Competing with Other FAs for CPA Referrals--How to Be First Among Equals

Welcome to Day 9 of our Referral Clinic and Blog-a-thon.  We asked advisors to send us their toughest referral challenges. Now we're featuring the best, along with solutions from top referral experts and veteran financial advisors. 

Today's winning question was submitted by Leslie B., an RIA from Houston, Texas. Way to go, Leslie!

Daryl Logullo, founder of Strategic Impact, will be answering Leslie's question. Daryl helps advisors attract more clients using direct response, strategic alliances, and client referral strategies.

Question: "I have a CPA who is willing to refer her clients to me. She would give them my business card and suggest that they call me. I think she's at least talking me up a little bit. The other day she said that she gave a client who had just inherited some money my name. Of course the client hasn't called, but the client called the other advisor she also referred to. The CPA says to me, "I'm really sorry my client hasn't called, but it looks like she's going with the other advisor. I told the client that she should really talk to two advisors, since she just inherited over one million dollars and has never dealt with money before."

I just wanted to scream!!!! If I had known that this was a million-dollar client, I would have offered to take the two of them to lunch or something. How do I get the CPA to let me call on the referral?"

Daryl Logullo's answer: Make sure whenever ANYONE mentions they gave your name or card to someone, you enlist their help in the follow-up process. Common cutesies and courtesies aside, handing out your name to people can do you more harm than good. So no cold handoffs, okay? Leave those for January NFL football games—not the "game" of referrals.

Here's how to handle this next time.

You first need to understand that there are certain trigger events that may cause a CPA to think of you. The key to this is making sure you focus on the process that would cause the CPA to think of you and, as you put it, "hand out your information." The name of the game is not the CPA "talking you up." It's about their having a raging desire to tell the client they need to do everything possible to meet with you. This is only accomplished by the CPA becoming a referral advocate on your behalf, so when they hear their client has a problem, they do all that is possible to literally insist the client meet with you.

Which begs the question: How do you transform a CPA from "safe-shaker" into assailing advocate?
One of the easiest ways is by a strategy that involves "T-F", or increasing your Talk Factor. People, including CPAs, are most apt to talk about events, activities and experiences that were memorable to them. But the problem here is that you haven't created such memorable events for the CPA.

No sweat.

Think right now about what can you do to perform an activity for a CPA—or group of CPA locally, in your city or town—in a way that they will always remember you. This entirely depends on your line of business, of course. For example, if you're in a small, rural town in Western Montana, you might not have a lot of options that involve coordination of events or activities, as you would, say, where I'm at, here in the seaside town of Vero Beach, Florida.

Nonetheless, some examples I have seen include serving as volunteer chair on a local CPA society's golf tournament, hosting an art tour together with charitable tax strategies advice at your local art museum, inviting a CPA to become a contributing columnist to your monthly newsletter, even co-sponsoring your own "Jane Doe's Money For Kids 101," in your local schools.

Can you see how these events could create T-F about you?

Now, I want to address this issue of a person, or in this case, a CPA, blindly handing out your name, business card, or whatever it was. Next time a CPA mentions any semblance of "talking you up" to others, you need to react by saying, "That's fantastic! That's great. Thanks for thinking of me. Tell me: What's your relationship like with this person?"

Assuming the CPA says it's good, ask him/her if he/she's willing to participate and perhaps even arrange a three-way meeting. If the CPA is willing to get involved, this signals a greater commitment to making the meeting happen. It's also a better introduction.

All of this supposes, of course, that you ingrain into the CPAs mind the need for them to contact you and keep you up-to-date on sources of new business for you. People don't always do this, which is why it's appropriate for you to make the rounds at least monthly.

Creating memorable events each month can do this for you, and boost your T-F.

Got questions or thoughts about today's challenge or Daryl's response? Post a comment.

Comments

[katherine Vessenes]

Daryl: I, too, am writing on this blog--just wanted you to know your answer here is great!!!! Good job. Hope our paths cross in the near future. Katherine