Building Your Practice Through Referrals from Other Professionals

Developing a network of professional colleagues is invaluable and rewarding. A win-win situation develops when professionals from various backgrounds coordinate efforts to provide a full range of services to clients. The relationships developed not only help in expanding your practice, but afford various opportunities to expand knowledge base and resources in areas we don't regularly encounter, and to view client issues from different perspectives. For sole practitioners or those in larger firms with a small estate planning department, these relationships can prevent the feeling of operating in a vacuum.

If relationships are based on mutual respect and procedures are established up front, successful relationships can develop without ethical risks. Here are some methods for developing and benefiting from relationships with other professionals.

1. Regardless of the experience level of the other professional, understand that if you offer them the respect they deserve, you will learn from them and will benefit from the relationship. Experienced professionals are a fountain of information, and are usually very willing to share their knowledge. How can we possibly know more about life insurance products than an agent who has been in the business for many years, investing full time in developing knowledge on those products? Agents will meet potential clients who would never walk in our doors. If we educate the agent to spot issues (and to build their own credibility and potential product sales in the meantime), clients will be served who would otherwise not realize they had estate planning considerations which should be addressed.

2. Don't restrict yourself to working with a limited number of professionals. Although some relationships will develop in more depth than others (simply because of business focus, personalities, goals, location, and other factors), never form exclusive relationships or any that could be perceived as exclusive. Actual or perceived cross-referral relationships are fraught with danger in terms of potential client dissatisfaction, in significantly limiting referral from other professionals, and in potential noncompliance with the Code of Professional Responsibility. Being up front with other professionals about the fact that we cannot enter into these types of relationships is important. The professionals with whom we work simply want a source for their clients where excellent estate plans are prepared promptly, and with a personal touch. A referral source's greatest fear is that the client will be unhappy with our services. If the referral source repeatedly gets good feedback from clients about your services (which, in turn, makes the referral source look good), referrals will continue.

3. Appreciate referrals given, and look at business and goals from the point of view of your referral source. Help the referral source to be successful. Increased education and access to answers to questions (s)he might have build the referral source's confidence level and minimize concerns about liability. This not only leads to increased income for the referral source, but makes the source feel more competent and confident. Providing complimentary materials for the referral source to hand to potential clients will increase both businesses, and will assure that your name is put directly in front of potential clients. Offering A Practical Guide to Estate Planning booklets or other information will provide a reason for the referral source to visit the client a second time – to pick up and/or discuss materials provided.

4. Don't restrict referral sources with whom you work to obvious ones. In addition to insurance agents and financial planners, consider networking with anyone in your community who provides service to the same clientele. This could include:

• Brokers
• Accountants/CPA's
• Clergy
• Funeral directors
• AG/County Agents
• Registers in Probate and other county employees
• Instructors at universities, technical schools and other educational institutions who offer courses to senior or those planning retirement
• Hospital employees
• Nursing home administrators and social workers
• Hospice representatives
• Representatives of non-profit organizations
• Bankers (trust officers, personal bankers, tellers, safe deposit box employees, bank investment and insurance representatives, and personal, mortgage and commercial lenders).

Each of these categories of professionals (and many more if you assess those working in your community) are appreciative of information and a contact person as a source to get answers to questions. Information offered can be in the form of DVD's, booklets, personal contact, group seminars or training, or periodic phone calls or emails to provide updated information which may affect the specific professional.

Having various advisors coordinating efforts, understanding the role other professionals play in serving the client, and speaking the "same language" in working with the client can be immensely helpful to the client. This win-win approach builds your practice and opens opportunities for learning while benefiting the client.

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