Cultivating Referrals From Professionals

Oh sure, we maybe take a CPA out to lunch or refer a client or two to an estate planning attorney in the hopes that they would reciprocate and refer back. As an industry, we have allowed them to take advantage of us for years.  We have in good faith referred our clients out for tax preparation and legal work.  We have ushered client after client out our door and into theirs.  We have become their main source of referrals and income.  In fact, many CPAs and attorneys would find their income cut in half if it wasn’t for referrals provided to them by Financial Advisors.

Which professionals are worth approaching and which are not?  That at first seems like a difficult question but it is really quite simple.  Approach the professionals that currently work with your clients. 

Give the your clients accountant a call during their down season (May-September).  Let them know that your are <client’s name here> financial advisor and that you wanted to introduce yourself and let the accountant know that if they needed any help with your client’s investment information that you would be glad to lend a hand.

How many broker’s take the time to do this with their accountants?  Very few and it can really pay dividends when done regularly and properly.