creating unlimited referrals and personal introductions without

© 2016 Million Dollar Round Table Million Dollar Round Table 325 West Touhy Ave. Park Ridge, IL 60068 USA

2016 MDRT Annual Meeting e‐Handout Material Title: Creating Unlimited Referrals and Personal

Introductions Without Asking Speaker: Bill Cates, CSP, CPAE Presentation Date: Tuesday, June 14, 2016 Presentation Time: 2:00 ‐ 3:00 p.m. The Million Dollar Round Table® (MDRT) does not guarantee the accuracy of tax and legal matters and is not liable for errors and omissions. You are urged to check with tax and legal professionals in your state, province or country. MDRT also suggests you consult local insurance and security regulations and your company’s compliance department pertaining to the use of any new sales materials with your clients. The information contained in this handout is unedited; errors, omissions and misspellings may exist. Content may be altered during the delivery of this presentation.

Bill Cates, CSP, CPAECreating Unlimited Referrals and Personal

Introductions Without Asking

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Slide 5 Why

Referrals?

BORROWED

TRUST

Higher Trust from the Start

Sets You Apart from Competitors

Easier to Set Appointments

Higher Conversion Ratio

Stronger Loyalty

Referrals Beget Referrals

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Slide 6

CONNECTION

WhyIntroductions?

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Beware the limiting beliefs that limit your success.

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Slide 8

Sales is Creepy

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11

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Slide

12 Unlock the

limits you

have placed

on yourself.

unconsciously

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Adopt a

Referral Mindset

Dissolve Limiting

Beliefs and

Mistaken Thinking

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Slide

14 “I prefer to meet my prospective clients the way they prefer to meet me?”

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15 The Way of the World

is Meeting People

through Other People

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Are You

Dabblingin Referrals?

Are You

Committed to Referrals?

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Slide

17 “I leverage the life-timevalue of my clients.”

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18

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The life-time value of a client is not

only the business you can do with

them over a lifetime.

It’s also who they can introduce you

to over a lifetime.

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20

YOU are sitting on a

goldmine of opportunity!

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21

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Change Your Perspective

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Slide

23 Advisoror AgentCentered

Pictured: Leonardo DiCaprioParamount Pictures (Producer), Martin Scorsese (Director). (2013). The Wolf Of Wall Street [Motion Picture]. United States: Paramount Pictures

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Slide

24 ClientCentered

• Your Value

• Your Relationship

Pictured: Stephen Colbert(2005-2014). Stephen Colbert (Executive Producer) The Colbert Report. New York City, NY. Comedy Central

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“I have a

process for generatingreferrals.”

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26

The Trust of One Leads to the

Acceptance by Many

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27

www.ReferralCoach.com

I believe that asking for referrals is a safe thing to do.

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29

“I to get referrals!”

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30 Expect

To GetReferralsand introductions

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Engaged Clients Create

Exponential GrowthClient Satisfaction & Loyalty

Create Incremental GrowthWho Gives Referrals?

Category % of all

respondents

% providing a

satisfaction

rating of 8-10

% providing a

loyalty rating of 4-5

out of 5

% who had

provided a referral

in last 12 months

Disgruntled 16% 16% 1% 4%

Complacent 30% 66% 98% 20%

Satisfied 39% 76% 99% 20%

Engaged 15% 82% 100% 98%

Advisor Impact

Julie Littlechild - 2014

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32

[email protected]

1. Your prospect or client understands your value proposition. They “get” your value. They are “engaged” with your value.

2. Your prospect or client feels good about you – they like you and trust you. Theyfeel “engaged” with you.

What is client Engagement?

Bill Cates, CSP, CPAE Unlimited Referrals & Introductions without Asking

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33

MARKETING SYSTEM

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Enhance Your

Referability

Create, Prospect &

Client Engagement

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35 How do you know ifyou are referable?

You’re getting referrals without asking for them!

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36 Cates’ Client Engagement Hierarchy

Continued Value

Onboarding Process

Stay Relevant

Lead with Value

Boost Engagement

Advocacy Create Champions

Prospect Experience

New Client Experience

Business Friendship

ReferralChampionsTrainingCamp.comBill Cates, CSP, CPAE Unlimited Referrals & Introductions without Asking

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Help Your Clients Discover

and Bridge Their Gap

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38

ReferralChampionsTrainingCamp.com

Create Engagement Quickly – Discover Their Gap

1. What are the top most priorities in your life at the moment?

2. What are some of the best financial decisions you’ve made?

3. Who in your life have made financial decisions you respect?

4. If we were meeting X years from today, what has to happen for you to

feel good about your financial situation?

5. What challenges do you see in making this happen?

6. What opportunities do you see coming in the future?

7. Shall we get started in making sure you reach your goals?

(… you are able to fund your dreams …leave a legacy?)

Bill Cates, CSP, CPAE Unlimited Referrals & Introductions without AskingBill Cates, CSP, CPAE Unlimited Referrals & Introductions without Asking

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39


Tell Them How You’ll Stay in Touch

Tell Them About Your Client-Service Promise

Create Engagement Quickly – Foreshadow Your CSP


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Enhance Engagement– Use Your CSP

Satisfied Clients are

Loyalty Neutral

Bring them an

Elevated Experience!

Richard Weylman


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41


A’s Whys?B’s C’s

Enhance Engagement– Segment Your Book


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Enhance Engagement– Keep Brining Value


• In Person Review Meetings

• Value-Oriented Phone Calls

• Monthly Newsletter (Printed?)

• Reports, White Papers, and Videos (Compliance Friendly, of Course)

• Educational Events

• Take a Leadership Role in Their Financial Life(Have the hard conversations. Don’t wimp out!)

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Enhance Engagement– Build Business Friendships

• Client Appreciation Events

• Client Appreciation Events with a “Referral” Theme

• Birthday Cards, Phone Calls and/or Lunches

• Celebration Events (Retirement, Birthday, Anniversary)

• Round of Golf, Theater, or Sporting Event

• Following Clients’ Sports Interests

• Support Clients Philanthropic or Community Svc. Interests

• Pay attention to what they say. Act on what you can.


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44

Enhance Engagement– Talk About Your “Why”


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45

Enhance Engagement– Talk About Your “Why”

1 Why You Got Started in this Business

2 Why You’re Still in this Business

3 Why You’re with Your Current Company

4 Something that Happened to YOU

5Something That Happened to a Friend or Family Member


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40% of clients who provided

referrals in the last 12 months

said they were ASKED for a

referral by their advisor.

72% of clients who provided

referrals in the last 12 months

said they were asked for their

FEEDBACK!

Advisor Impact

Julie Littlechild - 2014


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Slide

47 Seeking Input

Creates

Engagement

Why don’t most

businesses do that

in a personal way?

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48 Meet

Alex Mendez

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Checking in creates

engagement and

helps you tailor the

experience.

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Slide

50 Conduct

Value

Discussions

Make “Checking In”

part of your culture.

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51

Jerry ASales Manager

Baton Rouge, LA

1.41 financial professionals in the workshop

2.Manager offered $250 in expense money

if they held 12 in-person Value Discussions

within 6 weeks.

3.16 advisors completed the assignment on time.

4.These 16 advisors generated 132 unsolicited

introductions – just from the value discussion.

(8.25 per person)

CASE STUDY

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The Value Discussion will…

1. reveal any problems

2. bring the value to life

3. generate introductions

[email protected]

Enhance Engagement– Conduct Value Discussions


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Enhance Engagement– Conduct Value Discussions

Your Words Will Vary with Circumstances

We’ve covered a number of things here today. What items

stand out as the most important?

OR

On a scale of 1-10, with 10 being highest, how would you

rate our level of communication and overall relationship?


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54 Another Referral LessonPROSPECTING?

Bill Badalato (Producer), Tony Scott (Director). (1986). Top Gun [Motion Picture]. United States: Paramount Pictures

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Leverage client

Engagement

Be Proactive for

Referrals & Introductions

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56

PromoteReferrals &Introductions

Plant

Referral Seeds

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57 Celebrate meeting new prospects through referrals. Acknowledge the benefit to all parties.

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“As we go through this process, you may find yourself thinking ofothers who shouldknow about this opportunity.”

I should probably introduce Mary to my brother.

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Slide

59 Don’t keep me a

Secret!

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60 “Please leave a message at the tone. And if you were referred to us, please let us know who we need to thank.”

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“If you ever introduce

me to anyone, I’d like

you to know how I

would handle that –

what it might look like.”

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62 Do not confuse promoting referrals with asking for referrals.

Pictured: Jimmy Fallon(2014). Lorne Michaels (Executive Producer) The Tonight Show with Jimmy Fallon. New York City, NY. NBC

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63 What stops most

advisors from asking

for referrals?

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Smart and Confident People Turn into

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Smart and Confident People Turn into

a Bowl of Quivering Jello.

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66

focus

EDUCATION

______ you haven’tprovided enoughvalue yet.

Fear

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______ you’ll hurtthe relationship.Fear

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68 ______ of putting people on the spot.

Fear

Pictured: Stephen Colbert(2005-2014). Stephen Colbert (Executive Producer) The Colbert Report. New York City, NY. Comedy Central

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69 ______ you’ll look unprofessionalor needy.

Fear

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Fear______ of rejection.

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If you limit yourself to what’s comfortable you deny yourself what’s possible.

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72

“I’m looking for about 100 people.”

Have Fun with Referrals

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“Do you know any lottery winners?”


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“Who should INOT contact?”

Laura Smith

George Jones

Zemira Green

Marissa Long

Jay Hurley


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75 Referral Tic-Tac-Toe

Bob

Sue

Frank

Joe

Jean

Mary

Barb

Art

Ned

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Capture the

Low-Hanging Fruit

1. Clients who “love” you.

2. Anyone who has already

given you referrals or

introductions.

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77 Ideas are

Worthless

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78 Your New

Daily Mantra!

Who will I be introducedto today?

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Rockville Tennis

Champion – Bill Cates

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Slide

80 Are you playing to win?

Are you playing to Not to Lose?

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81 Trust Yourself!

Be Fearless!

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“The starting point of all achievement.”

Napoleon HillThink & Grow Rich

www.ReferralCoach.comBill Cates, CSP, CPAE Unlimited Referrals & Introductions without Asking

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83 Who’s going to lighta fire under you?

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84 What the mind can _____________

and _____________

it can ______________.


conceive

believe

achieve


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www.ReferralCoach.com

Do you have a clear

for what’s next for you?


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Slide

86 What Does “Next Level”

Mean to You?


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87 What the mind can _____________

and _____________

it can ______________.


conceive

believe

achieve


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creating unlimited referrals and personal introductions without

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