Referrals are the most widely adopted marketing tactic by financial advisors (93%), according to Kitces Research.1
Yet most financial professionals receive referrals from fewer than 5% of their clients.2
You deliver great service and build strong relationships — but referrals still trickle in slowly, if at all.
That disconnect isn’t about your value; it’s about how clients perceive the act of referring.
To unlock more referrals, shift your focus from asking for them to becoming referable — by understanding what drives client behavior and learning how to work with it.
Understand Referral Risk
When clients refer someone to you, they’re putting their own reputation on the line.
If the experience goes well, they feel validated; if it doesn’t, they may feel responsible, embarrassed, or even guilty.
This emotional tug-of-war is often invisible to financial professionals, but it’s very real to clients — and it shapes their willingness to refer.
Understanding this dynamic helps you shift your approach, so clients feel safe and supported when they advocate for you.
Reframe the referral conversation
Most financial professionals don’t intend to position referrals as favors — but that’s often how it comes across.
When you ask directly for names, clients may feel put on the spot, making the request feel transactional, even if your intent is genuine.
- Tip: Instead, frame referrals as opportunities for clients to help someone they care about — by offering a resource like a guide, a checklist, or a book and saying, “Feel free to pass this along if you think someone might benefit.”
This lowers the pressure and empowers your client to deliver value, while also making them feel knowledgeable and well-connected — a role they’re likely to embrace.
And when a client does refer someone, celebrate it. A handwritten note or personal thank-you shows you value their trust — and makes them more likely to do it again.
Help clients explain your value
One of the biggest barriers to referrals is that clients don’t know how to describe what it’s like to work with you.
They know that after your time together they feel more confident, prepared, and secure — but can’t articulate how they got there or why it matters.
So, help them reflect.
- Tip: Ask about the challenges you’ve helped them navigate, the decisions you’ve supported, and the outcomes they’ve achieved.
Create a client experience worth sharing
Referrals are more than a sign of success — they’re a signal of how your clients feel.
They reflect the experience you’ve created, not just the results you’ve delivered.
And in a crowded market where everyone promises great service, that emotional connection is what sets you apart.
It’s not enough to meet expectations — you need to exceed them in ways that matter. Clients expect professionalism, responsiveness, and results. But those things alone don’t move them to refer.
To earn more referrals, you need to create moments that are personal, memorable, and emotionally resonant.
Because when clients feel genuinely seen and valued, they become the ones who help grow your business.
- Tip: Meaningful gestures — like acknowledging a client who finally paid off their student loans, a win that represents years of hard work — create deeper connection, loyalty, and advocacy.
Consistent communication is another key piece of the experience puzzle.
Clients want to feel supported, not just at review time, but year-round. In fact, women cite communication as one of the top two things they want from a financial professional — and a lack of it is a common reason clients leave.3
When clients hear from you consistently, you stay top of mind and top of their referral list.
Want to go a step further? Involve clients in your growth.
Ask for feedback. Include questions like, “What could I do to become more referable?”
It shows humility, strengthens the relationship, and turns your clients into active participants in your success.
That builds trust — and trust is the foundation on which referrals are built. When clients feel like they’re part of your journey, they want to help you grow.
Referrals also come from the experiences clients associate with you — not just one-on-one interactions, but how you show up in your community.
Hosting events or supporting causes that matter to your clients gives them something to talk about and something to invite others to.
People share what moves them, not what feels transactional. So, when you create an experience worth remembering, clients will tell others about it.
And that builds the kind of reputation that attracts not just more referrals — but more of the right ones.
Offer services related to the psychology of financial planning for more referrals
Today’s clients want more than portfolio management — they’re looking for someone who can help them navigate the emotional side of money.
This is especially true for women and next-gen investors, who often seek guidance that aligns with their values and keeps them on track even in uncertain times.
Services rooted in behavioral science meet this demand in a way that feels personal and relevant.
And when clients feel understood on that level, they’re far more likely to share your name.
Leveraging the psychology of financial planning creates a powerful point of differentiation.
The CFP Board defines the psychology of financial planning as “identifying and responding to attitudes, behaviors, and situations that impact decision-making, the client-planner relationship, and the client’s overall well-being.”4
It’s a shift that focuses less on data points and more on human behavior — how clients think, feel, and act with their money.
That kind of support builds deeper trust and strengthens the client relationship over time.
And for financial professionals, that trust often translates directly into growth.
This isn’t theoretical — clients say it makes a difference.
According to the CFP Board’s Client Impact Study, the psychology of financial planning was the only service clients directly linked to frequent referrals.4
Not investment strategy. Not retirement planning. Psychology.
Financial professionals who integrate behavioral insights and emotional awareness into their process are fostering clarity, empathy, and trust. And that sets the stage for more referrals.
Make referrals frictionless
Even when clients want to refer, friction can get in the way.
If they don’t know how to describe what you do or who’s a good fit, the moment passes — and the opportunity is lost.
That’s why a simple, well-designed referral resource matters.
When you give clients an easy way to explain your value, they’re more likely to share it.
- Tip: Consider mailing the referral flyer to clients shortly after a meeting. Pair it with a brief thank-you note for a personalized touch. It keeps you top of mind but also gives clients time to think about who could benefit — without feeling put on the spot in person.
Want More Referrals — Without the Awkward Ask?
Download our customizable Client Referral Flyer and get referrals with ease.
It helps clients explain who and how you help and what to expect — so clients can refer you with confidence.
1 Kitces Research On The Best Advisor Marketing Strategies
3 Ask our sales team about our Win Her Trust presentation on how to gain and retain female clients to future-proof your business in 2025 and beyond: 800-535-8110.