A recent article called “The Changing Referral Game” by Nick Georgis is, in my opinion, continuing to mislead and misdirect advisors on how to maximize referral relationships with CPAs and Attorneys.

I’m sure Mr. Georgis means well and while I agree with his assessment about the potential rewards that will come as a result of establishing referral relationships with CPAs and Attorneys, he shares some unfortunate antiquated advice for advisors on how to achieve those results.

Mr. Georgis suggests that 2/3rds of advisors have to wait more than a year in order to see a referral from a referral relationship from a CPA or Attorney. The only reason why this is likely true is because they (Advisors) are not following a proven system to initiate, nurture, and maximize their referral relationships. Or, they are going about in a completely inappropriate way. (I know this is because I am the only person in the financial advisor world teaching advisors how to systematically maximize referral relationships with CPAs and Attorneys and receive referrals within a few months of their first meeting).

I agree with Mr. Georgis’ opinion about how and why an advisor would want to forge a strong bond with a CPA or an Attorney, but unfortunately, his advice on how to nurture a strategic relationship will cause immediate “professional suicide”!

Mr. Georgis recommends that you ask your new COI to become a client of yours first and then, once they see more of what you’re about – they will refer to you.
IMPORTANT – these CPAs and Attorneys are not dumb. If you try this approach, you will not only ruin any chance of establishing multiple referral relationships, you will stimulate a response that will likely destroy your name and reputation. Why? Because they will tell their colleagues about you and your approach at trying to “work with them” (i.e. get me as a client first) . This is NOT – I repeat NOT what you should do if you want to form a long-lasting, mutually beneficial referral relationship.

Finally, although most advisors would love to have 20, 30, or more referral relationships in place in order to receive a steady flow of high quality referrals all year long, Mr. Georgis recommends to only reach out and nurture relationships with a handful of COIs. I don’t know why any advisor would want to limit themselves on the potential number of referrals (or referral relationships) unless they are only interested in minimal growth and/or are retiring. (I have some Advisors that have been in my service for over 5 years…easily managing over 100 referral relationships!)

If you are interested, here is a video of me proving to any advisor in the world on how and why you can receive a steady flow of referral relationships from CPAs and Attorneys without ever having to refer one back.

If you want to learn how to establish 10, 20 or more strong referral relationships with CPAs and Attorneys please feel free to go to: www.pro2pronetwork.com

Dr. Len Schwartz

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