A referral partnership is built on trust, so do not expect them to take form overnight, she said. "You've got to prove yourself," Littlechild said.
Getting Feedback
What is your communication plan? Littlechild asked. "Some advisors reach out quarterly. That should be the minimum. Some advisors say they reach out annually. That's just not enough," she said.
Littlechild suggested sharing feedback from mutual clients (with their permission) after having them take a one-page survey. This helps prove the advisor is delivering everything that was promised. Advisors should ask for feedback from the COI as well.
It's important for advisors to treat COIs as they would their clients, Littlechild said.
Mike Byrnes founded Byrnes Consulting to provide consulting services to help advisors become even more successful. His expertise is in business planning, marketing strategy, business development, client service and management effectiveness, along with several other areas. Read more at www.byrnesconsulting.com.