The benefit of this approach is it quickly allows you to sift through the influencer's clientele, identify issues in their lives that the influencer was not aware of and gain a meeting. It also overcomes a major concern of any influencer-the question of whether there is justification for setting up a meeting between him and his client and a new advisor. Once he sees your ability to identify issues and offer solutions, his confidence solidifies, motivating him to organize the meeting.
5. Strategy Sessions: This is where an advisor sits down with an influencer and looks for opportunities where the advisor can work with his clients. While it's the most complicated strategy to implement, it's also the most effective.
The influencer and the advisor-often with other experts from the advisor's team-should use the sessions to profile the influencer's clients. The advisor should identify key attributes, such as net worth or liquid assets, that he or she is most interested in. Then the advisor should take the lead in profiling the influencer's client. There are a variety of ways this profiling process can occur. In working with advisors, we employ a methodology called the "Whole Client Model," where the client is basically dissected using a Memletics process. The results tend to not only determine the business opportunities for the advisor, but also additional business possibilities for the influencer.
Establishing where the client can be better served is not enough. A critical aspect of the strategy sessions is to produce a client-specific game plan that specifies how the influencer will introduce you to his or her client. What will motivate the client to be interested in meeting with you? How should that meeting be structured?
While strategy sessions tend to be very complicated, they produce the best results. Not only can you create a steady stream of new affluent referrals, but also your closure rate is going to be quite high.
Conclusions
The number one obstacle to expanding success is sourcing new business-in particular, wealthy individuals who can benefit from your expertise. Referrals are the proven optimal way to garner new wealthy clients. Moreover, referrals from professionals such as accountants and attorneys-who we call influencers-are the best way to build a high-net-worth practice.
We've repeatedly seen a great many advisors who work very hard at building relationships with influencers, but fail to see the referrals flow as they were expecting. What's necessary is for advisors to take a proactive and strategic approach to identifying and motivating the influencer to send over business. A spectrum of five strategies was identified. By moving across the spectrum, you will be able to maximize the referrals you receive from the influencers you work with.