Contrary to what many assume, referrals do not automatically land advisors new clients. They’re rather the first step investors take to initiate contact with one or more advisors, according to research group Cerulli Associates. 

The firm notes in its latest quarterly issue of The Cerulli Edge – Advisor Edition that investors use family and friends as sources in “the retail version of the request for proposal process common in institutional markets.” With that in mind, Cerulli urges advisors to view that initial client meeting as such and use it as an opportunity to highlight their value.

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