There also are “diamonds in the advisors’ own backyards” that most do not cultivate, Concepcion says. Instead of just asking alliance partners to refer his firm to their clients, like most advisors do, Concepcion tells his advisors to be more proactive about the process.
“Create your ideal client profile and share it with the CPAs, attorneys and others you work with,” he says. That way you get the kind of referrals you want, he says.
Then schedule a meeting once a month with one partner and ask him or her to have three or four people picked out for referrals. Concepcion then asks the alliance partner to make the introductory telephone call and he takes it from there. Concepcion and his advisors hold reciprocal meetings for the partners.
In each case, he asks the person who becomes a client to send a note of thanks back to the client who made the referral to reinforce the process.
Chris Walling, managing partner at Stratos, has developed another active technique that he uses to gain new clients. He works with business executives and has created a short handbook on what to look for financially when joining or leaving a company and on financial strategies for corporate executives. He gives it to one person and then asks who else in the company might be interested in the handbook.
Walling also asks the executives, who are usually involved in several business organizations, for contacts within the organizations.
“This is a more structured process for getting referrals. Most advisors are too passive,” Concepcion says. “These techniques put the required teeth into it to be more effective.”