Developing professional connections
by Mark E Stewart, Brodie LLP
There are a number of ways that any professional adviser can
set about building his or her practice. Developing
professional connections should be at the top of the list, with
a view to establishing a network of professional contacts
providing a steady stream of good quality opportunities.
Firstly, think about the professional contacts that you do
have. Are they advising the type of people or businesses that
you want to advise? If so, communicate what you can do for
those potential clients and how you will do it. If you haven’t
been referred any potential leads, consider asking why.
Clearly, some professional contacts will have opportunities
to refer, but others may not.
What new professional contacts might be developed? The
lawyers, accountants, financial advisers, investment
managers, estate agents etc. Most other professional advisers
are a potential source of client referrals, sometimes even
those working in the same area. So make a target list,
introduce yourself, or ask other contacts to introduce you.
When thinking about generating work from lawyers, don’t
assume that those dealing with ‘private clients’ will prove the
most fertile ground – e.g. consider those corporate lawyers
who are sitting beside the entrepreneur as he or she sells
their business and needs to know who to speak to about
investing the proceeds.
Of course, there are often areas of overlap in the services
that can be provided by you and the potential ‘referrer’. That
shouldn’t rule out a referral but it is best to acknowledge the
overlap and, if a referral does take place, don’t step into the
referrer’s patch. A similar point applies to the role of the
‘trusted adviser’ which, for a client, may take the form of his
or her IFA, accountant, lawyer or other. If a referral is made
to you by the trusted adviser, don’t then try to replicate that
role with the client. Stick to the matter in hand.
One way to encourage referrals is to make one. But referrals should not be a currency – clients deserve
much better than that. Your message should be “refer to me because I am good at this, I will look after the
client, do a good job and I will not let you or your client down”.
Above all, if a referral is made, do your absolute best. The referrer has no control over your
performance, yet their reputation in the eyes of the client can be affected. Don’t let them down; if you
do, that’s likely to be the last referral you will receive from that source.
Mark is one of Scotland's leading Private Client lawyers. His principal areas of practice include succession
planning, asset protection, trusts, executries and capital tax planning. He is also qualified as a solicitor in
England and Wales, placing him in an advantageous position for clients with cross-border interests.
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