Did you ever consider that an untapped asset in your corner could be those people whom you view as your greatest competition? A mistake many advisors make when building out their center of influence and professional advocate networks, is that they fail to consider including the people who do the very same thing that they do within their network of resources.
Considering those who will follow in your footsteps is important for so many reasons, not the least of which is succession planning. Applying the thinking we’ve been discussing with regard to succession planning throughout this month, weigh the questions below as they relate to those advisors whom you view as less experienced, or even as your potential future competition. Rather than viewing them from this perspective, consider how they might instead become part of your advocate network, and eventually part of your succession plan.
With an open mind, consider how including these advisors in your professional networks, or even eventually as part of your team, might positively impact your business:
- What business strengths do they have that you do not?
- What processes do they have in place that you might not have considered?
- What demographics do they have access to that you might not?
- What are their client niches, and how might this improve your scope of reach were you to incorporate them?
- How does their take on the marketplace vary in such a way that gives you new insight into your expertise?
- What generational differences could they provide clarity on for you and the other advisors on your team?
- How might their personality and work-approach affect the culture of your team and impact your clients?
- How might their work-ethic enhance, shift, or encourage your team’s incentive?
- How could potentially partnering with them allow you to use succession planning as a strategy for growth?
- How could it improve your client acquisition?
- What could it do to redefine the value of your firm?
Of course, these are all questions that should be considered in any partnership, but thinking about these elements specifically with regard to how you will grow and develop your team is crucial when it comes to building out your networks.
Consider that around two-thirds of advisors don't have a clear plan in place when it comes to their succession. Use your approach to building out your advocate networks as an opportunity to kill two birds with one stone, by simultaneously considering the aspects you need to account for the future success of your team.
Powerful Coaching Questions from this Article:
1. How does opening up your breadth of center of influence and advocate relationships change your perspective on your business?
2. How are you considering sucession planning when creating your center of influence and advocate relationships?
3. How can you engage with, rather than compete with, other advisors in your network?