Knowing how to generate a continuous flow of high-quality referrals is among the most important marketing challenges any advisor faces. The results of a 2012 survey of financial advisors by research firm CEG Worldwide offer some interesting insights on the matter:
The top five sources of professional referrals:
- Accountants: 68 percent
- Estate planning attorneys: 61 percent
- Life insurance specialists: 35 percent
- Mortgage brokers: 29 percent
- Personal property and casualty agents: 12 percent
What were the sources of all referrals?
- Professional connections: 54.2 percent
- Clients: 30.1 percent
- Seminars/conferences: 13.5 percent
Number of client referrals received each year (by advisor income group):
Moderate-income advisors:
- 26.7 percent received 3-5 referrals
- 12.3 percent received 6+ referrals
Middle-income advisors:
- 44.0 percent received 3-5 referrals
- 11.2 percent received 6+ referrals
High-income advisors:
- 23.1 percent received 3-5 referrals
- 29.2 percent received 6+ referrals
How many clients did respondents have?
