Are Client Referrals Enough?Are Client Referrals Enough?

For advisors seeking to market and grow their business, one of the sacred cows of our industry has always been to focus on client referrals. There is no shortage of industry surveys that imply referrals are (or should be) an advisor’s primary marketing activity and source of new business. Just as common are the abundant articles, white papers, and webinars showing advisors how to foster more client referrals.

For today’s wealth management firms that are in “compete and grow” mode, are client referrals enough? Are client referrals as influential to the client decision making process as they once were? Have client referrals become the advisor’s primary marketing activity by design or because it is their only marketing activity?

I will state ...