Far too many advisors and wholesalers view strategic networking solely as an opportunity to build a funnel of professional referrals – rarely venturing beyond the occasional golf outing with one or two close attorney or accountant friends and pressing for introductions. They overlook the critical importance of strategic relationships in expanding and strengthening their wealth management offering. These vital professional partnerships, whether formal or informal, can bring a host of expanded capabilities to broaden and solidify your existing relationships – from trust and estate planning to business succession and tax planning.
It’s a simple equation. The best strategic networkers are those advisors who actively engage with a wide array of top professionals in their community – taking the time to develop a deep understanding of their businesses, their value propositions and the clients they serve. Commit to an open exchange of best practices. Even though you may employ very different business models, as professional service providers there’s a great deal of information and beneficial learnings that can be shared.
Embrace the idea of giving without any expectations of receiving something in return. Ask yourself “How can I be an asset to this person?” More often than not, by looking beyond the desire to generate new referrals for your business, you’ll actually open the door to a more steady flow of them. After all, you can’t expect to get without giving. Consider implementing the following simple action steps to help jump-start your strategic networking:
Done well, strategic networking can serve as a powerful practice management resource as well as a highly cost-effective means of generating qualified leads that have a strong probability of becoming new clients. For some advisors, it also provides a much needed opportunity to escape the confines of their offices to interact with new people in a more casual and open setting. It’s your dedication to solid preparation, active participation and follow-through, however, which will ultimately turn these informal conversations into impactful relationships.
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