The research findings—decades of research—is unequivocal. The most effective way to generate a steady stream of new high-net-worth clients is by building strong relationships with centers of influence (COIs). By establishing and growing powerful relationships with COIs, who are non-competing professionals working with the wealthy, you will likely create a high-end, very profitable wealth management business.

For the most part, the prospective ability of COIs to refer their affluent clients in need of wealth management expertise is well known. Although a great many financial professionals recognize the value of strong COI relationships, relatively few of them have been able to establish and manage relationships that consistently produce new, high-value opportunities.

The methodologies for discerning the best COIs to work with, how to most effectively motivate them and make it relatively easy for them to introduce their wealthy clients to you are not secrets. Specifically, the financial advisors we have coached using empirically derived and field-hardened processes are regularly very successful in building pipelines of new wealthy clients for investment management and other financial products.

The methodologies involved are not inherently overly complex, nor are they very difficult to implement. What is required is that you understand the mechanics and that you persevere. In coaching financial advisors on how to cultivate COIs, we often find some major obstacles many of them need to overcome. Three of the biggest impediments to success are:

• Failing to audition COIs.

• Failing to help your COIs refer their wealthy clients to you.

• Failing to ensure a strong economic inducement to refer you.

Let us consider each of these obstacles in some greater detail.

Failing To Audition Centers Of Influence

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