Five Ways to Build a Referral Network with Centres of Influence

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Your centres of influence (COIs) are your more profitable sources of referral business. Lawyers, accountants, mortgage brokers and realtors are the top ones, and some advisors even use other advisors with a specialized niche. You need to be proud and confident that when you are giving the name of your COI to your clients, they will be getting the best service possible.

Five ways to build a referral network with COIs are:

  1. Find out exactly what they are looking for in clients and share what your ideal client looks like.
  2. Meet with your COIs on a regular basis and tell them if you have any changes in your business.
  3. Make them part of your events, seminars or newsletters.
  4. Let them know what you do and what your skills are.
  5. Thank them for sending you business.

It takes time to build a solid group of COIs because you need to find the ones that are the best fit for you. To make sure that you are not too hasty, talk to several professionals in each area. It’s a good idea to see what kind of reputation they have and how much they charge, so you can give your clients a range of services and price points to choose from.

A top-tier COI will be someone who feels that referrals are beneficial to both of you and will be happy to give you as many as you give to him or her. This referral mindset will be key to the success of your business relationship, so check to make sure that you are on the same page as your COI about giving referrals.

Author: Rosemary Smyth

Topics: client referral strategy for financial advisors, how advisor can generate referrals, Marketing

Disclaimer: The content of this article is for informational purposes only. If you are planning to implement a new marketing practice and are unsure what the regulations are, always contact your compliance department first.