By Mike Gibbons, RICP®
The pharmaceutical industry is driven by trust. When pharmaceutical professionals need to make financial decisions, they may seek input from their colleagues for their recommendations. The most valuable input they can get is a simple referral to someone their colleagues believe in.
When a client offers our financial advisory firm a referral, it’s more than just an expression of their kindness. It’s a bona fide vote of confidence in our staff and services at Gibbons Financial Group. Over the long term, referrals build our client base and facilitate growth. It’s the best compliment our clients and colleagues can give us.
Why a Referral Matters
Pharmaceutical professionals face numerous ongoing challenges to their financial profiles. Most have high-earning potential but may also owe thousands in student debt. Many also have families to take care of and mortgages or credit bills to pay down.
Compensation for pharmaceutical professionals can be complex. Along with their base salaries, they may be rewarded with commissions, bonuses, stock options, and other financial instruments. They may also face the prospect of making a high-pressure career transition and all the expenses that come along with that.
Many of these professionals face common issues with their finances. Getting a referral from peers and other professionals is valuable since that shows trust in their financial firm’s guidance. Referrals help financial advisory firms like ours build a network of clients and colleagues who share similar needs.
A referral is a step toward growth and expansion. Multiple referrals serve as the ultimate marketing tool—even to the extent that you can save money on broader marketing campaigns. Referrals can have a ripple effect on the pharmaceutical community and promote overall well-being across the industry.
How to Make a Referral
One reason referrals are so effective and easy is that there are so many ways to make them. Many actionable steps you can take also serve as de facto referrals. Here are just some of the methods you can use to make a referral:
Share Contact Information
This is the most basic way of making a referral outside of direct communication. When enough potential clients get these details, it can generate a sizable network based on shared trust and industry connections. Once word of mouth starts, it’s hard to stop.
Invite Others to Financial Workshops
Workshops and webinars bring pharmaceutical professionals together to share knowledge and hear new ideas. Invite some of your peers to attend an industry event, trade show, or educational presentation.
Share Testimonials and Online Reviews
Whether it’s on an industry-specific page or a more generalized website, a positive review or testimonial shows how highly the client community thinks of financial advisors. A well-phrased, articulate review can show the financial firm’s strengths and high service standards.
Forward Newsletters or Educational Resources
If your financial advisory service sends out periodic emails, forward them to your colleagues, partners, and other like-minded individuals or groups. This allows your colleagues to dive a bit more deeply into the firm’s way of working.
All of the above actionable steps are extremely easy to complete, with some taking as little as a minute. The positive domino effect that can cause, however, can make these reasonable efforts especially worth the time.
The Power of Positive Referrals
The Gibbons Financial Group team is grateful for the support the pharmaceutical community has provided. Positive referrals help us reinforce our trust. We’re very thankful to clients who tell others about our firm and what we do.
In a relationship-based industry like personal and corporate financial advising, trust is the most important asset to develop. At Gibbons Financial Group, we focus squarely on the needs of pharmaceutical professionals so they can thrive. If you’re a pharmaceutical pro, we’re eager to offer our guidance.
To get rolling, call 224-419-5550, contact me online, or email me at Mike@gibbonsfinancialgroup.com to schedule a complimentary consultation. And make sure to join our free webinar, Retiring Early From Pharma.
About Mike
Michael J. Gibbons is founder and president of Gibbons Financial Group, an independent advisory firm providing custom-tailored financial planning and investment management services to pharmaceutical and healthcare professionals and their families. Mike has over 25 years of experience and spends a significant portion of his day working with pre-retirees and retirees, focusing on asset management, Social Security and pension planning, as well as retirement income preparation.
Mike has degrees in both business and psychology from Lake Forest College and currently holds his Retirement Income Certified Professional (RICP®) designation from the American College. Mike was named a Five Star Wealth Manager for 2016 and 2018* Mike is heavily involved in his community, having served on the Village of Gurnee Police Pension Board as a Community Volunteer and the St. Patrick’s Parish Financial Board. When he’s not working or volunteering, Mike loves playing golf and spending his time with his wife and children. To learn more about Mike and how he can help you, connect with him on LinkedIn, visit his website, and register for his free webinar, Retiring Early From Pharma, created specifically for professionals retiring from the pharmaceutical, biotechnology, and healthcare industries.
*Award based on 10 objective criteria associated with providing quality services to clients such as credentials, experience, and assets under management among other factors. Wealth managers do not pay a fee to be considered or placed on the final list of 2016/2018 Five Star Wealth Managers.
Content in this material is for general information only and is not intended to provide specific advice or recommendations for any individual.