Study: Adviser referrals are won with trust, not badgering

03/4/2013 | InvestmentNews (free registration)

The top reason people refer their friends to an adviser is because the friends disclose they're having a financial problem, and the second reason is because they've been asked for a recommendation, research finds. Eleven percent of clients in the survey said they referred their advisers because the advisers asked them to. "Advisers have been asking clients to do the prospecting for them, and that's not fair and it's not what they signed up for," said Stephen Wershing of The Client Driven Practice.

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