What is up with bankers not following through with referrals?

Based on the most helpful WSO content, this situation is not uncommon in the world of networking, especially in investment banking. Here’s a breakdown of why this happens and how you can navigate it:

Why Bankers Don’t Follow Through:

1. Time Constraints: Bankers, especially analysts and associates, are often swamped with work. Even with the best intentions, following up on referrals can fall through the cracks.

2. Lack of Priority: Networking and referrals are not always a top priority for bankers, especially if they don’t see an immediate benefit for themselves or their team.

3. Seasonal Factors: During busy recruiting seasons or deal-heavy periods, responses can slow down significantly. Bankers may deprioritize networking during these times.

4. Miscommunication: Sometimes, when a VP or associate suggests reaching out to an analyst, the analyst may not be informed or may not feel obligated to respond.

5. Burnout from Networking Requests: Analysts and associates often receive a flood of networking emails, and some may become selective or even unresponsive, especially if they feel overwhelmed.

How to Handle This:

1. Be Persistent but Polite: Follow up a couple of times, spaced out over a week or two. Keep your tone professional and understanding of their busy schedules.

2. Leverage the Referrer: If the analyst doesn’t respond, consider circling back to the VP/associate who referred you. Politely mention that you reached out but haven’t heard back, and ask if they could nudge the analyst.

3. Personalize Your Outreach: When reaching out to the analyst, reference the VP/associate who suggested the connection. For example:
   "Hi [Analyst's Name], [VP/Associate's Name] suggested I reach out to you to learn more about your experience at [Bank/Group]. I’d love to hear your insights and would greatly appreciate a quick chat if your schedule allows."

4. Diversify Your Networking: Don’t rely solely on one referral. Build a broader network by reaching out to multiple people at the same bank or across different banks. This reduces dependency on any single connection.

5. Be Patient: Understand that delays or non-responses are not always personal. Timing and circumstances play a big role in networking outcomes.

Why Analysts Might Ignore Referrals:

• No Direct Obligation: Analysts may not feel compelled to respond unless explicitly instructed by their VP/associate.
• Overwhelmed by Requests: Analysts often receive numerous networking emails, and some may deprioritize those that don’t stand out.
• Unclear Communication: If the VP/associate didn’t clearly communicate the importance of the referral, the analyst might not see it as a priority.

Final Thoughts:

This is a normal part of the networking process, and it’s important not to take it personally. Networking in finance is often a numbers game, and persistence, professionalism, and patience are key. Keep building your network, and don’t let a few unresponsive contacts discourage you.

Sources: Want to get me on the phone? Here's how - a networking overview., Want to get me on the phone? Here's how - a networking overview., Some Thoughts on Networking, Non-Target Recruiting Guide Part I: Resume and Networking