Filed Under:Your Practice, Sales Marketing

Referral strategy: Find alternative centers of influence

Because centers of influence, such as CPAs and attorneys have the types of clients most advisors want, creating referral relationships with these professionals should be an effective way to generate business. But many advisors are frustrated with this strategy because, first, many advisors find they refer clients to them but never receive a referral in return. Second, these COIs already have a relationship with a financial advisor and aren't willing to refer to another professional. Last, it can take years to develop these relationships, and there are few signs of encouragement to keep them motivated over this length of time.

But even if you haven't had much luck generating referrals from these professionals, don't give up your COI strategy all together. A COI doesn't have to be a CPA or attorney; it's anyone who has the ability to influence a potential client to pick up the phone and call you. It's time to think outside the box when it comes to your COI strategy.

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Nichole Morford

Nichole Morford
Managing Editor

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