Throughout the years my clients have expressed that one of their biggest challenges and what they need the most guidance with, is establishing COI’s. (Centers of Influence)
They feel that getting an accountant or lawyer to become a referral source is the ‘Holy Grail’, the jackpot.
Advisors put so much effort in trying to acquire COI’s yet rarely if ever succeed. Why? What is it about establishing a beneficial relationship with a COI that is so challenging? Why do they often resist overtures from Financial Planners?
Admittedly I am not an expert on this topic and haven’t really been able to provide fool proof solutions for my clients. So I decided to go right to the ‘horses mouth’ so to speak.
As some of you know, I facilitate a study group with successful advisors and also arrange to have guest speakers. At the most recent session I sought out a close friend who is a successful CPA with his own practice.
He offered some really great ideas and feedback from a CPA’s point of view. These ideas would work with an attorney or any type of COI.
A little background about Steve first. He’s been a CPA for over 30 years, went on his own many years ago and has over 500 clients.
He mentioned that he has been solicited (bombarded) by advisors frequently over the years that his assistant has been instructed to never let these calls go through to him.
Now Steve is not exactly sour on establishing relationships with advisors. Over the years he has established a good trusting relationship with a couple of advisors who he will recommend to his clients.
He told the study group that his 2 keys for a relationship with an advisor are Trust and Service. Steve must have a comfort level and a peace of mind knowing the advisor will always do right by the client and never do anything detrimental to his relationship with said client.
So how can advisor establish trust? How can advisor get past his assistant so Steve would take their call?
7 Helpful Hints
- If you are an existing advisor for one of Steve’s clients
- You seek Steve’s advice as to how you and him can work better for your mutual client
- Ask what you can learn from Steve
- How new tax laws can effect our client
- Mutual exchange of ideas (tax laws from him/hot topics on the financial world from you)
- Of course if you have clients to offer Steve (real ones not falsely promising just to get in the door)
- CE (continuing education) credits on topics that will interest him
Steve calls the above ‘Reverse Engineering’.
He also mentioned meeting CPA’s in networking groups, but he did admit that would take a while before he would trust someone.
So next time you think about approaching/calling a CPA try the above. If any of you have other suggestions that have worked, please post and share with your fellow peers. I know I would benefit.
As always thanks for taking the time to read my post. (not bad only 7 words off my target for each post)
Rick
Tips from this article
Opening doors to COI’s
- A recommendation from a mutual client will go a long way
- Offer ways you can work together for the betterment of your client
- Trust and service are key ingredients
Comments
Great Post. The best COI relationships I have established came about through reverse engineering. When my clients show up with strong planning already in place, I always seek out that CPA, Lawyer, P&C Professional Etc. and find that they are very open to building a relationship with someone who recognizes a great work product.
Andrew,
Thanks for the comment. Very beneficial.
Rick