"Two roads diverged in a wood, and I -- I took the one less traveled by, and that has made all the difference."...Robert Frost
My experience has been that financial advisors who take the sales/marketing road "less traveled by" have a greater chance of success...in a shorter period of time. The following idea is in this vein.
The natural career arc for attorneys in private practice is...new associate...senior associate...and then considered for partnership in 6-8 years. When networking with attorneys, most financial advisors want to target the senior partners. Given the realities of the situation, i.e. the internal/external demands placed upon high-visibility partners, this may or may not be a realistic objective for the financial advisor. Contrarily, why not travel the less-worn pathway by targeting the newer associate?
During the first few years after law school, new associates learn how to transfer the theory of law school into the practice of law. One of the principal learned skill sets is how to generate new business...a skill that is not necessarily addressed in law school.
However, new associates need to learn how to crawl before they walk. This means learning to deliver exceptional service to their #1 clients...the partners of their firm. As such, here is an example of the career advice that they are encouraged to follow:
- View partners as the primary client.
- Be available to them and willing to pitch in when needed for a big project or case.
- Use the partners to "practice" relationship building skills.
- Take a partner to lunch and learn more about his/her practice.
- Never miss a deadline.
- Focus on your "client" and do all you can to meet their goals and expectations.
- Never let a partner down. 2nd chances aren't likely.
As you might infer, new associates, especially those at the top law firms, are under a lot of pressure. Here is where the opportunities for financial advisors comes into play. However, it entails getting a clear understanding of the needs/concerns of the new associate...and how you (the advisor) can help.
As the new associate serves their #1 natural internal constituency, they will undertake additional activities that create a foundation for the launch of their career. During these years, they will be finding and building their A-level group of contacts...the people who will grow to become important clients, and referral sources. The networks that the new associate builds will, most likely, be an outgrowth of their developing interests within the practice of law.
For example, technology lawyers will need contacts that can help a small company turn into a big company in a hurry. Their non-lawyer network will be: CPAs, software developers, programmers, venture capitalists, commercial bankers, entrepreneurs, and management consultants.
Associates interested in a family law practice will want to target an affluent demographic. They might become active in the arts, or join a board of directors for the symphony or theatre. They'll take lessons from a golf pro and join one of the prestigious clubs. They will also cultivate relationships with: psychologists, marriage counselors, clergy, insurance agents, and lawyers/professionals who also serve an upscale clientele.
Actionable Idea! Sit down with an associate and find out where there natural networks are, and how they plan to build them. If there is a commonality of interest, explore how you can work together. More specifically, offer to invite the associate to networking events that you (the financial advisor) have created...that help further their career. Better yet, if you are aware of an event where the associate could invite their partner/mentor, and look good in the partners eyes...that's a WIN for all involved.
The cautionary note about this networking approach is the time horizon. It is unlikely to reap much in the way of AUM overnight. However, the seeds that you sow early in your career...will bear fruit many years into the future.
Comments