atlanta. But the question arises: How much of the inspirational messages, insurance planning techniques and best practices do MDRT attendees–or, indeed, conventioneers at other industry gatherings held throughout the year–actually absorb and apply when they return to their offices? If producers executed on even a small fraction of what they learn, the impact on their practices could be huge.

From my own experience, all too many don't follow through, often because they lack the discipline to do so. And perhaps this failure speaks to the need to offer incentives (such as a discount on admission to a future meeting) to attendees who commit to implementing something they learned at the MDRT gathering; and who agree to regularly providing results on the effectiveness of the education.

This is, perhaps, a big undertaking. But I suspect that MDRT would enjoy greater growth in its membership if the association could demonstrably show, year after year, how much more successful advisors are in their practices for having attended the annual meeting.