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Financial advisors who have a successful COI network
Financial advisors who have a successful COI network
As a practice management coach and consultant for financial advisors, I read many articles on how to build a COI network. We know the most successful financial advisors have a process to build their network. That is not the problem. The problem for financial advisors is getting on a two-way street of giving and getting referrals and introductions from their network. I get asked the question all the time” Grant what is working right now for getting referrals from my COI network?” Do you have a process to build manage and communicate with your COI network? Do you have a core and niche network that you work with? Do you have at least 12 people on your network that you work with?
Experience
How does your COIs experience being an ideal client? Elite financial advisors, I work with share their ideal client experience with their network. They don't just go out for lunch they want to share the experience of being an ideal client. For example, They walk them through the values and goals experience And explain how deep the conversations get with their ideal clients and prospects. They show them the value of the conversations So the COI can experience them.
Surprise
The surprise comes when the COI asks if they qualify of becoming one of your ideal clients. They know you might have high minimums, but elite advisors have no minimums for COI’s as clients. They have a desire to become a client because they see the value of your process and conversations. I always ask top financial advisors how many COI’s they work with and how many of them are clients?
Communicate
Elite financial advisors have figured out they have to communicate more with their COI network than anybody else including clients and prospects. COI’s Know that financial advisors don't communicate enough with their clients because they hear it all the time from their clients. I never hear from my financial advisor. Several financial advisors, I work with do the following communication to their COI network.
- Meetings and events as a group. I have spoken to hundreds of groups of COI's for financial advisors and facilitated several group conversations. Summertime is a great time to test one out.
- Events - Many financial advisors socialize with their COI network And do community events together such as charities fundraising and community causes
- Newsletters blogs videos and podcasts Does your network hear your voice all the time?
- Special emails ( With compliance approval of course) sending e-mails specifically to their network on specific topics such as tax legal, estate, real estate insurance risk management lending etc. Do you have an e-mail or communication designed for your network?
One advisor I was recently speaking to communicates on a regular basis and has over 50 people on their network. This also includes staff and partners in their network. Their weekly goal is to meet with one COI every week, giving them over 40 meetings in a year with their network. Another financial advisory team I work with plans a COI meeting every month ( except summertime) where the group works on their business with a coach together. Ask top financial advisors you know how they have successfully cultivated their COI network by coordinating advice with their best clients.
Coordinate
Elite advisors know to raise their image for their network they need to have coordinated meetings with their clients and the COI network professional. They get to see how you run and manage the meeting and it gives them confidence knowing how you manage people, Manage meetings and manage conversations. If you had five coordinated meetings this year you will see the giving and getting from your network will accelerate.
Friends
How many people on your network can you say you're friends with and you like to spend time with and hang out with? They are professionals first but people as well find out what they like to do and consider socializing with them. If you do not have a process to build a CLI network e-mail me at grant@ghicks.com And I will send you a copy of a proven process to build a bigger COI network.
How about your goals for your practice in 2023?
Our Practice Management resources - Comprehensive Practice Management checklist
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Sample: Comprehensive Financial Advisor Practice Management benchmarking report
Key data and KPI's, over 30 Key Performance indicators. Do want a sample benchmarking report to help you understand how to get the edge on your practice and your competition?
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Updated 2023 Technology Checklist for Financial Advisors
This checklist is five years' worth of research on the best processes elite financial advisors and their teams implement to acquire and service ideal clients while running an efficient practice. https://technology-checklist.getresponsepages.com/
We are here to serve your practice, let’s talk
Contact us to help get clarity around your goals on paper, and have the goals conversation by contacting Grant at grant@ghicks.com or click on the link to set up a no-obligation 20-minute discussion https://my.timetrade.com/book/JMTNJ regardless if we work together, let’s have a chat and listen to your biggest practice management concerns to help you get clarity around your future business.
Grant Hicks, CIM, is President of Advisor Practice Management and co-author of “Guerrilla Marketing For Financial Advisors” 1st and 2nd editions. www.advisorpracticemanagement.com for speaking, workshops, or coaching, contact Grant at grant@ghicks.com Grants combined financial advisor clients manage over 5 billion AUM, and earn over $50 million dollars combined!
