Generating new business is a challenge for many professionals—but for financial advisers and insurance agents, it’s the most difficult aspect of the job.

Finding new clients—also called “business development”—is not only relevant for revenue growth, but it is also a good measure of how to differentiate high-performing professionals from the rest of the ordinary pack.

So, what is a good way for insurance agents and financial advisers to improve their business development and become well-known in their respective fields? Building strategic partnerships with other professionals—especially with accountants.

Many accountants are creating exceptionally profitable businesses based on extremely wealthy clientele. These clients, often with a net worth of $500 million or more, generally need advising from experts in other fields and they rely heavily on a recommendation from their go-to accountant.

Research shows that successful entrepreneurs consider their accountants in most of their business decisions, whereas other professionals don’t.

Plus, the accountant benefits, too. Strategic partnerships with financial planners and insurance agents boosts an accountant’s credibility and covers any gaps in service. It’s a win-win for all involved.

So, as financial advisers and insurance agents operate in an extremely competitive environment, building relationships with other professionals is critical to success.

Referrals from existing clients are still valuable to business development, but partnering with accounting professionals who will refer high-quality clients on a regular basis is a great idea for those who want to establish long term—and lucrative—relationships with their clients.

Via Forbes.

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