Why COIs Don’t Refer You

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One of the most common complaints I hear from financial advisors involves COI reciprocity. I’ve heard my clients say things like, “My COIs never refer to me,” or, “I refer so much more to my COIs and I get nothing back in return,” or, “I can’t count on my COIs for any referrals.”

The frustration is real.

Advisors simply give up on the relationship and move on to the next one hoping something will be different. However, the advisor treats the new person the same as the old person and the cycle continues.

Doing the same thing over and over while expecting different results is a recipe for insanity.

Ready to break the cycle? Let’s look at four reasons why COIs don’t refer you and what you can do differently to influence better results.

1. You’ve never established expectations to support the relationship

In many situations, the COI and the advisor are on two different sheets of music from two different songs. It doesn’t take a musician to know that won’t make good harmony. I recommend that my clients create a list of what they expect from their COIs and what they are willing to give to the relationship as well. (Hint … the lists should be very similar.) As a way of evaluating your relationship, share this information, beginning with what you’re willing to do on behalf of your COI. That way, it’s more comfortable when you’re asking for something similar in return. This open dialog is probably one of the first times you’ve discussed how you want the relationship to perform. This is the beginning of how you can get on the same page.