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I'm curious what the average salary is for an Associate Agent. I'm licensed & do everything after the sale is made as well as refer new business. I have 14 years in the industry but have been at the current company less than a year, so I know that plays a part as well. Anyone in a like-position by chance?State Farm Allstate Travelers
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We're too quick to discount our service and expertise in this business. People don't refer their friends and family to you because you are the lowest price point in town. They refer people to you because they like and trust you and if they're satisfied with their returns.
Referrals are a transfer of trust, not a commodity. Don't make referrals a business transaction, it undermines your relationship with the client and once your new 'referred' clients receive the same offer, they will question the motives of the person that referred them - did they do it because they think this guy is a good advisor, or so that they got 25 bips off their management fee? I wouldn't do it. A thank you and maybe a nice bottle of wine is appropriate. Tickets to a game or an invite to a dinner, maybe, but don't make it a reward for referring, simply a thank you and recognition for them.
I thought of a similar idea but just telling clients that all of their referrals are added to their household for fee discounts, so if a group of people that came in together had $2 million total aum, they would be billed like a single $2mm household.I like the idea.
If you offer that type of program I'm pretty sure it must be disclosed on your 2b. Not sure the regulators would approve...
Why would you treat your expertise and value as a commodity to be discounted? If the client is looking for cheap and no value give them vanguards 800. Number