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Building referral relationships with Financial Advisors

referrals weekly roundup Aug 07, 2020

(Photo by Gustavo Fring)

How do I communicate the value of a referral relationship to a Financial Advisor?

Garrett -
prioritize connecting with advisors (or other referral partners like life coaches, therapists, divorce attorneys, etc.) who share your ideal client. This will make your life much easier because if your ideal client truly needs what you offer, and the referral partner is working with your ideal client, that means the client of that referral partner needs your help!

Because they already know intimately those ideal clients, they'll resonate with your excitement and want to serve them. It can be hard to find advisors who share your ideal client, but it will make the time you spend connect so much more valuable and efficient. And, if you have a hard time finding advisors who share your niche (since many advisors are very broad in who they serve), branch out to other referral partners.

Show them you're two sides of the same coin

Pam- I tell financial planners that they make the client wealthy and I get them healthy. Financial planners have people that they don't want to work with and don't like having to tell the client they can't work with them. I provide them with an out. They tell the client they can't work with them right now but if they meet and work with me that in time they will be able to come back and the financial planner would love to work with them. Not sure this helps but it's how we've been chatting up my practice.

Focus on the Advisor, and how you aren't competition.

Jason - I've heard from a few sources that referrals from Financial Advisors is the leading lead generator for financial coaches. One way to approach it is to focus on what the advisor wants. In other words, you could say something like, " Are you accepting new clients?" If yes, explain what you do but that there are services you don't offer...mortgages, investments, insurance, or whatever it is...and that in order to offer more value to your clients you are building a referral network that you can send clients to to provide those services. When they see you are just as interested in helping them as you are in getting referrals, an ideal referral partner will send clients your way too.


Look at the research

Cherie- I've had a collaborative partnership with a local CFP(R) professional; we knew each other from a graduate course. I explained how I help clients as an Accredited Financial Counselor, the type of client I help, and the most typical areas I address. Because he was already aware of my graduate-level education, I simply had to educate him on my "space" in the financial continuum & my accreditation.

As others have mentioned, he appreciated having someone to refer clients that only knew the CFP mark as a starting point for quality financial advice. About 15% of his cold calls are referrals to me - either providing my information for them to reach me OR asking if he can provide their information to me. I believe the keys are understanding who you help, how you help, and why you are qualified to help. I really like this CFP(R) professional and have also vetted him as a referral to the calls I get that are most appropriate for a planner (along with 2 other options - I always provide 3 referrals).


Were these answers helpful? Let us know in the comments!

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