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There is a five-step process to turn someone into a COI. You can identify a person as a potential COI because several of your clients have enthusiastically endorsed them, you have meet them socially or they fit into your niche. Maybe they are someone you know casually or through a board you are on or a club to which you both belong.
The path to an introduction is more than a script. The effective process for a potential COI is an extension of your respectful relationships with your clients, and it is characterized by two foundations: humility and candor.
Ask your source (client, friend, etc.) to introduce you by email or a phone conversation. Don’t send them a letter because you won’t know if or when they got it, and it isn’t personal enough.
As an introduction to you, your client might say something like, “My financial advisor, Jim, has become a trusted advisor to me and my family. I thought the two of you might want to get to know each other.” In the case of a professional they use (like a CPA or attorney) they could say, “I consider both of you my trusted advisors and thought you should get to know each other.” At that point you can jump in and set up a casual meeting for coffee outside your offices to talk.
If you don’t have someone to introduce you to the prospective COI then you will have to call or email them directly and say, “Hey, COI, several of my clients have enthusiastically endorsed you as a _____. “ (Or alternatively you could start with, “We have several clients in common”).” From there you could say, “From time to time I have other clients that could use your services. How would you like to sit down for coffee on _____ day and get to know each other a little better?”
Here is an example of a skilled advisor making that call (excerpted from The Supernova Multiplier):
A Supernova graduate who is very successful at recruiting a COIs said: "When I would call an estate attorney, (I typically would have my CSA do it) she would say, ‘We'd like to schedule some time for our senior advisor to come meet with you. We are currently looking for an estate attorney to work with our clients. We work with high net worth clients and business owners who have very large liquidity events. We're looking for someone we can recommend to our clients. We'd like to send our advisors out to speak with you about how your firm can help us with that.’
We set up the interview so they need to sell themselves to us. They need to tell us why we would want to put our clients in front of them instead of making it feel like we're coming out to sell them on us. That has worked so much better than the other way. We want them to feel like they need to be knocking on our door.
We have a lot of clients, and we have a great brand in this city. The intrinsic message is, ‘We'd like to work with you, but we don't need to work with you. It's a privilege for us to work together. It isn't you or us; it's both of us.’ This has worked well.”
When meeting a person for the first time and asking them to give you introductions, they are going to automatically “size you up” and judge if you are someone they can risk exposing to their clients. Would you give an introduction to a CPA who has a reputation for overcharging or stealing from their clients? Of course not! By the same token, a CPA doesn't want their clients – and their clients' life savings – in the hands of an advisor until they are comfortable the person is honest, highly qualified and offers great service
First meeting
Supply them with a folder containing your team’s contact information, the clients you have in common and any other pertinent information. Your conversation should start with a description of what you do (your elevator speech) describing your concierge-based (or client-focused) practice with a maximum number of clients that meet your minimum, multi-generational planning and rapid response to client requests. Then you listen to them tell you about their business.
Second meeting
If things are going well, plan the next meeting in their office – ideally meeting their team and giving everyone a copy of your marketing collateral so they can learn how you run your practice. Explain that in particular, you would like to meet with everyone who would engage with your client.
Third meeting
Invite them to your office to meet your team and see how you do business. Show what differentiates your practice from others and what premium service looks like. This will help build the relationship. You want to give the COI the confidence to open his list of contacts. You have to make it clear what the financial requirements are for the clients you accept so the COI can easily qualify which clients to refer. You don’t want to have a COI introduce someone to your practice and you not be able to qualify them for your practice for something as clear-cut as not meeting your minimum of investible assets.
Fourth meeting
Teach them to use the "enthusiastically endorsed model" for every client. Ask them: "Can you enthusiastically endorse your CPA?" Your COI should do the same by asking their client, "Can you enthusiastically endorse your FA?"
Fifth meeting
Finally, have your first monthly meeting with an agenda and ideally an introduction for them. At this meeting schedule your next session to help you keep the process going.
There are three ways you both can give each other introductions: In person, by phone or through an email or social media introduction. If a client is in need of a referral, I always insist on giving my clients three names before they make a choice on which they want to use. It's just a best practice that will elevate you above other advisors. You don't want your clients to feel like you are pushing anyone on them. This process may seem time-consuming, but it is well worth the time invested. Most successful COI relationships take years to develop properly. This process takes a couple of months and can get the same results. There are no shortcuts here.
Cindy Beuoy is COO of Supernova Consulting Group. The Supernova Consulting Process is a practice management model used by financial advisors to bring balance in their lives, increase client satisfaction and grow their practice. To find out more or set up a free consultation visit our website at www.supernovaconsulting.com or contact Cindy at [email protected].
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