One of the greatest parts of my job as an ERISA attorney is helping financial advisors out with potential clients and current clients. I never charge for a phone call or an email because helping other plan providers out will get me referrals when their clients need an ERISA attorney.
I have been an ERISA attorney for 22 years and know advisors around the country for many years. The advisors I have worked with are interested in utilizing my knowledge to help grow their practice for their clients, they are interested in a relationship with me because I help them.
I used LinkedIn to develop relationships with other professionals to further increase the distribution channel for my articles, blogs, and platform. I just accepted a LinkedIn invitation from an advisor because a big chunk of my job is helping advisors out, on the house.
Instead of someone trying to network, this is the response I get from the advisor:
“Hi Ary, I was on LinkedIn and viewed your profile today, I saw that you were doing some great work serving the legal Industry and I’m impressed. I just want to introduce myself. The reason why I reached out to you is because my team and I help attorneys and others in the legal industry with comprehensive financial planning. I wasn’t sure if you needed any help with this, but I wanted to reach because I was curious if you share the same concerns as many of my other clients in this industry. If so, would you be open to a quick 10 min chat?”
If you spent 3 minutes reviewing my LinkedIn profile, you would know that I work with many financial advisors around the country. This advisor clearly doesn’t understand or doesn’t care what I do because he says I am “doing great work serving the legal industry.” No, I am serving the retirement plan industry as I have very few clients that are lawyers. Like men who throw strange lines at women in a bar, I wonder if this approach at trying to drum up business actually works? Even if I needed help with my financial planning, wouldn’t I use an advisor that I have built trust with over decades of time?
Relationships are built on trust, not cold calls/ cold LinkedIn DMs. By the way, I received three similar messages from him after I didn’t respond to the first. I thought after the first one, he would have received the hint.
The retirement plan business as any other business is predicated on relationships, not quick scores.