March 2022 Issue: Get Referrals from COIs by Stephen Wershing-Get Referrals from COIs by Stephen Wershing

Get Referrals from COIs by Stephen Wershing

Pdf Summary

Getting consistent introductions from centers of influence (COIs) can be a game-changer for business development. However, many advisors struggle to develop COI referral sources. Here are six strategies that can help:<br /><br />1. Talk about your target market: COIs need a compelling reason to refer clients to you. Focus on discussing solutions to the problems your COIs want to solve for their clients rather than just investments.<br /><br />2. Have a client process: Document your process from client onboarding to review meetings. Share this process with COIs so they have a better understanding of how you deliver value.<br /><br />3. Be a team player: Involve COIs in the referral process and keep them engaged in the success of the client. Show them that they are part of the team and that their input is valued.<br /><br />4. Make sure it's mutual: Don't just assume that a reciprocal relationship will naturally occur. Discuss mutual referrals with COIs and explain what you plan to do in return. Target multiple COIs to increase your chances of success.<br /><br />5. Treat COIs as special: Show appreciation and recognition for COIs who provide referrals. Keep track of their referrals and provide them with special treatment to strengthen the relationship.<br /><br />6. Stay top of mind: Include COIs in client communications, invite them to events, and schedule regular meetings to review progress. Find ways to stay connected and show that you value the relationship.<br /><br />Implementing these strategies can greatly increase your chances of developing COI referral sources and building a strong network of professionals who can send clients your way.

Keywords

consistent introductions

centers of influence

COIs

business development

COI referral sources

target market

client process

team player

mutual referrals

special treatment