Financial Advisors: How to Network with Attorneys at Small Firms
One of the interesting revelations to successful financial advisors is that other professional service practitioners in different professions face many of the same marketing challenges as financial advisors.
This fact of life becomes immediately obvious when reading this article from the American Bar Association Journal, 50 Ways to Market Your Practice: Tip-top tips from successful solos and small-firm practitioners.
Notice that the above article focuses on marketing practices for attorneys who are working in small firms, or who are working solo. This is an important distinction, and a difference that many financial advisors would be well-served to understand and empathize with.
Here’s three points to consider:
- The economics of law firms is changing. In fact, revenues at U.S. law firms fell more in the recent year than at any time in recent measurement.
- Attorneys who work at small firms have a completely different set of challenges and opportunities as compared to attorneys who work at the big firms. For a great example of this, check out this law blog that is written by two solo attorneys in the Philadelphia region, “Should I Start a Solo Practice?"
- Financial advisors who are building connections with attorneys at smaller firms should recognize that solo attorneys need support networks. Indeed, a critical component for building a successful law practice is creating and cultivating a vibrant, supportive, network.
So, here’s the thing. Attorneys at small/solo firms are looking to build robust support networks of like-minded professionals. In fact, it is imperative that they do so. Funny thing…the same fact is true for financial advisors.
Savvy, successful financial advisors might want to take advantage of this commonality of interests.
For addtional insights into how financial advisors can connect with other professionals via a "professional advocate network", please download the ClientWise Learning Tool below: