One of the top questions we hear from advisors is, “How do I expand my practice with referrals?” It’s a sensible question – referrals are a quick and efficient way to bring new clients into your practice. Finding and building a solid referral network can create consistent business while also expanding your presence in your community.
But you don’t have to wait for the ideal network to find you. There’s more than one way to increase your referral pipeline from sources beyond current clients. Other professionals in your area have significant client crossover with financial advisors; connecting with them taps you into an entirely new pool of potential clients. Here’s a few positions you can – and should – network with.
CPAs
Like a financial advisor, a certified public accountant deals with the money side of people’s lives. Since local CPAs likely have clients with retirement questions, establishing a relationship with a CPA in your area is a good way to expand your network!
Team up to create a mail insert promoting your services, then mail it with tax prep documents. For best results, print on brightly colored paper so your insert stands out. Include a line on the document which references something that will benefit them if they meet with you, such as: “If you filled out line 8a and 8b on the 1040 tax form, give me a call so we can talk about the tax implications on your retirement.”
Alternatively, you can conduct a seminar for CPAs only. This will give you a chance to speak to a group of CPAs and make the best use of your time. You can present a brief overview of your practice and explain how partnering with you provides their clients with added peace of mind about their retirement plans.
If you want a more informal approach, invite CPAs to a one-on-one coffee or lunch to discuss your businesses. Remember, referrals are a two-way street. If you’re friendly with a nearby CPA, they’re more likely to send a client with retirement planning questions your way.
Realtors
Realtors, by the nature of their work, keep tabs on the comings and goings of your town. Who better to keep you in the loop about who’s moving into your area?
Partner with a local realtor that focuses on clients in your target demographic. If someone has come to town looking to retire, you’re already there to help them out. If they’re a younger set still in the workforce, then you’re a friendly face and a helping hand for retirees they know, like their parents or older relatives.
You should also ask your realtor if they provide any sort of welcome basket to their clients which includes information about area vendors. If so, request to put something with your brand on it in the basket. That way, someone who’s just moved in has the info they need to help plan for the future.
Estate Attorneys
Like CPAs, estate attorneys may have clients who are qualified to work with you; additionally, their clients will likely have a unique set of goals and concerns based around their estates. If your practice offers estate planning services, then you’ve set yourself up for an easy referral contact!
Partner with an estate attorney so you can be brought in on client meetings to help explain particular questions clients might have, like the benefits of setting up financials in the name of a trust versus an individual. If nothing else, you establish, through your close relationship with estate attorneys, that you’re a trusted source in estate planning. That kind of credibility boosts your image and broadens the scope of your network.
For the informal approach, invite a few attorneys to coffee or lunch and use that meeting as an opportunity to fully explain what you do in your practice. This will give each of you a better idea of what kind of work you each provide for clients and can lead to more referrals.
Forming a General Network
Now that you have friends across professions, take the opportunity to make connections between them! Optimize your time and host a “4-on-4” event with yourself, four realtors, four CPAs, and four Estate Attorneys. This will give all of you the opportunity to network with each other and exchange referrals while also helping your practice find cross-promotional opportunities.
Take this event one step further by inviting each attendee to bring a client of theirs. Make this a social event by hosting a wine and cheese reception. This gives people an opportunity to mingle and make connections with service providers they wish to have in their address books. In fact, this could be a great opportunity for a First Friday event!
Whether your referrals come from clients or other professionals in your area, they are extremely important to support the growth of your practice. Make sure that your marketing calendar includes at least two referral events per year, and don’t forget to keep up with the Impact blog for more referral and networking tips!
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