You can’t do it all. As a financial professional
, you specialize in certain areas like retirement planning strategies. From time to time, however, your clients may come to you with broader financial concerns that fall outside your area of specialization. Having a network of quality strategic alliances like CPAs and estate planning attorneys can help provide additional value to your existing client relationships, as well as help you grow your business.
Why build a network of strategic alliances?
Most likely you are not an accountant or an estate planning attorney. Yet, your clients
may require tax preparation and updated wills as part of their comprehensive financial strategies. Providing a client with the name of a good strategic alliance can help ensure a couple of things. For one, you can have confidence that your client is working with another professional that you know and respect. Secondly, it shows your clients that you network with other quality professionals, solidifying your role as a credible professional. And, if you can earn the strategic alliance’s respect, your patience and efforts can also result in quality referrals to help you grow your business
How to build your network?
To begin building your network, start with your existing clients. At the end of each appointment or during your annual reviews, ask your clients if they would mind providing the names of their other financial professionals.
Conversation with the client
“I’m building a network of strategic alliances to turn to when my clients have broader financial concerns that fall outside my area of specialization. I’d like to contact your tax advisor to learn more about their practice and to determine if we share a similar client-centered business philosophy. I only want my clients to work with the best of the best, however. Do you have any hesitation referring this tax advisor?”