As a financial advisor you regularly interact with people in several positions who could have the potential to refer you business. People in these networks are commonly referred to as “Centers of Influence” or COIs. At ClientWise we break this down into two different categories: Those who serve advisors in this capacity as colleagues—Professional Advocates (PAs)—and those who serve advisors in this capacity as clients—Loyal Client Advocates (LCAs).
Those who are familiar with these ClientWise terms are also aware of the subtle differences with which you should approach these two groups, and with the process around which to do so. The next few blogs should provide some insight around these initial steps, which will clarify how to better connect with these influencers.
Who are your Professional Advocates?
We define Professional Advocates as a collection of trusted advisors, centers of influence and other business professionals who work together in a mutually-defined relationship for the benefit of others. Essentially, it’s that professionally oriented network of people you know who refer you new business on an ongoing basis, and who understand that you will do the same for them. These professionals appreciate and understand what you do, can clearly articulate what you do to someone else, and are actively engaged in introducing you to others.
How should you interact with your Professional Advocates?
Who are your Loyal Client Advocates?
Your Loyal Client Advocates are clients who have such a strong relationship with your business that they think and behave more like owners and partners. They are extremely influential in providing new client introductions and would not even consider using an alternate advisor. Moreover, LCAs appreciate and understand what you do, can articulate it to others, and are actively engaged in partnering with you to make the necessary introductions to prospective clients for your benefit. They are people who like to connect other people, and who aren’t afraid to dig into their contacts to do so for you.
How should you interact with Loyal Client Advocates?
Your loyal Client Advocates can initially be approached much the same way as your professional advocates. Keep in mind, of course, that your clients’ relationships are driven by different motivations than a reciprocal professional relationship might be.
The difference in working with your Loyal Client Advocates is that they might not experience the same kind of mutual benefit that your Professional Advocates will. The client/provider relationship isn’t built to function in the same way that a professional relationship might. This is something to keep in mind as you build relationships with your LCAs. Providing them with extra attention or service, and remembering crucial events and people in their lives is key to showing them your appreciation for their support of your business.