We recently asked Tom Kane, president of Kane Consulting and author of the Legal Marketing Blog, to provide some insights into how advisors can form successful strategic alliances and referral relationships with lawyers. Tom answered two questions we received from advisors during our Referral Blog-a-thon.
Tom's first post addressed what to do when an attorney doesn't reciprocate the referrals you send his or her way.
Another advisor asked, "How can a financial advisor differentiate him/herself in the eyes of an attorney who is being courted by lots of advisors to form a strategic alliance?"
Here's Tom's answer:
There really is no easy formula for establishing such a referral arrangement. The relationship between a financial advisor and a lawyer is no different than any relationship between two professionals, whether it involves accountants, physicians, brokers, real estate agents and so forth. It must be developed, and that takes time and work. And remuneration or quid pro quo for such an alliance isn't in the cards due to the bar's ethics rules.
So my advice is really straightforward. First, establish a relationship. Make contact, and get together to begin a dialogue about mutual interests. Then, follow-up with meetings, telephone calls, send information of interest, and otherwise do what you are comfortable with in building on the relationship. To borrow an analogy from the real estate field, the three critical factors in professional services marketing is contact, contact, contact.
Of course, sending potential clients to the attorney won't hurt either. Do so without expecting an immediate pay back.
Furthermore, you should be doing the kinds of best marketing practices that will expose you to lawyers (and others), such as:
- Speaking
- Writing
- Networking
- Entertaining
- Joining organizations that lawyers join that allow affiliate members
Being active and visible will open up opportunities to meet lawyers and others with whom to build relationships of mutual interest.
Remember that most other advisors will not bother to do real research into the needs and interests of attorneys before they make contact—so doing that research is one of the best ways to differentiate yourself. Tom's Legal Marketing Blog is a great place to start, as are the other legal blogs you'll find in Tom's "Fellow Bloggers" list (on the right-hand side of his blog).
Also check out these articles (free registration required) for more ideas about meeting and forming relationships with attorneys.
How to Work With Estate-Planning Attorneys
Collaborative Divorce: A New Opportunity for Financial Advisors (contains a section called "Getting started" that offers ideas applicable to most types of attorneys, not only family law specialists)
Estate Planning—Help Clients Find the Right Attorney
Create Strategic Alliances With Attorneys
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