Structured referral program for wealth managers and financial advisors. Net new AUM from referrals costs 70% less than cold acquisition.
Financial advisors refer to their network when asked directly and when it reflects well on them. Build a referral program that incentivises advisors with client experience — exclusive events, research reports, portfolio tools — not cash (which creates compliance issues). Send a quarterly "referral ask" communication that frames the referral as a service to the referee, not a sales activity. Track referral source attribution carefully and report results back to the referring advisor to close the loop.