From Day One, most financial advisors are taught to network with accountants and attorneys...in order to utilize their "center of influence" quality. There are two problems with this advice.
Firstly, many advisors are attempting to do this already, therefore this is hardly an innovative networking technique. Because of the popularity of this approach, accountants and attorneys are always being solicited by financial advisors who seek to initiate a referral relationship. This has created a population of jaded, picked-over CPAs and JDs.
There's a second point, and this is less-discussed. Many attorneys and accountants are NOT very good networkers. By their nature and training, these professions can tend to attract and retain individuals who are: analytical, detached, introverted and reflective. These are not qualities that lend themselves easily to building relationships, and networks. Said another way, many attorneys and accountants could benefit MORE from the networks of financial salespeople, as opposed to the other way around.
As a comparison, Keith Ferrazzi, the author of "Never Eat Alone" discusses some professions where there are a large percentage of "super-connectors," individuals who maintain contact with hundreds and thousands of people. He believes that the following professions are chock-full of persons who are much more naturally inclined to have built-in networks: restaurateurs, executive recruiters, lobbyists, fundraisers, PR professionals, politicians, and journalists.
In fact, "super-connectors" occur in all walks of life...not just the stereotypical professions. One of the most connected persons I know is the couple (two people) who own the local coffee shop and bakery. They seem to know everyone in the neighborhood...and my network pales in comparison to theirs. If I were on the retail end of the financial advisory business, I could do far worse than to get on their good side.
Great points, Chris! In fact, as I mention in a blog post today, these Connectors and Mavens are often already part of an advisor's client base--it's just a matter of identifying them and cultivating those qualities. Sometimes, it's B or C clients (in terms of assets) who are the best Connectors, which means they should be treated with A-client status.
Here's the blog post if you'd like to comment:
http://www.automatic-referrals.com/automatic_referrals/2006/02/why_c_clients_c.html
Posted by: Miriam Lawrence | February 10, 2006 at 09:40 AM