While networking with your clients and prospects is an important part of your business-development strategy, it is also important that you maintain good relationships with your colleagues and peers.
Like networking in social settings, says Allison Graham, the London, Ont.-based author ofFrom Business Cards to Business Relationships: Personal Branding and Profitable Networking Made Easy, professional networking is another area in which financial advisors are prone to make common mistakes.
Here are the top three professional networking mishaps:
1. Losing touch with former colleagues
When your career is in an upswing, it can be easy to forget about your colleagues from previous jobs and other contacts. However, should your practice encounter a bump in the road, you will regret not having stayed in touch with individuals who can help you professionally. Calling or emailing after a few years of no contact puts you in an awkward position.
Remember that staying in touch doesn’t have to take up much time. You can keep it simple with a quick phone call a few times a year, Graham suggests, or even a card for birthdays or the holidays.
2. Missing out on mentoring opportunities
You might think of networking as meeting successful professionals who can help you improve your practice. But don’t forget the individuals in your industry and community who are just making their way up through the ranks. Helping these people is not only “paying it forward” but also a good way to maintain your good professional reputation.
“If you can help [younger advisors],” Graham says, “your goodwill stock in the community can certainly be increased significantly.”
Also keep in mind that today’s inexperienced advisors could be tomorrow’s financial planning powerhouses.
Be courteous in all your professional relationships. Arrogance is dangerous because you don’t know who you’re offending, who they know, or where they’re going to end up in their careers, Graham says.
3. Staying in the same organizations for too long
If you are a member of local business associations solely for the purpose of networking, ask yourself whether your continued participation is providing the results you want.
Are you still meeting new people to add to your professional network? Have you been meeting prospective clients? On average, Graham says, three years is often the appropriate amount of time to remain in a business group.
If you have developed deep business relationships with the members of an association, your leaving can actually have a positive effect. By making new contacts, you not only expand your network but are in a position to introduce these individuals to your current connections.
One cautionary note: Don’t just leave a group unless you know you have other options to explore. If you live in a community with limited access to business organizations, walking away may not be the best choice.
This is the second installment in a two-part series on common networking mistakes.