Every successful financial services practice must build and maintain a professional network. At a minimum, this group of trusted professionals can supply you with information and be a resource for your clients.
Optimally, it can be your primary source of referrals.
Although you may start your professional network with a few friends, most of your connections will be made through networking. Books and seminars abound on how to be an effective networker, and many financial advisers have figured out the basics.
Some are great at it. But where advisers run into trouble is in the follow-up stage: converting a breakfast or lunch companion into a network member.
Phillip Strassler, a founder of the Center for Advisor Excellence in Roslyn Heights, N.Y., which helps advisers understand how wealthy families think about wealth and relationships, has seen this firsthand.
A former partner at a national accounting firm, he became interested in the business development side of accounting practices, an area where many accountants need help. Mr. Strassler found that even when he provided professional introductions, accountants didn't know what to do next.
“Most advisers seem to know how to speak with prospects or clients, and how to talk about what they do and what the client needs. But I found many advisers do not know how to talk with other business people and how to make the most of those meetings,” Mr. Strassler said.
He encourages advisers to think of a meeting as a process that starts before the actual get-to-gether and extends at least two weeks after.
Mr. Strassler suggests the following steps along the line.
Before a meeting, advisers should visit the person's website and learn about his or her background and scope of practice. The adviser also should review the other professional's LinkedIn page to find out whom they know that you also know or want to know.
Because making introductions is an important component of networking, you want to know that someone making introductions on your behalf is smart and can be trusted — just as you can be.
Finally, set goals for the meeting. Know in advance why you are meeting the person, and what you hope to take away from the meeting.
At the meeting, you will want to learn about the person's goals and interests. If you are going to build a relationship with this person, such information is essential.
Identify the business challenges they face, and how they are handling those challenges. Be sure to find out about his or her target clients, because you will be helping to provide referrals.
After the meeting, be ready to create a file with all the data you have collected. Think about topics of interest that arose that might be useful in following up.
Do the recap as soon as possible; details will fade over time. Also, think about what you learned about the person that you didn't know before.
Three more post-meeting tips:
• Review your contact and client lists, and think about who you can connect to this person.
• Determine how soon you should meet again and what kind of follow-up makes sense — perhaps a phone call to discuss the next steps or attending a program together.
• Send a positive note about the meeting with your initial ideas.
Two weeks after the meeting, send a follow-up note letting the person know what you did with his or her information. In addition, forward an article or link to a site that would be of interest to the person and lay out future plans.
If you think this is someone who can be central to your network, come up with a way to work to-gether, such as a joint client event or an exchange of articles for each other's newsletters.
Sometimes an opportunity to make a referral or work together may not be immediately apparent, but if you know the person will be a valuable member of your network, be prepared to stay in touch.
Keeping up your professional network can be time-consuming, but it is also a great way to expand your world.
You can't know too many bright and competent people, so it is important to continually bring in new people of different ages and backgrounds. Each addition can help open new doors for your practice.
Libby Dubick is president of Dubick & Associates Ltd., a New York-based firm that helps advisers and financial services firms develop marketing opportunities. She can be reached at [email protected].
