Referrals fuel the majority of your growth as a financial advisor / RIA. Warm referrals are some of the most valuable type of leads you can get.

Four statistics about referral leads from Social Media Today:

  • 78% of B2B marketers say that referral programs generate good or excellent leads.
  • 60% of marketers say that referral programs generate a high volume of leads.
  • 54% say that referral programs have a lower cost-per-lead than other channels.
  • Marketers rate referrals as the 2nd-highest source of quality leads.

While most advisors will tell you that they get most of their new clients through referrals, if you ask them what their referral process is, they may explain that they don’t really feel comfortable proactively asking for referrals. Or they may tell you about their client/ask-a-friend events. Few will describe a systematic process whereby they explain to their clients their objectives for the business and for referrals.

Amongst top advisors’ marketing methods, client referrals generated an average of almost 19X the new revenue as the cost to acquire the referral (via Michael Kitces).

Putting a system in place to generate referrals doesn’t have to be time consuming. Just give people something to talk about. Referrals grow your client base and AUM better than any other marketing method.

Save time while fueling word of mouth

  • A) Slow way: You could systematically meet with every client which would take you 50 hours per year using this strategy from Think Advisor.
  • B) Fast way: you could send affordable welcome gift that generates word of mouth for you indefinitely and incorporates voice marketing.

WealthVoice Client Welcome Gift Package

We enable you to mail new clients or customers an Echo smart speaker and a branded accordion insert with your logo, marketing message, and a QR code to your Alexa Quick Link for 1-click voice app launch.

What is an Alexa Quick Link?

It’s a custom URL that you can share to promote your Alexa skill. An Alexa Quick Link page has the option for people to launch your skill on their Alexa device or send a reminder to access it later. Quick Links are one of the easiest ways to get enablements of your Alexa skill from any device. Alexa Quick Links are available for custom skills but not flash briefing skills.

Why this benefits you: It’s physical branding. It’s a useful gift, not a cheap pen or stress ball. This is a smart speaker, which is used daily by 75% of owners. It literally gives your clients the device on which you are broadcasting your authentic voice and warm updates that generate long term trust (in an uncrowded channel: Alexa).

Your marketing costs: look at the numbers

Average financial advisor CAC (Client Acquisition Cost): $3,119/client

Custom Echo Dot Onboarding Gift: ~$150 per client (pricing varies depending on order size)

Let’s do the math:

You already spent $3k. Spending 5% more will pay dividends because:

This custom branded smart speaker gift will:

  1. Generate buzz, grow referrals.
  2. Boost your brand equity through delight and increased share of mind.
  3. Affirm their decision to hire you.

Welcome new clients or customers with an Echo Dot kit so they can access your content on Alexa. The right client gift will boost positive regard and lower churn. Voice adds value and builds trust.

Here’s why this onboarding gift is so effective:

  1. Build your brand
  2. Let you communicate authentically
  3. Encourage word of mouth referrals
  4. Reduce churn through positive sentiment and trust over time (with your voice updates)

The most-scalable standout marketing strategies included client referrals (which amongst top advisors generated an average of almost 19X the new revenue as the cost to acquire the referral), books (an average 10X multiplier of revenue/cost for top marketing firms), direct mail (a 9.1X multiplier), paid web listings (8.3X multiplier), COIs (7.8X multiplier), marketing lists (7.2X multiplier), and SEO (6.8X multiplier).

Michael Kitces
75% of smart speaker owners use them daily.

If you delight a client, they will talk about you to their friends and say nice things. This will get you referrals and grow your business. This will reduce churn. A great way to delight them is to demonstrate your tech savvy, your accessibility, and your commitment to offering helpful guidance: send a sleek gift like a smart speaker featuring your custom Alexa skill so they can get your updates hands-free.

Quality in a service or product is not what you put into it. It is what the customer gets out of it.

Jay Baer, customer experience marketing expert

When you make a purchase decision, you typically experience some degree of uncertainty afterward. Important decisions are all the more taxing and incite more powerful feelings after pulling the trigger. It’s called buyer’s remorse when a decision leads to an undesirable outcome.

Your Clients Want to Feel Good About Their Decisions

The good news for your business is that social science research reveals that we are psychologically motivated to be satisfied with our decisions. People want to think they’ve chosen well. It’s usually pretty easy to help them feel that way.

Decision making is stressful. Clients want to be reassured they’ve chosen wisely.
Decision making is stressful. Clients want to be reassured they’ve chosen wisely.

Smart marketers know that the period after purchase is a sensitive time where there’s an opportunity to reassure your customer they made the right choice. This is why after a product purchase, you’ll often get follow-up emails that educate you on the great features you can access. Marketers want to reduce any potential for buyer’s remorse or churn.

When someone hires you as their financial advisor it’s important to reassure them they chose wisely. Doing this helps avoid churn and starts the relationship off on the right foot. People want to feel special and appreciated. Here’s how we help you do this:

How our onboarding program works:

We design a custom branded accordion insert card sized to ship with an Echo Show 5 (the popular entry level smart speaker with a screen). Your tri-fold card has your logo, welcome message, and invitation for your client to quick-launch your skill with a QR code or simple spoken phrase.

We ship you everything you’ll need so you can mail these special gifts to existing or new clients as you onboard.

Echo Show 5 Client Welcome Package includes:

  1. Amazon Echo Show 5 smart speakers
  2. White boxes
  3. Custom branded accordion insert cards with QR code to quick launch your Alexa skill

Measuring your results:

  • We provide a link to track scans of your QR code over time.
  • We report KPIs in your monthly WealthVoice Platinum skill report (e.g., number of users and total sessions).

Your insert card has:

  1. Your logo and branding
  2. Simple language to welcome clients
  3. Three steps: how to use your Alexa skill
  4. QR codes to your Alexa Quick Link (easily launch on their smart speaker)
  5. One-shot invocation phrases to enable the Alexa skill: “Alexa, enable [Your Company]”

WealthVoice is a voice marketing platform to easily build your Alexa skill and send clients voice updates on their smart speaker with notifications. You reap the benefits of podcasting without the time commitment or competition.

Want to level up your marketing and wow your clients and leads? WealthVoice makes it easy to share your voice: