The Three Main Reasons You’re Not Getting Referrals from Your Strategic Alliances

You felt great after having those nice conversations with CPAs, estate planners or other ancillary professionals. You thought you had a meeting of the minds and a nice source of referrals. You sent them referrals to sweeten the pot.

And you wait. And you wait. And nothing happens. No referrals.

You wonder what you did wrong.

Based upon my research, here are the top three mistakes you may have made.

You didn’t stand out
1) CPAs, estate planning attorneys, and other ancillary professionals are approached all the time by advisors. The description of what is unique about what your firm does needs to stand out.

You may have not communicated to your strategic alliance that you specialize in providing solutions for a specific niche. You’re seen as just one of another dime-a-dozen advisors.

You’ll stand out when you can explain the sophisticated solutions you provide for your clients. It’s not enough to list all the services you offer. You need a well-crafted and compelling marketing message that tells the great results you provide for a specific group of investors. For example, you could say something like, “I help (insert your target market/niche here) achieve their most cherished retirement goals.”

Back this up with real stories of how you have benefited your clients. This makes them think of you when the right clients need you. When you can paint a clear picture of who you help, it’s easier to refer to you.

You approached someone with the wrong attitude
2) Some people are focused solely on delivering their own services. They don’t trust other professionals.

Even though such a professional has a client base that is a good fit for you and would benefit from your services, this person will not share his clients with you.

You need to have a talk with your prospective alliance partners and explore their attitudes about sharing. If you find any who are not open, then it’s time to move on and find other professionals to replace them.

You chose a stagnant firm.
3) You may have chosen a successful firm, but one that is mature, has reached a plateau and is not seeking new clients.
So they are not forming new relationships and taking on new clients.

You want a firm that is in growth mode. They’re talking with new clients, new things are going on and are at a point where they may need your services.

Find a firm that is focused on getting new clients. Their new clients often have immediate needs for your services, so it is logical for them to refer to you. Growing companies are the ones who can become great alliances.

Here’s the bottom line
Maximize your chances for success by walking away from unproductive alliances.

Take the time to craft a compelling marketing message and communicate your unique services to firms that are actively growing.

Find professionals who have the right mindset willing to share their clients with you.

Soon you will be getting more lucrative referrals.

Highest regards,

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