People often associate networking with prospecting clients and influential persons. But networking does not have to be only a client onboarding opportunity. Sometimes getting out there and interacting with fellow advisors is the best use of your time. Experts believe that networking with colleagues is a wise business investment.
You could network with people, who are building firms in your neighbourhood or niche market, and make them your new best friends. They are the ones who will cheer you, push you, and help you grow your practice. Here is how networking with other advisors will help you.
Squad building
Networking with your fellow advisors gives you the opportunity to build your squad, your tribe or your cheer team. Sometimes, running your business all by yourself can be a lonely game, but it doesn’t have to be so. Learning to lean on one another will give advisors the kind of support they need – it could be a celebration or motivation for the next level.
Promoting one another
Your advisor friends can sometimes be your best promoters. They know your exact nature of your core competence. They are likely to recommend your name whenever they come across an opportunity that is not up their street, but related to your area of work.
You have mentors
Within your network of IFAs, you will find people in various stages of growing their business. Meeting someone who was in your shoes not long ago is a valuable resource. They understand the challenging decisions you are making, and how to successfully navigate the twists and turns of building a practice.
Different viewpoints
Looking at things from your perspective alone will limit your options and your growth. Networking with advisors gives you the opportunity to see things from another angle or another person’s perception. You could come across ideas that would never have occurred to you.
Collaboration opportunities
Working alone can be great, but collaborating with a fellow advisor or colleague on a big project can also bring an exciting change of pace. Collaborating with your associates expands your horizons and puts your name out there in new ways. Building a strong network comes highly recommended for IFAs.
