Manage Relationships with COIs Effectively. Agenda Define your process for developing relationships...
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Transcript of Manage Relationships with COIs Effectively. Agenda Define your process for developing relationships...
![Page 1: Manage Relationships with COIs Effectively. Agenda Define your process for developing relationships with referral sources Identify specific referral sources.](https://reader035.fdocuments.in/reader035/viewer/2022062516/56649db25503460f94aa1cd5/html5/thumbnails/1.jpg)
Manage Relationships with COIs Effectively
![Page 2: Manage Relationships with COIs Effectively. Agenda Define your process for developing relationships with referral sources Identify specific referral sources.](https://reader035.fdocuments.in/reader035/viewer/2022062516/56649db25503460f94aa1cd5/html5/thumbnails/2.jpg)
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Agenda
• Define your process for developing relationships with referral sources
• Identify specific referral sources to pursue
• Prepare effectively for meetings with referral sources
• Conduct a prospect presentation with a new referral source
• Create a shared client service model with your best COIs
![Page 3: Manage Relationships with COIs Effectively. Agenda Define your process for developing relationships with referral sources Identify specific referral sources.](https://reader035.fdocuments.in/reader035/viewer/2022062516/56649db25503460f94aa1cd5/html5/thumbnails/3.jpg)
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Define Your Process For Working With Referral Sources
Add the name of the referral source to your COI Tracking report
Send a "nice to meet you” email with marketing brochure
Call to schedule an introduction/preliminary meeting
Prepare for the introductory meeting
Conduct the preliminary (introduction) meeting
Determine if a reciprocal relationship makes sense
Send follow-up communication capturing meeting highlights and identifying next steps
Schedule regular meetings to stay in touch
![Page 4: Manage Relationships with COIs Effectively. Agenda Define your process for developing relationships with referral sources Identify specific referral sources.](https://reader035.fdocuments.in/reader035/viewer/2022062516/56649db25503460f94aa1cd5/html5/thumbnails/4.jpg)
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Define Your Process For Working With Referral Sources
![Page 5: Manage Relationships with COIs Effectively. Agenda Define your process for developing relationships with referral sources Identify specific referral sources.](https://reader035.fdocuments.in/reader035/viewer/2022062516/56649db25503460f94aa1cd5/html5/thumbnails/5.jpg)
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Identify Specific Referral Sources To Pursue
![Page 6: Manage Relationships with COIs Effectively. Agenda Define your process for developing relationships with referral sources Identify specific referral sources.](https://reader035.fdocuments.in/reader035/viewer/2022062516/56649db25503460f94aa1cd5/html5/thumbnails/6.jpg)
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Identify Specific Referral Sources To Pursue
Are there disciplines where you need to find additional contacts?
• Tax planning/tax completion
• Estate planning/legal
• Financial planning (if that is not a service you provide)
• Risk management (life, property and casualty insurance)
• Human Resource directors
• Small business owners (they can be referrals for your clients and potentially become clients themselves)
• Real estate agents and mortgage brokers
• Architects
• Interior designers
![Page 7: Manage Relationships with COIs Effectively. Agenda Define your process for developing relationships with referral sources Identify specific referral sources.](https://reader035.fdocuments.in/reader035/viewer/2022062516/56649db25503460f94aa1cd5/html5/thumbnails/7.jpg)
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Identify Specific Referral Sources To Pursue
If you do need additional names, determine where you can meet those contacts. Think outside the box to consider people who work in venues that would be considered non-traditional in terms of referral sources.
![Page 8: Manage Relationships with COIs Effectively. Agenda Define your process for developing relationships with referral sources Identify specific referral sources.](https://reader035.fdocuments.in/reader035/viewer/2022062516/56649db25503460f94aa1cd5/html5/thumbnails/8.jpg)
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Prepare For Your First Meeting With A Referral Source
Create an agenda in advance
Do your research: recent news, background, industry/position, volunteer activities
Be able to define your ideal client and describe your services
Listen for your COI’s goals, priorities, ideal client, and services
Define next steps together
Follow up as agreed
![Page 9: Manage Relationships with COIs Effectively. Agenda Define your process for developing relationships with referral sources Identify specific referral sources.](https://reader035.fdocuments.in/reader035/viewer/2022062516/56649db25503460f94aa1cd5/html5/thumbnails/9.jpg)
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Conduct A Prospect Presentation
Let your new COI experience how you conduct meetings with prospects
They can articulate your process to their referrals
They can offer better feedback
Have them audit your complete process, from appointment setting through follow-up
Feedback from a vested peer can make your presentation and process more effective
Offer to go through a similar process for the COI
![Page 10: Manage Relationships with COIs Effectively. Agenda Define your process for developing relationships with referral sources Identify specific referral sources.](https://reader035.fdocuments.in/reader035/viewer/2022062516/56649db25503460f94aa1cd5/html5/thumbnails/10.jpg)
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Create Strategic Partnerships
Create a shared client service model
that defines the client experience
as your two firms work together
on behalf of the client.
![Page 11: Manage Relationships with COIs Effectively. Agenda Define your process for developing relationships with referral sources Identify specific referral sources.](https://reader035.fdocuments.in/reader035/viewer/2022062516/56649db25503460f94aa1cd5/html5/thumbnails/11.jpg)
![Page 12: Manage Relationships with COIs Effectively. Agenda Define your process for developing relationships with referral sources Identify specific referral sources.](https://reader035.fdocuments.in/reader035/viewer/2022062516/56649db25503460f94aa1cd5/html5/thumbnails/12.jpg)
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Pre-work
Advisor and strategic partner answer these questions:
What makes you different?
What do you want to call out in describing what you do?
What do you want others to say when they describe what you do?
What are your key messages?
Stories and examples of the kinds of clients you enjoy working with
![Page 13: Manage Relationships with COIs Effectively. Agenda Define your process for developing relationships with referral sources Identify specific referral sources.](https://reader035.fdocuments.in/reader035/viewer/2022062516/56649db25503460f94aa1cd5/html5/thumbnails/13.jpg)
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Typical Agenda For Working Sessions
• Define the ideal end state: what will a successful outcome look like for all parties?
• What’s in it for the advisory firm? The strategic partner? The client?
• Define your client service model: The advisory firm and the strategic partner will each define their own client service model and create a Year in the Life (YITL) diagram
• Create a shared client service model and YITL diagram
• Share the messaging and stories you want the other party to use in describing you
• Define the pipeline (identify targets, communicate the message, make the introduction)
• Coordinate processes
![Page 14: Manage Relationships with COIs Effectively. Agenda Define your process for developing relationships with referral sources Identify specific referral sources.](https://reader035.fdocuments.in/reader035/viewer/2022062516/56649db25503460f94aa1cd5/html5/thumbnails/14.jpg)
THE BEST QUESTION YOU CAN ASK:
“How would you describe what it is that we do?”
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Questions?