Contact Us

Financial Advisors and Strategic Alliances – How to Make Them Work

  • By Ironstone
  • |
  • June 4, 2014

Financial Advisors and Strategic Alliances - How To Make Them WorkOne of the biggest mistakes advisors are making today is attempting to build strategic alliances for the benefit of the firm. These types of alliances will fall short of your desired outcome; providing you with nothing more than a social network rather than a solid alliance that produces results.

The value of your firm is measured by addressing your client challenges, needs and wants, as well as the quality of solutions you provide them. While cost and skill sharing are some reasons companies form alliances, creating the ability to offer clients more services is the most desirable shared benefit for each partner, including your client.

Center your strategic alliance plan around solutions to meet client needs.

Steps to Creating Successful Alliances:

1.  Structure Your Extended Team with other professionals whose efforts are symmetrical with the needs of your clients

  • *  Identify professionals that share your niche and are able to provide solutions for your clients beyond your existing realm of services.

2.  Choose Counterparts you can easily collaborate with, develop good connections, and those that will actively introduce you to prospective clients rather than waiting for an opportunity to present itself

  • *  Perform searches of noncompeting professionals in your community, such as attorneys and CPA firms, and then find a mutual connection to help initiate contact.
  • *  Explore the common motives and objectives between your firm and those of your alliances.

3.  Approach Local CPA and Attorney Firms

  • *  Interview key people to determine their suitability as an alliance with you.

4.  Implement a Systematic Process

  • *  Create a vision by describing what your firm and alliances can achieve together.
  • *  Document how each alliance will benefit your clients.
  • *  Create a clear description of opportunities, obstacles, and challenges each alliance may encounter.
  • *  Meet with your alliances and mutually commit to specific actions.
  • *  Measure your results by reviewing processes and build on your success.

An important factor to any successful long-term alliance includes a plan and documentation of future success for each firm. Ironstone can help you structure your alliances by picking the right people to begin a partnership and develop a comprehensive strategic alliance plan. For more information email us or leave us a comment.

The foundation of our Performance Coaching and Consulting Programs are based on Ironstone’s Fundamental 4™, which is essential to design, develop, and sustain a successful business. Our ultimate goal is to help you avoid trial and error; shifting your mindset to launch your process of intentional change. [LEARN MORE]

  • Photo credit: ©iStock/Getty Images/Thinkstock
  • Copyright ©Ironstone 2014. All rights reserved.

Are you just getting by or are you getting better? Get started today!

Author Bio

Ironstone is a learning and development consultancy with business acumen that translates across many industries. Our focus is on practice management strategies in order to enhance and improve both business and personal life. We support professionals who want major and comprehensive improvements that look at all aspects not just an isolated area for change. Ironstone has identified 4 key performance areas known as the Fundamental 4™, which are required to design, develop, and sustain a successful business.