Improve organic growth by getting more introductions
Most financial advisors mainly grow from client referrals and market gains. They often miss out on developing a winning strategic alliance strategy that will help build their business for years to come.
Read Mike Byrnes’ advice in the Financial Planning article, “To jumpstart centers of influence referrals, think outside the CPA.”
Here are a dozen insights he provides:
- Recognize that cold calls can have a high failure rate when trying to start new partnerships.
- Use happy clients to make introductions to potential strategic alliances.
- Put yourself in their shoes and clearly explain what is in it for them.
- Increase growth by creating strategic alliances and maximizing existing relationships.
- Think beyond certified public accountants and lawyers.
- Prepare to grow no matter what the market is doing.
- Focus more on target markets.
- Drill down on ideal clients and figure out what they do, where they spend their money, where they spend their time, and more.
- Create a list of organizations, professionals, associations, high-end services and products, luxury offerings, charities, religious leaders, politicians, and more that cater to each target market.
- Know who your target market turns to during major life milestones, including retirement, weddings, divorce, and even death.
- Consider referral arrangements (with compliance approval) or the ‘You scratch my back, I’ll scratch yours’ approach.
- Make them feel appreciated, even without providing leads, using marketing exposure in videos, on websites and at company events.
This strategic alliances approach can be the quickest way to get a steady stream of leads for years to come.
Need a winning organic growth plan?
Byrnes Consulting specializes in helping businesses succeed. Reach out today!
