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COI: the Best Source of Referrals

While many advisors focus on client referrals for new accounts, research shows that attorneys, CPAs and other centers of influence (COI) may be more productive sources. According to a study by CEG Worldwide, a consultancy to financial advisor firms, 61% of advisors said that professional COIs were their best source of referrals.

Courting and nurturing COIs is an art that most advisors could improve upon. For example, how many advisors treat COIs better than their best client? Conducting seminars and workshops that offer CE credits is a good way to market to these professionals, but the best way to make a friend is to be a friend. Start referring before asking for a referral.

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