Building relationships with COIs

A COI is someone who can become a referral source. Typically, that is a professional, such as an accountant or a lawyer.

Below are some strategies you can use to build relationships with COIs:

> Know who’s connected
When searching for a COI, think about who could introduce you to the right people for your business.

For example, if you want to build a clientele of business owners, Hartman says, look for lawyers or accountants who work with business owns.

> Choose someone you like
Make sure you feel comfortable with the COI.

The professional you choose should be someone who is interested in your success and who genuinely wants to help you, Hartman says. You should not feel threatened or suspicious that the person is more interested in taking business than referring it.

> Explain your business
Give the COI a reason to work with you.

Don’t simply ask the COI, “Who do you know?” Instead, Hartman says, explain to the potential COI exactly who you serve and what services you provide as a financial advisor.

> Keep in contact
Foster a relationship with a COI by remaining in touch.

“Treat a [COI] in the same way as you would treat a prospective client,” Hartman says. You need to nurture the relationship over time by contacting the COI regularly.

Contact the COI once a quarter or at least twice a year. That contact could include a newsletter, phone calls or meetings over coffee or lunch.

> Give it time
Don’t expect immediate results when starting to build a relationship with a COI.

Successful COI relationships can can take months, or possibly years, Hartman says, before you start to receive referrals and introductions.

> Keep your COIs up to date
When you receive a referral from a COI, Hartman says, keep your COI informed.

After the first meeting with the prospect, he says, tell the COI that you met and how the meeting went — but without betraying any confidences.

And remember to say “thank you” for the referral.