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Ep 004: Elevating Your Practice: From Referrals to Advocates
With his rich experience of more than 30 years in financial advising, Bill Cates is a notable expert and author, particularly recognized for his book "Unlimited Referrals." As the head of Referral Coach International, he is a prominent figure who understands the importance of referrals and introductions in the financial advisory sector. He strongly advocates for financial advisors to actively pursue these methods to assist their clients in making well-informed financial choices. Cates distinguishes between 'referrals' and 'introductions,’ promoting the latter as a more effective approach. His insights are rooted in his comprehensive background in aiding financial advisors to acquire clients and transform referrals into valuable introductions.
Key Takeaways
Importance of Referrals: Referrals are crucial for financial advisors to build a strong client base. Bill Cates emphasizes that word-of-mouth referrals and introductions are fundamental in establishing and expanding client relationships.
VIPs Process: Cates has developed a four-step approach called the VIPs process for asking for introductions. This includes Value Discussion, Importance, Permission to Explore or Brainstorm, and Suggesting Names and Categories. This approach is designed to help advisors effectively leverage their connections.
Going Up Market Strategy: This strategy encourages clients to refer higher-level prospects. It includes educating clients about who the advisor serves best and suggesting specific names and categories, leading to more successful and high-quality referrals.
Resources
Connect with Bill Cates on LinkedIn: https://www.linkedin.com/in/billcates/
Learn about Bill Cates: https://www.thecatessystem.com/
About Our Guest
Bill Cates, CSP, CPAE is an internationally recognized client-acquisition expert, author, and speaker who motivates others to take action with proven strategies.
A successful entrepreneur, Bill started and sold two book publishing companies. Turning his attention to help financial advisors, Bill has written four best-selling books: Get More Referrals Now, Don’t Keep Me a Secret, Beyond Referrals and Radical Relevance.
And, as of this recording, he’s very close to releasing his next book, The Language of Referrals.
Bill has delivered his business-growth message to over 500,000 financial professionals across 5 continents; helping them increase revenue without increasing their marketing budget.
Bill’s Top Advisor Podcast is ranked in the top 5% of podcasts globably. And Bill was ranked as the #1 Advisor Influencer by Idigo Marketing.
About Our Company
For Financial Professionals:
The Institute of Financial Wellness provides proven sales and marketing systems, state-of-the-art technology, training, and support to financial professionals nationwide. The IFW helps financial professionals grow their practices to the next level! IFW Certified Financial Professionals are an elite group of professionals that, together with the IFW, help people succeed financially and live their best lives.
For Consumers: The IFW provides financial education, resources, and solutions that help people live their best life.
Financial Professional Services Website: https://www.ifwretirementroadmap.com/
Consumer Website: https://www.the-ifw.com/
LinkedIn: https://www.linkedin.com/company/the-institute-of-financial-wellness/about/
YouTube: https://youtube.com/@theinstituteoffinancialwel4955?si=IdG5WhXRfHcH3qxu
All contents of this show are rights of The Institute of Financial Wellness, LLC and are not to be used unless authorized by written consent.
Learn more about your ad choices. Visit megaphone.fm/adchoices
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By Erik SussmanWith his rich experience of more than 30 years in financial advising, Bill Cates is a notable expert and author, particularly recognized for his book "Unlimited Referrals." As the head of Referral Coach International, he is a prominent figure who understands the importance of referrals and introductions in the financial advisory sector. He strongly advocates for financial advisors to actively pursue these methods to assist their clients in making well-informed financial choices. Cates distinguishes between 'referrals' and 'introductions,’ promoting the latter as a more effective approach. His insights are rooted in his comprehensive background in aiding financial advisors to acquire clients and transform referrals into valuable introductions.
Key Takeaways
Importance of Referrals: Referrals are crucial for financial advisors to build a strong client base. Bill Cates emphasizes that word-of-mouth referrals and introductions are fundamental in establishing and expanding client relationships.
VIPs Process: Cates has developed a four-step approach called the VIPs process for asking for introductions. This includes Value Discussion, Importance, Permission to Explore or Brainstorm, and Suggesting Names and Categories. This approach is designed to help advisors effectively leverage their connections.
Going Up Market Strategy: This strategy encourages clients to refer higher-level prospects. It includes educating clients about who the advisor serves best and suggesting specific names and categories, leading to more successful and high-quality referrals.
Resources
Connect with Bill Cates on LinkedIn: https://www.linkedin.com/in/billcates/
Learn about Bill Cates: https://www.thecatessystem.com/
About Our Guest
Bill Cates, CSP, CPAE is an internationally recognized client-acquisition expert, author, and speaker who motivates others to take action with proven strategies.
A successful entrepreneur, Bill started and sold two book publishing companies. Turning his attention to help financial advisors, Bill has written four best-selling books: Get More Referrals Now, Don’t Keep Me a Secret, Beyond Referrals and Radical Relevance.
And, as of this recording, he’s very close to releasing his next book, The Language of Referrals.
Bill has delivered his business-growth message to over 500,000 financial professionals across 5 continents; helping them increase revenue without increasing their marketing budget.
Bill’s Top Advisor Podcast is ranked in the top 5% of podcasts globably. And Bill was ranked as the #1 Advisor Influencer by Idigo Marketing.
About Our Company
For Financial Professionals:
The Institute of Financial Wellness provides proven sales and marketing systems, state-of-the-art technology, training, and support to financial professionals nationwide. The IFW helps financial professionals grow their practices to the next level! IFW Certified Financial Professionals are an elite group of professionals that, together with the IFW, help people succeed financially and live their best lives.
For Consumers: The IFW provides financial education, resources, and solutions that help people live their best life.
Financial Professional Services Website: https://www.ifwretirementroadmap.com/
Consumer Website: https://www.the-ifw.com/
LinkedIn: https://www.linkedin.com/company/the-institute-of-financial-wellness/about/
YouTube: https://youtube.com/@theinstituteoffinancialwel4955?si=IdG5WhXRfHcH3qxu
All contents of this show are rights of The Institute of Financial Wellness, LLC and are not to be used unless authorized by written consent.
Learn more about your ad choices. Visit megaphone.fm/adchoices