Connecting with Centers of Influence

[Michael]

If you are working with a CPA, attorney, P&C firm, and/or bank, how effective are these relationships? And given your experience to date would you increase your commitment in these channels?

 

[MRGCEO]

I would think it depends on the relationship you have with each individual. In some cases, an attorney can be a great referral source if you have built a solid relationship with them. I am not too sure about banks because they have in house employees that try and pitch insurance to there customers. I found that relationship a little more challenging when it comes to generating business. For the most part, I would say its all about the value you can bring to the relationship. Are you just connecting for referrals? Do they trust you as the authority in your field? What do you expect to obtain out of the relationship? these are questions you have to ask yourself. We are in the service business and people want to know five words. WHAT'S IN IT FOR ME. If you focus on providing value in dealing with clients and your business network, then you will turn out fine.

 

[Franz Kafka]

If you are working with a CPA, attorney, P&C firm, and/or bank, how effective are these relationships? And given your experience to date would you increase your commitment in these channels?

The relationships work very effectively for them. They all love getting your referrals - being shameless scumbags that they are. JMO

 

[Larry Tew]

I see COI as an add-on to my regular prospecting activities. They come and go, and at some point you will exhaust their potential. They need not be high maintenance, but regular touches are a must in order to get any benefit from them.

 

[Full Throttle]

Three ways to get referrals:
1. Give them consistent referrals.
2. Have them as a personal client.
3. Compensate them.

#2 is great if it works, #1 is tough to do on a wide scale and many still won't refer back. #3 seems to work best for me. I split commissions with P&C agents and other financial advisor types. Never pursued CPAs or attorneys. How many CPAs and attorneys have you had pursuing relationships with you?