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Have you ever asked yourself, “Am I a good COI?” If you were giving yourself a grade, what would it be? Better yet, if you asked your COIs to give you a grade, what would they say?
As a referral and business coach for financial advisors, I have quite a bit to say about COI relationships. The topic of COIs comes up a lot with slight variations and twists. You can find more articles from me on this topic here at Advisor Perspectives.
Typically, your conversations involve how to get the COI to perform better. Rarely does the conversation start by looking inward to ask oneself, “How can I be a better COI?” I’m here to tell you that in order to attract and keep good COI relationships, the first thing you’ve got to do is be willing to be a good COI yourself.
Let’s take a look at four specific things that you can do to be a better COI and thereby influence the relationship with your own enhanced performance:
1. Learn how best to introduce your COI. I find that all too often people assume that because they know what someone does, they automatically know how to introduce them to others. Don’t assume you know how to introduce your COI. Ask him or her how best to introduce them to people you know. They may have specific words you should or should not say and some words that pique someone’s interest right away. They may even have a preferred way for being connected to new prospects.
One advisor I coached, Mike, worked mostly with male CEOs and preferred to be connected to someone in his cigar club. He knew that it took 45 minutes to smoke a cigar and that during that time, he could have a meaningful conversation with someone. He also knew that they would not be interrupted, as people leave you alone in a cigar club. Your COI may have a preference like this and you will find out if you ask.
2. Distribute their information. Look for regular opportunities to promote your COIs. Maybe they have a great post on their blog that you could pass along to your network. Maybe they wrote a wonderful article that you could include in your newsletter or forward to a dozen clients. Maybe they have a virtual event coming up that you could share with your friends and family. The caveat here is that when you promote your COI, make an extra effort to ensure that they know what you’ve done on their behalf, so that they can see the value you’re bringing to the relationship. It often triggers reciprocity.
3. Help them meet a goal. I’m constantly encouraging my clients to talk to their COIs about their goals. Know their business and personal goals so that you can see how you fit into the picture of helping them attain their goals. Sometimes, you can help your COIs meet a personal goal that is meaningful to them. Maybe they need an accountability partner to help them reach a weight loss goal or they are planning a lifetime trip to Ireland and you happen to know someone who could tell them all the ins and outs for a perfect trip. The best COI relationships go a lot deeper than just referrals, and you can influence that relationship by helping them accomplish their dreams.
4. Meet with them regularly. A lot of advisors short-change their COI relationships by only meeting with them a couple times a year. Then they wonder why the COI doesn’t keep them top-of-mind.
The people you spend the most time with are the ones who keep you top-of-mind. To be a good COI, make time for your COIs. A good benchmark is to be doing something with your COI at least once a month. Some of my clients are meeting with their COIs every other week, depending on the relationship.
With COVID-19, regular meetings may be virtual. That’s okay too. The most important thing is to stay visible. When the COVID-19 curtain is lifted, be more creative with your COIs. Meet with them to talk business and referrals. but make time to deepen the relationship as well. For example, plan fun things to do that bring together your spouses and families.
The more value you bring to people, the more they appreciate having a relationship with you. Friends will do just about anything to help their friends. One client, Dan, was asked by his COI to be the executor of her will. That’s a COI relationship on solid ground. Building a relationship like that involves much more than simply sending referrals.
Work to be a good COI by showing your COIs you care about them and their success. You’ll get rewarded with a relationship dedicated to helping you in return.
Michelle R. Donovan is a coach, speaker and co-owner of Productivity Uncorked LLC, a coaching firm that helps female financial advisors increase their referrals and get more done in their day. Michelle has written a Wall Street Journal Best Selling book, The 29% Solution (published in seven languages) and an Amazon Best Selling book, A Woman’s Way: Empowering Female Financial Advisors to Authentically Lead and Flourish in a Man’s World. To schedule a free 30-minute call with Michelle, reach out to her at [email protected].
Read more articles by Michelle R. Donovan
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.
