Why We Love Centers Of Influence For Financial Advisors (and You Should Too!)

As a financial advisor, you know that the success of your business relies heavily on your ability to market yourself and build relationships with potential clients. One way to do this is by leveraging centers of influence (COIs) in your local community. COIs are people or organizations who have the trust and respect of potential clients. By developing relationships with them, you can increase your visibility and ultimately grow your client base. Let’s explore why we love centers of influence for financial advisors—and why you should too! 

Understanding Centers Of Influence 

Let’s start by defining what a center of influence is. A COI can be a person or an organization that is respected in the local community, such as an accountant, lawyer, doctor, or non-profit organization. These are people who already have strong relationships with potential clients—and they are often willing to refer clients to qualified professionals like you. But how do you go about connecting with these influential people? 

Building Relationships With Centers Of Influence 

The most effective way to build relationships with COIs is to focus on providing value. This means presenting yourself as an expert who can provide valuable information and advice—not just someone trying to make a sale. Offer helpful advice related to their line of work or industry; participate in their events; offer complimentary workshops; or simply reach out over coffee or lunch. They will appreciate your effort and be more likely to refer their connections to you when they need financial services in the future. 

Making Your Intent Known    

Once you’ve established rapport with a center of influence, you must make your intent known—let them know that part of the reason why you’re building this relationship is so they can refer potential clients to you when appropriate. Doing this upfront puts everyone on the same page and helps ensure that they understand what type of referrals will best suit both parties involved. It also demonstrates transparency in your intentions and shows that you have nothing but their best interests at heart—which builds trust between both parties even further! 

Staying Connected

Making an initial connection with a center of influence is just the beginning. To ensure that your relationship continues to grow over time, you need to stay in touch and nurture it. This means regularly staying up-to-date on their work or industry; attending any events they are involved in; continuing to provide value; and, of course, thanking them for any referrals they provide to you. Doing all of this will help to strengthen the connection and ensure that when they need a financial advisor, they’ll think of you! 

The Benefits Of Centers Of Influence

Now that you understand why we love centers of influence for financial advisors and how to effectively build relationships with them, let’s review some of the benefits they can provide:

-Increased visibility in your local community

-Access to quality referrals from trusted sources

-A chance to expand your network and build meaningful relationships

-The opportunity to establish yourself as an expert in your field.

-An opportunity to increase your customer base and grow your business.

-A chance to build loyalty and trust with potential clients.

If you’re not already incorporating COIs into your marketing plan, now is the time to start. They are a powerful and efficient way to reach new clients while strengthening relationships with current ones. And they can be an important part of a comprehensive wealth management marketing strategy that includes many different touchpoints and elements. We would love to help you develop a holistic marketing approach that meets your unique needs and helps you grow your business. Contact us today to learn more about how we can help you get started with COIs or implement them into your existing marketing efforts.

Are You Looking For A Business Coach You Can Trust?

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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