B2C Guide to Building an Effective Referral Plan

Referrals are the lifeblood of growth for financial advisors. A recent survey* found that the Number One way financial advisors generate new business is through unsolicited referrals followed by asking for referrals from clients and COIs. Yet, I have seen so many advisors depend on informal referrals rather than building a systematic approach to harness this critical growth driver. An effective referral plan positions your clients as advocates, builds trust with prospects, and drives consistent business growth. Here’s how to create a referral strategy that works:

Step 1: Identify Your Ideal Referral Strategy

Begin by understanding how referrals fit into your growth objectives. Define who your ideal client is, and tailor your strategy to attract similar prospects. Speak to them on your website by having a special section for ideal clients like Business Owners, High Earning Professionals, Individuals Approaching Retirement etc. Talk to your clients about who you work with in reviews. Successful referral plans focus on building trust, delivering value, and leveraging your existing client relationships.

Step 2: Build a Referral Ecosystem

Incorporate multiple touchpoints to make referrals seamless and engaging for clients. Below is a matrix of potential referral activations:

Activation Type	Purpose	Execution Tips
Written Case Studies	Showcase client success stories	Focus on relatable outcomes and specific results.
Google Reviews	Build online credibility	Request reviews during peak satisfaction moments.
Video Testimonials	Add authenticity and emotional appeal	Keep them short and focus on genuine experiences.
Written Testimonials	Provide a personal touch	Use in marketing materials and your website.
Reference List	Offer prospects a way to connect with happy clients	Maintain a list of clients willing to share their experiences.

Step 3: Leverage NPS Surveys

A Net Promoter Score (NPS) survey is a powerful tool to gauge client satisfaction and identify potential referrers. Use this question:
“On a scale of 0-10, how likely are you to recommend our firm to a friend, colleague, or family member?”

• Clients who score 9-10 are Promoters: Likely to refer your services.
• Clients who score 7-8 are Passives: Satisfied but less likely to actively refer.
• Clients who score 0-6 are Detractors: Need attention to improve their experience.

Activate your Promoters by inviting them to provide reviews, testimonials, or participate in case studies. Use feedback from Passives and Detractors to refine your services and communication.

Step 4: Make Referrals Easy and Rewarding

• Provide Simple Tools: Share pre-written email templates, links to online reviews, and referral cards.
• Incentivize Referrals: Offer thank-you gifts, exclusive events, or charitable donations in the client’s name.
• Highlight Referral Impact: Share how referrals have helped others achieve financial success.

Step 5: Stay Consistent and Track Results

• Schedule Follow-Ups: Periodically ask for referrals during reviews or significant milestones.
• Measure Success: Track which activations yield the most referrals and adjust as needed.
• Show Gratitude: Always thank clients for their referrals and keep them informed about the outcome.

Final Thoughts

At Red Zone Marketing, we have been working with financial advisors to help them acquire more “unsolicited” referrals (without directly asking). We know that building an effective referral plan takes strategy, effort, and consistency. By activating multiple touchpoints and leveraging tools like NPS surveys, you can systematically turn satisfied clients into your best advocates.

Maribeth Kuzmeski, PhD, President of Red Zone Marketing, is a marketing strategist, advisor to financial services companies, bestselling author of nine books, and a professional speaker rated as a Top 25 C-Suite Speaker as seen in Meetings & Conventions Magazine. She speaks on topics including marketing, branding, sales, and customer service.

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