Seek Referrals from Other Professionals
More than 80% of wealth managers told us that their five best new clients were referrals from other professionals—almost five times the number whose top five new clients came through the next-best method: client referrals. --John J. Bowen Jr.
Unlike a casual or informal referral arrangement, a strategic alliance is a business development agreement designed to motivate each partner to help the other one grow. This agreement creates economic glue that holds together a mutually beneficial partnership. The agreement provides for an ongoing relationship, and it sets the stage for a long-term and profitable relationship for both parties. The heart of the agreement is providing a set of benefits to the other professional—most often in the form of additional services or more specialized expertise—that result in additional revenue. While you can develop strategic alliances with any professional who shares your target market, alliances with CPAs and attorneys tend to be the most powerful. Furthermore, referrals from other professionals are also extremely important to the success of wealth managers. More than 80% of wealth managers told us that their five best new clients were referrals from other professionals—almost five times the number whose top five new clients came through the next-best method: client referrals.
-John J. Bowen Jr. is founder and CEO of CEG Worldwide in The Right Ally
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