We decided that just looking after 500 people in and around Oxford, England, UK, was really not where we wanted to be. We wanted to be something bigger, and there were not enough clients in our area to achieve our goal of growing 500% in seven years. We decided to expand our products and services beyond focusing on tax reduction solutions and targeted prospects within certain locations older than 50 with more than £1 million in assets. We’re now halfway through our vision, and we’ve learned a lot over that time. One breakthrough was honing our approach for getting clients’ help with introducing us to more prospects.

Step 1: Fact-find

Instead of directly asking clients “Who do you know?” we delve deeper. We’re asking them, “Tell me about your family. Tell me about your brothers and sisters. What do they do for a living? Tell me about your parents. Tell me about your children. Tell me about who you work with.” We’re trying to identify someone who we would like to ask for as a referral.

Step 2: Seek permission

Once we’ve identified that person, we ask the client if they would allow us to use their name as a referral. For instance: “Ian, it’s really interesting you spoke about your brother. Do you think he’d mind if I dropped him an email? I think I might be able to help him now that you mentioned that he’s about to go bankrupt,” or whatever it was. Very rarely do they say no.

Step 3: Email introduction

At that point, we do an email introduction. We ask Ian to email us and his brother, Colin: “Colin, I was with David the other day, and we spoke about you. I think you should have a chat with him.” I’ve now got an email lead to Colin, and I had the introduction from Ian.

Step 4: Chemistry meeting

We will then contact Colin via email and ask for a chemistry meeting, which is much easier now because you can do that via Zoom or Teams. The chemistry meeting is a 15-minute session to determine whether we want to work with them. Most prospects agree to that meeting.

Step 5: Offer a second opinion

In that chemistry meeting, what works more than anything else is a very simple question when we’re talking to them: “Would you like a second opinion on your pension? Would you like a second opinion on your investments? Would you like a second opinion on your life insurance? Would you like a second opinion on your tax?” I’ve yet to have anybody say no to that.

Step 6: Waive initial fees

“You know what, Colin, because Ian referred you to us, I’m not going to charge you.” “Oh, thank you very much.” We’ll go for consultation with a first full meeting or the second-opinion service. The vast majority go for a second-opinion service.

Step 7: Prerecorded videos

Then, on the back of that, we have a bunch of prerecorded videos that are relevant to our prospects in various circumstances. If we were speaking about pensions, we’d send them the pension video. If we’re talking about investments, we’ll send a video about investments. If we’re talking about estate planning, we’re sending the version about estate planning.
That will start to make the sale.

David Batchelor is a 27-year MDRT member from Thame, England, UK. Contact him at dsbatchelor@aol.com.

7 steps for introductions and growth