Michael Kitces recently posted an opinion by Derek Coburn on some new networking strategies that involve getting referrals for existing clients and their businesses. He explains,

These days, most of us are in a commodity business, whether we like it or not. It takes more to stand out in this hyper-connected world than simply declaring yourself a standout. You have to actually dosomething to differentiate yourself, and you need to do it in a meaningful way. There is no better way to set yourself apart than to refer clients to your clients and facilitate these valuable connections.

This is especially true of financial advisors, as we are often specifically hired to increase the net worth of our clients. Most of us only focus on how we can do this by way of their portfolio construction, tax strategies, etc. What better way to do this than by helping our clients generate revenue for their business by way of our introductions?

Of course I still needed to keep exceeding expectations as a financial advisor (you know, do my job), but I realized that by doing something valuable for clients, I could effectively eliminate my competition. Actively helping clients grow their bottom line is the Ultimate Tiebreaker.

To continue reading the full post click here: Networking 3.0: Try To Get Referrals FOR Your Clients!

Posted by Allison Trupp, Associate Editor, Wealth Strategies Journal