Referrals without Asking

J. Leland "Lee" Davis began his financial services career in 1976 after attending Baylor University, and specializes in comprehensive wealth management for high net worth clients. Lee has studied in the Certified Financial Planner® (CFP) Designation program through the College for Financial Planning®, and the Chartered Financial Consultant™ (ChFC) program from American College. Long at the forefront of the financial advisory movement, Lee founded J. L. Davis Financial Corporation in 1985 to provide comprehensive wealth management to exceptional clients. The firm now serves individuals and companies in thirty states and several countries around the world. Lee lives in Castle Rock, Colorado and Scottsdale, Arizona, USA.

What to Expect from Referral Best Practices?

You should expect around 13-15% of your clients to provide you with a referral.50%-60% to become clients. This data was compiled from Lee's 2014 referral tracking sheet.

Year to date: 86 referrals
Households: 640
Referral percentage: 14%. 

To estimate closing percentage, we only looked at the referrals received from Jan – June. Too many of the referrals received July – Dec are still open.

Total Referrals Jan – June: 57 
No sale: 8 =14%
Still In Process: 17 = 30%
Closed: 32 = 56%
Do these results qualify as "best practices"?

Here's your definition: A best practice is a method or technique that has consistently shown results superior to those achieved with other means, and that is used as a benchmark.

Are 14% of your clients providing referrals? Do at least 56% close?

I do not know anyone with a higher percentage.

In "Referrals without Asking," Lee will show you how he has implemented referral best practices. Part of his success is "just doing it." The other part is doing it with consummate style.

Good ingredients matter. The right equipment matters. And the skill of the chef is vital.