Center-of-Influence Network
June 15, 2010
Tap into your professional and personal networks, including your existing clients who match the ideal profile, and ask for referrals. Often you may need a referral to a potential referral source. A prominent Boston-based estate-planning attorney told me that she prefers to provide referrals to those who are introduced to her by people she trusts and respects.
To leverage your existing contacts, explain that you are looking to expand your network and that you would appreciate an introduction to any professional service providers they hold in high regard. The credibility of your contacts may open more doors than you would ever expect.
Regularly review the names of professionals to whom you have sent referrals. Ask those who fit your center-of-influence criteria if they'd be willing to refer potential clients to you. In these conversations, be sure to provide an overview of your firm, a clear description of your ideal client profile and your firm’s approach to working with clients.
To gain the most traction from your efforts, try this strategy that a Wells Fargo wealth manager employs:
Twice a year I review the list of estate planning attorneys and insurance brokers I've sent clients to. I want to see which ones have provided me with introductions and which ones I need to work harder with to develop reciprocal relationships.
Step 3: Evaluate whether the professional is someone you really want in your center-of-influence network.
Before establishing referral relationships with professionals you’ve recently met, dig beneath the surface to determine whether each individual possesses the essential qualities you desire. Rushing into a relationship without appropriate due diligence can lead to disappointment.
Expect to conduct three or four meetings in a variety of settings (e.g., over breakfast, on the golf course or at the potential referral provider’s office) to help you determine whether the professional meets the criteria above to become a powerful referral source.
Here are a few questions to ask over the course of your conversations:
- Describe your typical client.
- What are the top two or three reasons why they choose to work with you?
- How do you develop strong personal relationships with your clients?
- What prompts you to refer your clients to other service providers?
- What qualities do you look for when evaluating a firm like mine before introducing us to your clients?
Use your findings from these conversations to decide whether it’s worth your while to continue the relationship-building activities required to generate a steady stream of high-quality introductions from this professional.
You can never have enough strong referral sources.
Always remember, building a center-of-influence network for your firm requires diligence and persistence. You've got to stay at it month after month, year after year, regardless of the size of the referral network you already have in place.
It's easy to get complacent. You may think that you have enough of a referral platform or that you've exhausted all of your leads. But that's never the case. With a little creativity and determination, you can continue to expand your network and accelerate your firm’s growth.
Ani Yessaillian is the principal and founder of Excella, a Boston-based strategic marketing firm that delivers custom solutions to financial institutions of all sizes so they can accelerate profitable growth. Excella's clients include leading brokerage firms, asset management firms, and registered investment advisors. To learn more about Excella and contact Ani, go to www.excellamarketing.com.
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