It’s Trusted Advisers of course.
Sometimes we make the process of getting referrals and leads too difficult. We try to get referrals and leads from people in our network that are terrible, horrific, and incompetent at making introductions. I came across this article on Who are the Best Introducers on the Business Networking Blog. It started me thinking about why most chairs are disgusted with the amount of referrals they get from their trusted advisers.
As we went round the table it became clear that there was one category of introducers that were really desirable. They are the 'trusted advisors', those business professionals who help the business owner/director with specific issues. They might be outsourced finance directors, accountants, business coaches or virtual PAs. They all share the same thing - they understand the business owner's drivers and issues and they have that person's ear.
That's easy then. Just aim to meet those 'trusted advisors' and wait for that steady stream of referrals. Of course it doesn't work like that. It is one thing identifying these special people, it is another thing getting them to refer you. That's where relationship building comes in. Only when they know you, like you, trust you will they consider referring you. And only when they are motivated to do so.
This makes perfect common sense. So, why are so many Chairs frustrated with their lack of referrals and leads to CEOs from their investment of time “cultivating” relationships with trusted advisers?
First, many of the consultants you’ve attempted to cultivate a relationship with in the hopes of getting referrals and leads to CEOs are NOT trusted advisers. They are functional specialists in strategic planning, recruiting, benefits, human resources, sales training, etc. They are NOT perceived by their clients as trusted advisers giving advice and recommendations on a broad spectrum of issues outside of their niche knowledge.
Secondly, they may claim their primary contacts are CEOs; however, when you dig down deep to validate, verify, and vet their claims of having CEOs as clients, what you’ll actually discover is a small handful of CEOs and the rest are key executives running functional departments.
Third, these perceived trusted advisers stink at making introductions. They’re afraid to make introductions, they’re afraid to introduce you to their network, they think every introduction is a life/death case of their credibility, and they don’t receive very many introductions. In short, they are clueless about the process of making/receiving introductions and you don’t have enough time to teach them this fundamental skill of networking.
Finally, many Chairs tell me that they “invest” time in trusted adviser relationships. I’m going to suggest that for the most part, the vast majority of individuals put so little time into cultivating and nurturing these relationships, it’s a miracle when a referral does happen. Connecting to someone on LinkedIn is not nurturing a relationship. Having a 2 minute phone conversation once a month is not a relationship.
What does constitute a deep relationship from which referrals will flow? Getting to know the trusted adviser on a personal level is important. Once a month lunch, dinner with spouses, playing a round of golf, getting together for tennis, attending a sporting event together are all examples of the investment required to get to know someone. Frequent emails and phone calls to check-in, share a lead, offer an idea, pat them on the back for a great win all are important elements of nurturing a trusted adviser relationship. If you’re not willing to put the time and energy into developing this level of a relationship with a trusted adviser – you can pretty much assume you’ll never get a referral unless it’s random luck.
There is nothing easy about obtaining referrals to CEOs from real trusted advisers. Like anything else in life, if you want great results, it requires great investment. You have to “work it". Trusted advisers offer an opportunity for a great flow of hot referrals and leads – the question is whether you’re willing to invest the energy to get the desired outcome. Next to NOT selecting the right trusted advisers, the biggest failure point around receiving referrals is the lack of trust due to a lack of relationship nurturing and cultivating.
Attracting and keeping top trusted advisers is not different than hiring and retaining top talent. Here’s some questions to think about in terms of why you may be leaving referrals to CEOs sitting on the proverbial table because you’re NOT effectively managing your trusted adviser selection (hiring) and on-going relationship (retention):
- Do you have the right group of trusted advisers surrounding you – regardless of your trusted adviser business model?
- Do you track the number of referrals and leads your trusted advisers give to you?
- When was the last time you sat down with a perceived trusted adviser and validated their claims of being a trusted adviser?
- What are measuring your trusted advisers against as a yardstick of performance?
- What’s your plan for nurturing and cultivating a relationship with a trusted adviser so that they will trust you “enough” to make good referrals of CEOs?
To read the full article, click on the link below:
Barry Deutsch
P.S. I did a lot of work for Vistage a few years back adapting our Success Factor Methodology and creating a Trusted Adviser Success Factor Snapshot, a Trusted Adviser Selection Interview One-page Scorecard, and an entire “deep” selection interview that answers the question of whether someone is simply a subject matter expert OR a true trusted adviser. If you would like copies of these documents to use in your selection of trusted advisers, shoot me a note and I’ll be glad to send them your way.
