How a Core7 Networking Group Can Generate Referrals

This is an interview I did years ago that still fits today. We talked about the Core7 system and how it helps professionals refer clients to each other in a way that benefits everyone, especially the client. Here’s how the Core7 referral system works and why it's so important.

What is the Core7 Referral System?

The Core7 system is built around the idea of making smart referrals. Each professional—whether it's a financial advisor, realtor, mortgage originator, or attorney—has certain key moments where they can refer their clients to another trusted professional in the group. This system keeps the client's best interest at heart, making sure they get the right help at the right time.

How Does the Referral Work?

The process is simple but powerful. One of the key elements is something we call the Referral Generator. Here’s how it works:

Let’s say you're working with a client who is worried about saving for retirement. As a professional in the Core7 system, you could ask them, "How’s your relationship with your financial advisor who specializes in retirement planning?"** This question opens the door for you to refer them to someone who can really help with that specific need. It's not just about passing off a name; it’s about giving the client valuable guidance that will benefit them.

Another example: If the client wants to buy real estate for investment purposes, you could say, How’s your relationship with your realtor who specializes in investment properties?"

This approach works because you are making a specific, targeted referral based on the client's exact needs at that moment.

Timing Matters

One of the most important things about the Core7 system is the timing of the referral. Referrals should be made when it makes sense to the client. For example, a client may be more open to talking with a financial advisor after they've spoken to a mortgage originator about cash flow, especially if they’re in the process of buying a house. Referrals need to feel natural and happen when the client is most ready to act.

Here’s another key part: If a referral is made at the wrong time or by the wrong professional, the client may not accept it. For example, a real estate attorney might want to refer an estate planner at the closing of a property, but it makes more sense for the financial advisor to make that referral, because they have a better understanding of the client’s entire financial situation.

Who Refers Who?

Each Core7 professional has both primary and secondary referral targets. Primary referral targets are the ones that should happen during every transaction. For example, a realtor will always refer a mortgage originator because the client needs a loan to buy a house. They’ll also refer a real estate attorney to help with the purchase agreement. These are the primary referrals that happen with every client.

Secondary referral targets are also important, but they happen more naturally. For instance, a realtor might refer a financial advisor if the client is more than three months away from buying a home. This way, the financial advisor can help the client with long-term planning, such as saving for a down payment.

Here are some key referral scripts used in the Core7 system:

The Mortgage Originator Referral Script

The mortgage originator has a few key moments where they refer a financial advisor. Here's an example of a script they use during the consultation phase:

“Mr. Smith, I take a different approach than most mortgage originators. I want to make sure the mortgage you select is integrated with your overall financial plan. How is your relationship with your financial advisor?”

This script not only positions the mortgage originator as someone who cares about the bigger picture, but it also opens the door to referring the client to a financial advisor who can help them plan for the future.

The Cash Flow Cross-Sell Script

Another key moment for the mortgage originator is during the pre-approval process. Here’s an example of the Cash Flow Cross-Sell script:

“Mr. Smith, I’m going to issue a pre-approval letter, and I just want you to know that myself and all lenders use something called Debt to Income ratios to calculate what you qualify for. This includes your mortgage payment and what we have on your debt based on your credit report. It doesn’t include some of the lifestyle expenses, like going out to dinner and travel, so what I’d like to recommend is that you speak with the advisor on my team who is willing to do a Cash Flow Analysis for you, just to make sure this mortgage fits into your overall financial plan. Does that make sense?”

This script helps clients see the importance of aligning their mortgage with their broader financial situation and sets the stage for a smooth referral to a financial advisor.

The Closing Cross-Sell Script

After a client closes on a new home, the mortgage originator has another opportunity to refer a financial advisor. Here’s how they do it:

“Congratulations on the closing of your new home! It’s probably your largest expense to date. You have an estate now and want to make sure you protect it. How is your relationship with your financial advisor who specializes in that?”

This simple script takes advantage of a natural moment in the client’s life to make a referral that makes sense for their financial future.

The Realtor Referral Script

The realtor also plays a big role in the Core7 system. During the buyer meeting, the realtor introduces the mortgage originator early in the process. Here’s an example of the email they send:

“Mark is the lender I refer. He takes a mortgage planning approach to find the best mortgage structure to maximize your tax benefits. He is going to reach out to you to set a time to discuss your options. He gets all the documents required by the secondary market upfront and will be a tremendous resource for you.”

This script makes the introduction seamless and puts the responsibility on the mortgage originator to follow up with the client.

Call to Action

If you're a real estate agent, mortgage originator, financial advisor, or any other professional interested in learning how the Core7 system can help you generate more referrals and build stronger relationships with your clients, visit [www.mycore7.com](http://www.mycore7.com) for more information and resources.

You can also sign up for our Core7 Referral System to start creating more value for your clients today. Learn how to implement these scripts and strategies to grow your business and improve your referral process. Visit [www.mycore7.com](http://www.mycore7.com) and get started!