The Number One Secret of Successful Financial Advisors: Centers Of Influence

Have you ever wondered why some financial advisors seem to experience tremendous success, while others struggle? It’s not all luck; there are certain strategies and practices that successful financial advisors do differently. In this blog post, we will explain the number one secret of successful financial advisors – centers of influence. 

What is a Center Of Influence (COI)?

A COI is an individual or organization that has a large sphere of influence and can refer new business your way. For example, a financial planner might have an accountant as a center of influence, who could refer their clients to the financial planner for assistance with tax planning or other services. This type of referral relationship is mutually beneficial; it provides the referring party with additional value for their clients, and it gives the referred party access to more potential customers. 

The first step in building relationships with COIs is finding them. There are several ways to go about this. One option is attending local events and networking with professionals in related fields. Don’t be afraid to introduce yourself and share what you do; people are often more than happy to help out if they know someone who needs your services! Another option is researching online directories or joining trade associations in your field; these are great places to find contacts who might be interested in forming a referral relationship with you. 

Once you’ve identified potential COIs, it’s time to reach out! Introduce yourself and explain how your services can benefit their clients, then ask if they would be open to forming a referral relationship. Don’t forget to provide something in return—perhaps offering discounts on your services or access to exclusive content—to make the arrangement even more attractive. Finally, make sure that both parties have clear expectations about the terms of the referral agreement so that everyone knows exactly what they are getting out of it.  

Centers of Influence are essential for any financial advisor looking for long-term success. They provide you with access to potential customers who may not have otherwise found out about you and can lead to increased revenue and greater exposure for your business. If you want your business to thrive, start building relationships with centers of influence today! With these tips in mind, creating mutually beneficial referral relationships should be simpler than ever before!

The Five People You Need In Your Corner as a Financial Advisor

In addition to Centers of Influence, successful financial advisors also have certain people in their corner who can offer support and guidance. Here are five key players that every financial advisor should consider having on their team:

  • A Mentor – Having a mentor in the industry is invaluable; they can provide advice and perspective that only comes from experience.
  • Professional Advisors – A lawyer and an accountant can help you navigate the legal and financial aspects of your business, as well as provide valuable insights on how to make it successful.
  • Other Financial Advisors – Connecting with other advisors in your field is a great way to stay up-to-date on industry trends and exchange ideas.
  • Clients – Your clients are the lifeblood of your business, so make sure to listen to their feedback and incorporate it into your strategy.
  • Family/Friends – Having an emotional support system is just as important as having a professional one; don’t forget to lean on loved ones when times get tough!

No matter where you are in your career, having these five people in your corner can make all the difference. Use them to help you stay motivated and keep up with the ever-changing industry of financial advising. Good luck!

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Since 1994 Susan Danzig has been working with financial services professionals to understand, appreciate and clarify their true value, define their specialization, and create effective marketing strategies. As a result, she has guided her clients in welcoming greater income and ongoing success. As your coach, Susan can help you gain perspective and see your business in a fresh context. As a Financial Services Professional, you know the necessity of marketing your own business quickly and strategically, staying focused on your goals and constantly evolving. Susan will help you keep your high standards throughout the coaching process while maintaining a highly confidential environment. Want to learn how Susan can help you? Reach out to her now or sign up for her monthly newsletter.

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