The Fact:
Two thirds of advisors have an established referral relationship with an accountant and half have relationships with lawyers. As a proportion of new business, centre of influence referrals represented about 18% of new clients.

The Implications:
Although establishing relationships with centres of influence is viewed as a credible and efficient way to attract new clients, very few financial advisors have built effective relationships. In many cases, the traditional sources of referrals are becoming competitors to financial advisors and in others, advisors report a persistent reticence on the part of COIs to provide referrals. Truly successful relationships, which are mutually beneficial, do exist and these tend to be powerful drivers of new business.

The Idea:
Finding centres of influence that will provide referrals, who have similar views of client service and whom you feel comfortable referring is akin to finding a needle in a haystack. You can easily obtain a list of accountants through the Canadian Association of Chartered Accountants (CICA) and start the process by identifying 50 accountants that work in specific areas of interest, such as small business accounting. Call that group and invite them to a roundtable discussion on a topic of interest, such as practice management. Don’t be afraid to ask them a series of questions to ensure that they meet your standards. You may end up with up to 10 accountants at your breakfast and that will allow you to identify those with whom you want to start a meaningful dialogue. Try bringing a speaker (or facilitator) in to ensure that the session adds real value.

The Next Step:
The Business Success Kit provides you with the tips, tools and templates that you’ll need to enhance practice productivity and profitability. It’s the most practical and comprehensive guidebook available for financial advisors. For more information, visit www.caifastore.com and click on the Business Success Kit.