Centers of influence like CPAs, bankers, attorneys or even other advisors that don’t service DC plans can be the greatest source of leads for a plan advisor. But creating a network of COIs is hard and takes time. A Wall Street Journal article offers a list of common mistakes and suggested solutions, including:
• Being vague or generic describing your services — make it clear and repeatable (use your “elevator speech”) and leave a brochure or link to a web page
• Expecting referrals immediately — focus on a few relationships that you work hard on
• Quid pro quo — professionals don’t refer clients to return a favor
• Not following through
• Beating a dead horse when referrals are not forthcoming
