Develop Lifelong Relationships
When you’re developing a relationship with a financial advisor, there needs to be the same process to see if you’re compatible. -Mitch Kramer
Perhaps the most important factor to establishing a referral only practice is forming long-term, trusted relationships with your clients. But, building trust takes time, notes Mitch Kramer, and requires an honest, open dialog. “You don’t find your spouse through a catalog. There’s a dating and courtship phase,” Kramer explains. He adds, “When you’re developing a relationship with a financial advisor, there needs to be the same process to see if you’re compatible.”
Kramer and his wife, Shawn, socialize with clients several times a month, and many clients have become good friends with the couple. Getting involved in your clients’ social network—going out to dinner or attending events together—makes it easy for them to introduce you to others who may have similar financial planning needs. Of course, you have to be sincere in your efforts, notes Kramer. “You can’t fake it. You have to really care about your clients,” he says.
-Mitch Kramer, principal of Fluent Financial in Dallas, in 6 Strategies for Developing a Referral-Only Practice
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