Partnering with other agents/ Financial Planners

[Vailco]

I strictly concentrate on health, maybe a term life if I stumble across it. I am starting to work with a P&C agent as well as a financial planner, who also does life. We are going to exchange leads and I will provide an outlet for them to send their clients who are inquiring about health. That way, they know their clients are going to a health agent who is going to endorse their service instead of them going to the next health agent in the phone book who might also sell P&C, or who has another relationship with a different financial planner. We are also thinking of adding an accountant to our "team."

Any advice on building these types of relationships?

 

[Sam]

Personally, I love accountants. They have lots of contacts and there are so many different ways to monetize your relationship with a good one.

 

[Vailco]

Sweet, my 2nd post and I am already a "Super Genius." So my mom was right...

 

[sman]

I strictly concentrate on health, maybe a term life if I stumble across it. I am starting to work with a P&C agent as well as a financial planner, who also does life. We are going to exchange leads and I will provide an outlet for them to send their clients who are inquiring about health. That way, they know their clients are going to a health agent who is going to endorse their service instead of them going to the next health agent in the phone book who might also sell P&C, or who has another relationship with a different financial planner. We are also thinking of adding an accountant to our "team."

Any advice on building these types of relationships?

The biggest thing is that everyone reciprocate's. If you can make it work, it can be a great source of leads for everyone involved. I have found the world's worst profession for reciprocating are attorney's.

 

[somarco]

world's worst profession for reciprocating are attorney's

Their clients are criminals. You don't want them any way . . .

 

[midwestbroker]

Financial planners usually do not mess with health. They usually have life, LTC, and every other financial product.

I have not gone to any CPAÂ’s yet, but I am going to defiantly try them.

Besides any back and forth referrals, do you offer any other incentives?

 

[sman]

world's worst profession for reciprocating are attorney's

Their clients are criminals. You don't want them any way . . .

Ha. Ha. I was speaking mainly of estate planning attorney's. Nice try Bob.

 

[Vailco]

Financial planners usually do not mess with health. They usually have life, LTC, and every other financial product.

I have not gone to any CPAÂ’s yet, but I am going to defiantly try them.

Besides any back and forth referrals, do you offer any other incentives?

I have been working with and am currently giving the P&C agent a one-time referral fee of 25% of the monthly premium. He has 3000+ clients, so he is more interested in the fees than leads from me. As I am a new health agent, I am more interested in the leads. So that has been working out.

The financial planner is new to the equation. I think he is interested in referrals. Since I am not licensed for P&C, nor do I have my Series 7, neither can give me referral fees. I would like that to change, but for now, I am happy with just the leads. And I think that they are most interested in being able to send their clients looking for health to someone they can trust.

Any advice on fair referral fees in both directions?

 

[midwestbroker]

One way for the financial planners to get leads from you is for you to ask your potential client about their plans for the future.

What have you done for retirement, your kids college, investments, etc.

Fill out a little questionare and tell them you have a friend contact them to help them plan for their future.

Some may go for it, others may not. But it is worth a shot.

 

[joymali]

Partnering with other agents can ensure that your clients and potential buyers get the facts they require as speedy as possible.