<img height="1" width="1" src="https://www.facebook.com/tr?id=1679314142361781&amp;ev=PageView&amp;noscript=1">
Skip to content

    Maximizing Strategic Partnerships

    Maximizing Strategic Partnerships | USA Financial
    Jul 19
    2023
    Practice Management

    When I talk to advisors about strategic partnerships with attorneys or CPAs everyone loves the idea, but the response I usually hear is, "they rarely work." The question is why?

    Below are three main reasons that these partnerships most likely fall flat:

    1. They don't trust you.

    Probably the most obvious reason of all three, but why should they? When you meet with an attorney or CPA do you expect them to share their client base simply because you do? Their referral to your services reflects them in a positive or negative light depending on how well you do your job. So, it’s no surprise they don't want to risk the relationship they have with a client. A solid strategic partnership isn't built over a single conversation.

    2. Attorneys and CPAs aren't salespeople.

    They traditionally have a service that is bought, not sold, unlike financial products. They aren't hosting seminars in an attempt to convince people that they are needed. They are already needed. Since they don't sell for a living, you can't expect them to immediately convince any of their clients to come see you. You may think it’s easy for them to refer a client to you, but when it comes to protecting their reputation, it’s easier not to.

    3. They can't articulate your value.

    This is the elephant in the room. Even if you can build trust and get them to mention you to their clients, what is the message that is being delivered? How do they describe you? Financial guy? Financial advisor? Insurance guy? Investment guy? If you were the client, would that motivate you to switch from the trusted advisor you already have? Their description of you and your practice provides zero professional contrast, which results in the relationship being a flop.

    Utilizing strategic partnerships can be a huge advantage for your firm. If you have been unable to garner consistent and quality introductions from your strategic relationships reach out to us to learn how our strategic partner process works. You are most likely just one small adjustment away from a flood of referrals.

     

    Author Info

    Related Posts

    The Secret to Successful Seminar Follow-Up
    Practice Management

    The Secret to Successful Seminar Follow-Up

    In this episode of The RARE Advisor, Aaron Grady and Alan Oehrlein – Practice Management Consultants at USA Financial - discuss the crucial importance of a robust seminar follow-up process. Discover how to implement best practices, from personalized communication and valuable resources to creating a sense of urgency and scheduling immediate appointments. Learn why the follow-up process starts during the seminar itself and how to effectively engage with attendees who may not have signed up for a meeting.
    Mastering Client Classification for Sustainable Growth
    Practice Management

    Mastering Client Classification for Sustainable Growth

    Ever feel like you're juggling too many clients and not getting enough return for your efforts? That’s where client classification can make a world of difference. It’s not just about organizing your client list; it’s about creating a strategy that helps you focus on what really matters: building better relationships, growing your business, driving client advocacy, and having more time for what you love.
    Year-End Planning for Financial Advisors - Growing with Purpose
    Practice Management

    Year-End Planning for Financial Advisors - Growing with Purpose

    As the year winds down, it's time once again to reassess and realign your practice with your broader personal and professional goals, as we discussed in a previous article, "The Power of Planning: Why Financial Advisors Need a Yearly Game Plan."