Wealth managers seeking to expand their client base often turn to centers of influence (COIs) for referrals, with trusts and estates (T&E) attorneys recognized as valuable sources. However, maximizing the potential of these relationships requires more than casual interactions. According to Financial Advisor News, it demands the creation of "economic glue" – value-added services or benefits that strengthen ties with T&E attorneys and enhance the likelihood of quality referrals.

The article opines that starting with a thorough discovery process is essential. Wealth managers must delve into the practices, objectives, and concerns of T&E attorneys to tailor economic glue effectively. Through open-ended questions and probes, wealth managers gain insights into the specific needs and preferences of individual T&E attorneys, facilitating the customization of their offerings.

Sharing state-of-the-art financial strategies and concepts is another valuable form of economic glue. T&E attorneys appreciate insights beyond the basics, focusing on sophisticated, cutting-edge solutions that complement their expertise. Discussions on wealth planning intricacies, including private placement life insurance and offshore investments, resonate well with ultra-wealthy clients.

Additionally, wealth managers can help T&E attorneys optimize their compensation structures. T&E attorneys can enhance profitability and client satisfaction by transitioning to project or retainer fee-based models. Wealth managers are pivotal in guiding T&E attorneys through this transition, offering methodologies for setting fees and effectively communicating their value proposition.

Financial Advisor News adds that T&E attorneys are eager to improve their business development strategies, and wealth managers can provide valuable insights in this area. Proactive approaches, such as the "Everyone Wins" process, can significantly increase client referrals from existing clients and accountants. By empowering T&E attorneys to take a proactive stance in generating referrals, wealth managers contribute to the growth and success of their practices.

Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.