 Using a systematized process to develop strategic partnerships with centers of influence, such as accountants and private client attorneys, can help advisors build their practice. Before formalizing any relationships, advisors should assess the potential fit and value of the professionals by gathering all pertinent information about them and their practice. A preliminary level of screening can be accomplished with the following questions: • Who is the professional as a person? Insight: If the professional does not operate with the same level of integrity you do, it can undermine the strength of a partnership. • What are the professional's goals and objectives for his practice? Insight: If the professional is complacent but you have aggressive growth targets, you may have different expectations for the partnership. • Does the professional have a perspective or bias on various financial services and products? Insight: If your core product is life insurance but the professional has a negative impression of the field, don’t spend time trying to re-educate or persuade. Find a partner who will value your expertise. • What is the average profile of the professional’s current clientele? Insight: If the professional's clients have less overall wealth than yours, most referrals of new business may not be a good fit your business model. • How does the professional currently get new business? Insight: If the professional does not have a proven method of attracting and securing new clients, there is little value he or she can add to your business. Most advisors have alliances with the professionals that offer complementary services to their own. Advisors that want to cultivate a prospect pipeline of wealthy clients must develop deeper and mutually beneficial relationships with centers of influence — strategic partnerships.
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