 
By Julian Good Jr., CLU, ChFC
How many of you are interested in generating a
minimum of two qualified referrals each week? I will share with
you how I methodically and consistently receive at least two qualified
referrals each week. The key is building long-term relationships
with other influential advisors.
An influential advisor is not a center of influence—someone
who has the ability to influence others to talk to you, or at the
least provide a worthy introduction. Instead, an influential advisor
is a person who fulfills a role of giving advice to others.
Let's first look at who could fill the role as
an influential advisor.
"A" clients
The first category is your existing "A" clients who are
in a position to give advice to others, such as accountants and
attorneys. They can also be physicians, consultants, salespeople,
etc.
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There is absolutely no replacement for consistent daily,
weekly and annual activity.
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Accountants
It is critical that we target which accounting practices we wish
to develop relationships with. My efforts are focused on sole practitioners
and small accounting partnerships of two to three principals. New
Orleans is comprised of many small to midsize, closely held, family
businesses. Many of these businesses work with sole practitioners
and smaller accounting partnerships. Because these clients see their
accountants and me as advice givers, I have chosen to focus my prospecting
efforts here and that is where I have had the greatest success.
Attorneys
Many of us strive to develop relationships with attorneys who are
tax and estate-planning specialists. Much of my effort is directed
towards these legal specialists since they are in a position to
refer their clients to us. However, I have had some success in two
other areas. Several of my attorney clients have become judges.
In certain cases, they have been in a position to impartially suggest
to both the defense and plaintiff attorneys involved that they should
perhaps speak to a financial or insurance professional. Plaintiff
attorneys can also be an excellent source of referrals. They are
a very influential advisor to their clients when monetary settlements
are involved. By strategically positioning yourself "next to"
the plaintiff attorney in settlement proceedings, you can become
the influential advisor of choice.
Other financial services
professionals
Believe it or not, some of the best influential advisors that I
have developed are other financial service professionals. What happens
is that these other professionals will refer business that they
do not or cannot engage in. We do not work together where it involves
products and services that they provide to their clients. We keep
it simple. And we do not split commissions. And they know that they
can trust me. They know that I will not speak to their clients about
anything except that product or service for which they are being
referred.
Meeting influential advisors
You might be wondering: How do I meet other influential advisors?
How can I be introduced to them? Here is what I have done and continue
to do today.
Referrals from my "A"
clients
Who are the advisors that my "A" clients work
with? Who else do my clients know that might be a giver of advice?
The best opportunities to obtain referrals from these clients is
during an annual or periodic review, or while we are eating a meal
together.
Local estate planning
council
I have been a member of the New Orleans Estate Planning Council
for over 15 years. Our local council is made up of life insurance
professionals, attorneys, accountants, trust officers and planned
giving professionals. At each of our dinner meetings during the
year, we will average about 80 attendees, so the opportunity to
network and begin building relationships is easy. The key is to
attend meetings regularly.
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My efforts are focused on sole practitioners and small
accounting partnerships of two to three principals.
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Volunteer work in the
community
I have developed several important relationships with influential
advisors over the years by serving in the community. I've volunteered
time with a number of community and religious organizations, educational
institutions and industry-related organizations. Yet, I don't remember
ever soliciting anyone that I met through my volunteer work. Rather,
these individuals asked me if I could help them. If you volunteer
for the right reasons and work hard at that chosen activity, you
will certainly get back as much or more than you have given.
"Being out there"
Weekly activity of 10-15 appointments per week typically keeps me
out of the office. If that amount of activity is sustained for the
45 or so weeks per year that I work, it will consistently produce
100-150 cases per year, and still allow for plenty of time to work
with my influential advisors. There is absolutely no replacement
for consistent daily, weekly and annual activity. Things happen
when you are busy. Things happen when you are traveling to appointments
and run into other clients, who ask you to give them a call. Things
happen when you eat breakfast or lunch with an influential advisor
at a "hot spot," and you bump into one or two prospects
or clients.
If you begin with these steps to cultivate influential
advisors, you will be well on your way to getting consistent referrals.
This is an excerpt of a much longer presentation
given at the 2004 MDRT annual meeting. Used with permission
from MDRT. All rights reserved. For more information contact MDRT
at www.mdrt.org.
Julian H. Good Jr.,
CLU, ChFC, is a 21-year MDRT member with two Court of the Table
qualifications and a member of NAIFA-Greater New Orleans. You can
reach him at 504-613-2220 or julian@jgoodjr.com.
March 2005
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