Community connects us to one another, and that connection can bring growth. Commonwealth understands that—it’s why we do what we do. From supporting our dynamic group of advisors to investing in the places where we live and work, we know that when we support one another’s achievements, it sets everyone up for success.

Whether you’re just starting out as an independent advisor or you’re maintaining and growing an established practice, there’s always room to expand your professional village. Use these four strategies to develop your connections and lay the groundwork for new business partnership opportunities.

1. Own Your Niche

What sets your business apart? Understanding why someone would want to connect with you, specifically, is a critical step toward strengthening your relationships. If you haven’t already, start by:

• Identifying a financial specialization. Whether it’s financial planning, investment management, or stock options and equity—by emphasizing your financial discipline, peers who are also looking to connect will find you faster when searching for your expertise (e.g., ESG investing).

• Pinpointing a target audience. Colleagues—and prospects—are even more likely to find you when you combine a service specialization with a niche audience (e.g., Dallas financial planner for people going through a divorce).

• Considering “parallel” niches that could complement your array of services. According to Forbes, expanding into service niches that are similar to yours can be an easy transition that adds growth potential while maintaining consistent or similar operations.

2. Put Yourself Out There

Establishing and nurturing professional relationships takes effort. Consider all the possibilities you have to meet or work with others, such as:

• Making time to attend industry conferences. You’ll hear from thought leaders in the financial services space while connecting with a community of peers in a unique social setting. 

• Being present at awards events. Get to know closely aligned colleagues so you can share ideas, brainstorm, and partner to explore shared interests.

• Promoting your wins. If you’ve won an award, share the good news to highlight your practice and expand your network. Be sure to celebrate your peers’ successes, too, by posting and tagging them in photos or social mentions.

3. Focus on Self-Improvement

You’re never too established to learn something new! Stay on top of the latest market trends and emerging solutions so you can provide the best service to your clients. You can do so by:

• Subscribing to industry-specific print publications such as Financial Advisor, ThinkAdvisor, and InvestmentNews.

• Signing up for email newsletters—such as our very own blog, The Independent Market Observer—that often allow you to choose your frequency (e.g., daily, weekly, or monthly). Delivered straight to your inbox, your trusted news sources will round up the latest headlines for you.

• Attending industry conferences. Many offer continuing education (CE) credits to meet your ongoing license requirements while improving your understanding of complex financial concepts and investment solutions. Programs from Kaplan or Financial Planning Association can also be a great resource for CE credits.

• Giving back. Volunteering or mentoring with professional associations gives you opportunities to share knowledge and make connections through partnering in service.

4. Collaborate with Centers of Influence (COIs)

A COI can make a hugely positive impact on your business by providing introductions to other people, networking opportunities, and word-of-mouth recognition. 

• When looking for COIs to partner with, be open to collaborations with specialists beyond the “standard” CPAs—think about realtors, small business owners, and editors of local publications. Not only are these COIs likely less often recruited than CPAs, but they’re often more open to learning how you help people. Creating relationships with these community leaders can lead to expanded growth opportunities in new markets.

• Pro tip: Acknowledge the two-way street. Be intentional about connecting with COIs; ask questions to understand their needs and pain points and be ready to suggest ways you can help them strengthen their network.

A bonus to COI collaboration? It may give you a better understanding of your clients’ worlds—and how to best meet their needs.

Turning Powerful Connections into Prosperous Growth

Having the right people around you can make all the difference. When you partner with your community, growth can come organically through personal connections, business referrals, and thoughtful collaborations. Taking these steps to build your foundation can expand your community and position you to stand out in the market. And that means peers—and clients—will find you faster.

Please consult your member firm’s policies and obtain prior approval for any sales ideas, applications or awards you would like to use.