You don’t have to go it alone, but finding the right partner is critical.
Advisors should have at least one alliance with a certified public accountant, says Mike Greene, senior vice president of Advisor Business Development Group and Financial Planning for Ameriprise Financial.
“You just can’t serve clients well if you don’t have the setup,” he says. “Find CPAs that have mutual expectations and accountability baked in.”
Start by asking one of your clients to connect you with their CPA, say Michael Silver and Eric Sheikowitz, co-founders of Focus Partners.
“Schedule a meeting with a client’s trusted advisor,” Sheikowitz says. “And consider starting with the Big A’s” -- accountants and attorneys. “Eventually, align yourself with your client’s power team and work toward a mutually beneficial referral relationship.”
Why the Big A’s? “It’s the path of least resistance,” says Silver. “By reaching out to the trusted advisors or other professionals, like doctors and lawyers, that your clients already work with, you can build your own internal database.”
To deepen these relationships, provide the people in your referral network with a brief description of how you work with prospects they refer to you, says Laura Kogen, vice president of practice management and consulting for Fidelity Investments.
Describe your prospect phases and how long it will take, she says. “This gets someone more comfortable with what happens to someone he or she refers.”
Then be sure to check back in at least quarterly to give an update on the referrals that person has made, Kogen says. “Explain who became new clients and why; who didn't and why; and who is still in the pipeline process with you.”
-
Terri Kallsen will precede him next year as chair of the Board of Directors; Seay will take over that role in 2027.
9h ago -
The popular industry recruiting and retention barometer provided another window into the challenges facing LPL Financial with its latest major acquisition.
11h ago -
The Wall Street powerhouse has built its wealth division in large part through big deals but is not "looking to make acquisitions just for the sake of it, " said CEO Ted Pick.
11h ago -
But the Bank of America subsidiaries nonetheless reported rises in AUM and net revenue in the second quarter while adding thousands of new client relationships.
July 16 -
The accusations led to the end of 16 years at the firm.
July 15 -
In an earnings call Tuesday, CEO Charlie Scharf credited brokers in the firm's branches for working with consumer bankers for a 10% increase in new assets.
July 15