Fidelity launched a series of resources for registered investment advisors to help maximize their referral flow.
The firm says that over half of RIAs’ business comes from referrals, on average, but only 20% of advisors ask clients and centers of influence for introductions to prospects.
The resources essentially add up to a how-to guide to generate referrals, and include workshops and a guidebook featuring case studies of other RIAs, bolstered by one-on-one training by Fidelity wholesalers.
The training revolves around sage advice about building a solid centers-of-influence network, not spreading themselves so thinly that advisors don’t have time to build deep relationships with clients, crafting a compelling story about their financial planning approach and keeping consistent with any marketing efforts.
“Referrals are one of the best ways to grow an advisor’s business,” says John Eidson, a spokesman for Fidelity. “It’s something advisors consistently have to stay on top of.”
Eidson says response to the program has been positive and 300 advisors have already gone through the program as part of its early rollout in Atlanta, Boston, Chicago, Houston, Los Angeles, New York and Seattle. Fidelity has 3,000 independent advisors on its books.