How Financial Advisors Can Benefit from Partnerships


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If you’re a financial advisor looking to grow your business while providing the best service possible to your clients, it’s not uncommon to need a little help somewhere along the line.

Whether you’re looking to work with someone else in your field or seeking to connect with another business to maximize referrals, here are some suggestions for how you can make a partnership work for you.

Partnering with other advisors.

There are basically two major reasons why you might want to partner with another advisor. One is a simple question of workload—if you’ve got so much business coming in you can’t handle it all yourself, another advisor can help ease some of the burden.

The other reason has to do with expertise and offering value to your clients. You’re probably familiar with the old expression, “two heads are better than one.” That can certainly be true when it comes to financial advisors.

Suppose you focus on a particular area of financial advising, such as investment management, but don’t specialize in retirement planning. Rather than encouraging a client to look for that service elsewhere, you can bring on another advisor who’s an expert in retirement planning, but who doesn’t focus on investment management.

The key is to create a mutually beneficial partnership so that you can attract more clients and retain their business for years to come. Plus, you can save money on overhead expenses and administrative costs by doing business together. It really is a win-win situation.

See how a 58% referral rate can change your business.

Partnering with other businesses.

Regardless of your niche as a financial advisor, strategic alliances with other businesses can be a great way to get and retain more clients by offering the most value possible.

There are likely dozens of other professionals in your area whose business is adjacent to yours, and whose clients could be in need of your services. By referring your clients to one another, you can grow both businesses at once while delivering a level of service that will ensure those clients stick around for years to come.

Here are some of the service professionals who might be interested in partnering with you:

  • Insurance agents
  • Attorneys
  • CPAs
  • Loan officers
  • Reverse mortgage specialists

You should also think about the ways you can leverage your existing customers for referrals. For example, if you have clients who practice medicine or law, do they have partners? Would those people be interested in your services?

If you’re looking for a unique way to make valuable new connections, consider a customized, branded magazine from ReminderMedia. This high quality, 48-page publication contains great, non-financial content your recipients will be sure to appreciate. Plus, it offers turnkey compliance approval.

Remember: whether you’re attracting new clients, working to retain those you already have, or creating new connections with other professionals, it’s all about offering value and working to build sustainable relationships.

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