You want to develop a great referral relationship with a new Center of Influence, such as a CPA or estate attorney. But they already have relationships with other advisors. How do you stand out from the crowd?

• Identify and connect with a potential new COI referral partner.
• Have wording ready to highlight how their clients will benefit from a relationship between you and the COI.
• Emphasize that when their clients receive benefits you will offer them, your new referral partner will also benefit.

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Transcript

Do you want to make a strong first impression on a professional referral partner? Here’s a great way to do that.

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Last week I was talking with a financial advisor who mentioned she had the opportunity to begin a referral relationship with an estate attorney. However, she thought a couple of other advisors might also working with this guy. She wanted an idea to stand out amongst the other advisors.

I suggested she offer a professional discount on a financial plan for anyone he sends her way. I shared what she would want to say to the attorney:

“I’m really excited about the relationship you and I are looking to build. Typically we charge anywhere from $3,500 to $5,000 for a financial plan, and I want to let you know I’m going to offer a professional discount to anyone you send our way, down to $2,500. I want your clients to hear that we have a good relationship and work well together.”

This kind of offer, presented in this way, will definitely make her stand out to the attorney.

To make this even more likely, I also recommended when she shares this offer with the attorney, she mentions, “I’ll highlight the fact that because these people are coming on your recommendation, this professional discount is one of the benefits they have in working with you.”

And finally, I advised she should follow up very professionally, saying, “And, by the way, I’m not expecting you to discount your fees for the clients I’m going to send you.” This will show that from the beginning she is looking to generously give in this relationship, which, again, will make her stand out from a potential field of other advisors. Most likely none of the other advisors have offered benefits like this for his clients. However, even if they have, she is ensuring the attorney clearly understands she values the professional relationship she’s looking to develop with him.

So if you want to do this most effectively,

1. Make a new connection with a COI whom you would like to have as a referral partner. If you want to add someone to your group, look for someone who could be a great fit for you.


2. Prepare your language. You want to highlight to this person that because of your relationship with them, their clients are going to benefit.


3. Emphasize that when their clients benefit, they benefit. Let them know when their clients come to you, they will be rewarded, which will make that estate attorney or CPA look phenomenal to their clients.

Put this into practice. I know it works because I’ve done it. Soon you’ll have Centers of Influence wanting to work with you as a referral partner and to deepen the relationship far sooner than they want to do with anyone else.

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