We've had hundreds of discussions with HNW wealth management firms and RIAs regarding the source of their best business.  Approximately 90% state incremental business from current clients, and referrals from clients and COIs are the key sources for growing their business.  And, they readily offer this is the preferred source as repeat business and referrals tend to be better and easier when compared to cold sources.

However, we find many lack, even ignore, a plan to nurture these sources. It often comes down to being rude to ask for referrals or pry for additional business.  So, the default is being passive and hoping for the best. But, great businesses are not built on hope.  How are you actively facilitating repeat business and referrals?

When our customers do employee a tool to increase repeat business and referrals the results can be staggering.  Have you had same experience?