Get more referrals from accountants

Most advisors would love to have better referral alliances with accountants. But most accountants aren’t comfortable referring their clients to financial advisors, even if you suggest revenue sharing or offering to trade referrals.

Here’s how to convince them to send you referrals.

• List 5 accountants with whom you would like to develop a stronger referral alliance.
• Assess the status of your current relationship. Have you ever met with them? Have you ever done anything social with them? Are they accountants for any of your affluent clients? Have you ever referred clients to them? Have they ever referred a client to you?
• Profile each accountant. We teach advisors to perform a similar process for affluent clients and prospects. Gather as much personal information as possible: family members, personal interests, hobbies, professional interests, etc. You can also use Google search, LinkedIn, Facebook, and other social networks.
• Once you’ve gathered that information, you’re ready to make a social contact. Invite an accountant on your list to a social activity you think would be of interest. Explain that it’s a non-business event.
• During the social event, develop rapport, uncover more personal information, and think of another venue for personal contact.
• Following the event, send a follow-up email or a note expressing how much you enjoyed the event. Make a reference to something personal you learned about the accountant (e.g. wish her an excellent vacation to Bermuda).

Read: The lowdown on paying for referrals

Keep talking through a combination of business and social contact. This will involve business meetings, social get-togethers, telephone and email contact, and invitations to your intimate client events.

Elite advisors manage their referral relationships the same way they manage relationships with affluent clients.

Read: 5 ways to get referrals

If you spend time with accountants professionally and socially, expect a significant increase in referrals.

Also read:

The ‘next big thing’ in referrals

How to ask for a referral

Frontline advice on starting your own referral network

Five easy steps to realize COI referral potential

Matt Oechsli is the author of The Art of Selling to the Affluent. His firm, The Oechsli Institute, does ongoing speaking and training for nearly every major firm in the US. @mattoechsli