Building Business: A Strategic Approach to Referrals and COIs

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In the competitive and client-centric world of wealth management advisory services, a strong business development strategy is more than a growth tool; it’s a necessity. While digital marketing, webinars and in-house events have their place, two of the most effective and scalable channels for high-quality lead generation remain referrals and centers of influence (COIs).

Why Referrals and COIs Still Matter

Even in the age of online search and paid advertising, word-of-mouth referrals and professional introductions are still the gold standard for obtaining prospects most likely to become clients. That’s because:

Referred clients already trust you. A recommendation from a friend or professional peer provides social proof and lowers the barrier to engagement.
They cost less to acquire. Referrals typically feature lower client acquisition costs when compared to advertising or lead generation services.
They fit your ideal client profile. Referrers often clearly understand who would be a good match for your services.
They increase client lifetime value. Clients who come through referrals tend to be more loyal and more likely to refer others.

However, relying on referrals alone — or networking haphazardly with COIs — won't deliver consistent results. Instead, you should approach these channels with the same intentionality and structure you apply to portfolio construction or financial planning. Below, we outline a strategic approach to building your business through referrals and COIs in a purposeful, repeatable and measurable way.

Building a Strategic Referral Process

Most RIAs say they get some referrals, but few have a defined referral strategy. If your process relies on waiting and hoping, it’s time to reframe. Here’s how to make referrals a proactive part of your growth plan.

1. Identify Your Ideal Referrers

Not every client will be a strong referral source. The best candidates are those who are highly satisfied with your services, often reflected in Net Promoter Scores of nine or 10, who clearly understand and value the work you do.¹They’re typically well-connected in the community or within your niche, and they’ve demonstrated a willingness to engage more deeply with your firm by attending events or interacting with your content. Start by creating a short list of clients who meet these criteria and consider tracking your engagement with them over time to reinforce the relationship.

2. Make It Easy to Refer You

Even your most loyal clients may hesitate to refer you if the process feels vague or awkward. Remove those barriers by giving them the tools and language to explain your value to others. Clarify who your ideal client is and what problems you solve. Share a concise and client-friendly value proposition they can repeat confidently. Offer simple, shareable resources like blog posts, client guides or a short video explaining your services. You might even create a dedicated "Refer a Friend" page on your website to make the process seamless.

3. Ask — but Do It the Right Way

Asking for referrals doesn't have to feel pushy or transactional. The key is timing and tone. Look for moments when client satisfaction is naturally high, such as after achieving a financial milestone or during a positive portfolio review. Then, frame the request in terms of shared value. For example, you might say, "We've had great success working on your retirement strategy. If you know someone facing similar decisions, I'd love the chance to help them too." This approach focuses on helping others rather than simply growing your business.

4. Follow Up and Acknowledge

When a client or COI makes a referral, your response is critical. A prompt and sincere “thank you” goes a long way, whether a phone call, handwritten note or thoughtful gesture of appreciation. While respecting client confidentiality, try to keep the referrer informed about the general progress of the connection. And remember, recognition doesn't have to be elaborate. Even a small token of appreciation or an invitation to a client-only event can reinforce the value of their support and encourage future referrals.

Collaborating with Centers of Influence (COIs)

Referrals from professionals, such as accountants, estate attorneys, insurance specialists, business consultants or even real estate professionals, can be a powerful channel for growth when serving high-net-worth individuals, business owners or niche client groups. But building these relationships goes beyond exchanging contact information. To be effective, COI engagement must be approached with clarity, credibility and consistent value.

1. Choose COIs Strategically

Rather than trying to connect with as many professionals as possible, the goal is to align with the right ones. Focus on COIs who regularly work with your ideal clients and share a similar client-service philosophy. These should be professionals who are respected in their fields and who understand the value of long-term, collaborative relationships. In particular, seek specialists, such as a CPA who focuses on physicians or a trust attorney who works with multigenerational families, since their niche expertise often overlaps with the clients you aim to serve.

2. Lead With Value, Not a Sales Pitch

Many advisors go wrong when initiating relationships with COIs by immediately asking for referrals. A better approach is demonstrating how you can add value to their clients and practice. Offer to share helpful insights or tools, such as a checklist for retiring business owners or a summary of charitable giving strategies for high-income earners. Consider offering to co-host a webinar or contribute to their client newsletter. By positioning yourself as a helpful resource rather than a referral-seeker, you set the stage for genuine collaboration.

3. Schedule Consistent Touchpoints

Building a relationship with a COI takes time and repeated interaction. Don't let initial meetings fall flat due to a lack of follow-up. Set a cadence for staying in touch: a quarterly coffee meeting, a monthly email with useful content or an invitation to an annual client appreciation event. Use a CRM system to track your touchpoints and ensure you consistently maintain engagement without being overly persistent. A regular rhythm of communication keeps you top-of-mind when referral opportunities arise.

4. Create Mutual Wins

For COI relationships to be sustainable, both parties need to see value. Look for ways to help the COI expand their business or strengthen client relationships. This could involve introducing people in your network, inviting them to speak at a client event or showcasing them in a guest blog or podcast interview. Over time, these reciprocal benefits build trust and deepen the relationship. And even if referrals aren't immediate, your professionalism and willingness to create shared value position you as a go-to resource when the time is right.

Measuring Success and Staying Accountable

If you're serious about business development through referrals and COIs, track your results like any other part of your business.

Key metrics to monitor:

Number of referrals per quarter and by source;
Conversion rate from referral to new client;
New COI introductions vs. engaged COIs; and
Revenue or assets under management generated from these channels.

Build internal accountability:

Assign a team member to oversee referral initiatives;
Host quarterly business development meetings to review activity; and
Use a CRM or pipeline tracker to keep organized.

Final Thoughts

Most importantly, recognize that business development isn’t a one-size-fits-all effort. That’s why your referral and COI efforts require individualized support, resources and approaches. Developing an organized, measurable system for referrals and centers of influence can then help you spend more time doing what you do best: serving clients and building lasting relationships.

Brian Shapiro is advisor development officer at Forum Advisor Alliance where he focuses on recruiting like-minded financial advisors and Registered Investment Advisor (RIA) firms to join the organization. Through a consultative approach, Brian works with firms to uncover their needs and challenges to identify ways that a partnership with Forum would be beneficial to their practice.

SOURCES

¹Bunker, Adam. What is NPS? The ultimate guide to boosting your Net Promoter Score. Qualtrics, January 1, 2026.

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