The Hero’s Journey with Referrals

Every Hero Has an Enemy

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If you're a financial advisor who isn't swayed by the latest marketing trends and believes that human connections and referrals are the best way to grow your business, you face a formidable enemy: distractions from marketing and branding.

One of my favorite people, Domenick Swentosky of the fly fishing website Troutbitten, has a saying: "Everything works some of the time."

As a passionate fly fisher, I see many similarities between fly fishing and referrals.

In business, just like in fly fishing, there are countless gadgets and tools marketed to help you perform better. They come with slick marketing and features that can tempt you into spending thousands annually—I've been there and bought way too much stuff that I don’t use…or worse, that distracts me from being an expert at what is essential.

Does this sound like the emails and videos you receive on social media? Or the pitches and presentations at conferences? These distractions can divert your focus from the timeless form of marketing: word of mouth, referrals, and strategic introductions.

These distractions are your enemy because they delay the freedom and enjoyment of having a predictable pipeline of referrals, enabling you and your team to thrive.

The Power of Referrals

You don't need to do anything else other than referrals. This doesn't mean you should abandon other marketing forms — I'm communicating with you via email and social media right now! However, everything should be integrated within your culture, and the culture of referrals is at odds with the dominant culture of automation in branding and marketing.

Everyone seeks efficiency but often loses effectiveness. Let's explore this further.

Why Referrals Are Superior

Referrals offer several advantages over other marketing methods. First, when your business relies on referrals, you can't be easily canceled. You own the channel and distribution. Even if you disappoint, the same can't be said for regular marketing.

Referrals also demand self-development. Unlike most marketing, which focuses on professional skills, referrals require you to become a better version of yourself. This involves exploring your motivations and those of others.

Doing business through referrals guarantees growth in all life aspects.

Misconceptions About Referrals

A common misconception is that referrals are unpredictable and serendipitous. This arises from a passive approach, limiting referrals to branding rather than marketing. Branding focuses on image, placement, and visibility, which are important, but marketing measures results and ROI.

Many view referrals as akin to branding, believing that saying and doing the right things will magically generate business. I call this "chicken little marketing." My approach emphasizes a proactive system with clients, which is the essence of referral culture.

Culture includes branding and how you treat people, but predictable referral marketing also involves identifying your target market, understanding where they are, and reaching them through introductions. This sets it apart from other approaches.

Integrating Referrals

To integrate referrals, start by reading my book, Can I Borrow Your Car, to understand how risk mitigation and relationship protection form the foundation of a culture that allows for predictable referral scaling.

Recognize that all your current communications — texts, phone follow-ups, and client meetings — are potential referral conversations. We don't need to add much to your calendar; we just need to refine what you're already doing.

To summarize, the hero's journey in the world of referrals is one of focus, authenticity, and personal growth.

By embracing a referral-centric approach, financial advisors can overcome the distractions of modern marketing and build a sustainable, relationship-driven business. This journey requires dedication to self-improvement, a deep understanding of human connections, and the courage to prioritize genuine relationships over fleeting marketing trends.

As you continue on this path, remember that the power of referrals lies not just in growing your business but in becoming a better version of yourself and creating lasting value for your clients. By cultivating a referral culture, you're not just building a practice; you're crafting a legacy of trust and excellence that will stand the test of time.

I know that successful financial advisors face unique challenges as their career matures. My goal is to help people like you manage the transition from producer to successful business owner while enjoying life now. To learn more about how we do that, subscribe to Can I Borrow Your Car on Substack.

You can also:

💡 Connect with Mike on LinkedIn

🔗 Visit Can I Borrow Your Car website

🔗 Explore Strategic Referral Team website

📕 Purchase your copy of Can I Borrow Your Car?

🎙 Subscribe to the Why Should I Refer You? Podcast