How partnering with advisors can help your practice

Or, who do you know that works in a similar niche that might compliment yours? For example, if you work with physicians, it may make sense to partner with an advisor that works with dentists or some other area within health care. The possibilities are endless.

3. Those that have a different style

A friend of mine is a financial advisor at a wire house and runs a very successful practice. He’s very outgoing and loves attending networking events, cocktail parties, golf outings, and fundraisers. He brings in most of the business.

His partner is much more introverted and prefers to manage accounts and portfolios while communicating with clients by phone or email. There’s an expression in boxing: “Styles make fights.” If you know of a fellow advisor or rep that you like but who works differently than you, perhaps you can discuss an agreement that works for both of you. Styles make fights.

4. Those that have a similar style

The opposite can also be true! Maybe it would work better if you partner with someone that is similar in personality, approach, process, and style. It might be fun to go to events together or to each attend different events with the same goals in mind. Think of advisors that you may be friends with at your firm that might make interesting business partners.

5. Those that have a similar vision

A vision is your view of the world – your business, personal life, finances, fitness, sense of adventure, and family life in the future. Of course, a vision can simply focus on just one of these areas (a business vision) or any combination. Visions are usually based on a predetermined timeframe; “In five years, my financial planning practice will focus exclusively on helping….”   

If you don’t have a vision statement, it’s not the worst idea in the world to write one. Visions are usually a component of formal business plans. If you don’t know where you’re going, how will you know how to get there? If your view of your future practice is the same as someone else’s, you may have found a partner. You could make working with a business partner part of your vision.

6. Those that have expertise with specific products

You may have a lot of knowledge and passion for life insurance products, annuities, mutual funds, long-term care, universal life, employee benefits, supplemental benefits or even property and casualty. You can expand your business by adding a partner, or series of partners, that already have licenses and expertise in areas you don’t. I know of financial practices that have become one-stop shops. This might factor back into your vision and additional resources for your clients.

7. Those that you admire

Is there an advisor at your firm (or someone else’s) that’s more experienced, more successful, and better looking (kidding) than you? There’s always the option of finding more of a mentor or someone that you can learn from and grow with.

You can factor in some of the ideas from above which might include shared or differing styles, visions, and approaches. It’s always helpful to keep a watchful eye on someone that’s a few clicks ahead of where you might be and working with that person might be the best way to learn, develop, and grow.

Partnerships can be worthwhile endeavors and can really be an effective way to grow a practice while adding value for your clients. Business partnerships can be either formal (a written contract) or informal (verbal, a handshake).

But it’s so important to find the right partner. Don’t just work with someone for the sake of it. The partnership has to be the right fit – as in you really need to like each other (a lot!) otherwise it simply won’t work. And it will be just that – work!

Who needs to be in your corner?

See also:

The 2014 100 Best Sales & Marketing Ideas