Centers of Influence
Transcript: The most referable firms are getting referrals from their clients and centers of influence, also known as COIs. When it comes to getting referrals from COIs, how are the most referable firms? Those who are getting more than 15 referrals a year doing it first and most importantly, we found the most referable firms have a process around not only referrals, but everything in the business, including how they work with their professional partners. You can use the referral plan tool to define how you will attract and manage referrals based on the best practices. I'll share in a moment the number one COI referral tactic, which two thirds of the most referable firms report using is to work in conjunction with their professional partners on shared client relationships to reinforce value and stay top of mind. Get your trusted professional partners involved in the client experience. The more your professional partners understand what you do and how you do it, the better advocates they can be. Just like your team, they are key stakeholders when it comes to generating more referrals to help you. They need to understand and believe in the value you deliver, and know how to best make an introduction to you. The best COI advocates can articulate your value without you even being there. Using consistent messaging that articulates your value across all forms of communication is key. The Articulate your value toolkit can help you with this as well as the design your referral seed tool. It's also important to add value to your professional partners. Get to know them. Understand how you may be able to help them and let them know how they can help you. The top three COI tactics of the most referable advisors are first to work in conjunction with professional partners on shared client relationships to reinforce value and stay top of mind. Second, to make it a habit to send referrals. A note on this, while just over half of the most referable firms do this, it is a common best practice we saw across all firms. What that means is there isn't necessarily a high correlation of referring away equals referrals to me, but it is a best practice. And three, finally, almost half the most referable firms invite their COIs to their client and prospect events. A key takeaway here is to have a plan, how you're going to approach building a referral relationship with your professional partners. If you don't have existing COI relationships, then it's time to get to know your clients, other professional partners, especially those clients you want to replicate. Or it may be time to prioritize professional networking with your ideal client and their specific needs in mind. You don't need a lot of COIs, two or three strong relationships who refer is plenty. In my experience, CPAs or accountants tend to be strong COI referral sources. Everyone has to file taxes and they have an annual look into their client's financial situation. Estate attorneys and insurance specialist may also be useful COIs to cultivate for referrals and to add value to your clients. Use the Get More Referrals toolkit and specifically the referral plan tool to define who and how you will develop strong COI referral relationships with.