By Trina Gardner

As a financial advisor, your success relies not only on your knowledge and expertise but also on the strength of your relationships with product partners. These partnerships can be invaluable in providing your clients with a well-rounded financial plan. However, are you truly maximizing the potential of your product partners?

In my over 20 years of working closely with wholesalers and their financial advisor clients, I have seen these relationships produce tremendous business growth and support for advisors.

Here are four ideas that can help you leverage your partnerships in ways you might not have considered.

1. Tap into Their Wealth of Ideas

Your product partners are likely meeting with a wide range of clients and financial professionals regularly.

They are often regularly briefed on current market outlooks and regulatory projections. This constant interaction gives them valuable insights into market trends, as well as innovative practice management strategies, and financial planning approaches. Don’t hesitate to tap into this wealth of ideas.

Arrange regular meetings with your product partners to discuss industry trends and market insights. Ask them about successful strategies they’ve seen in action.

2. Partner with Them for Client Events

Client events are an excellent way to strengthen your relationships with your clients and showcase your expertise. Partnering with your product partners to co-host these events can be a win-win for both parties.

Consider organizing seminars, webinars, or workshops where you and your product partners can jointly present valuable information to your clients. This collaborative effort not only demonstrates your commitment to client education but also positions your product partners as trusted resources.

3. Pick Their Brains

Your product partners are experts in their respective fields. Don’t be afraid to pick their brains for insights and advice on specific client cases or investment opportunities. They can offer unique perspectives and solutions that you might not have considered on your own.

When faced with a particularly challenging financial situation or investment decision, reach out to your product partners for guidance.

They may be able to

provide

you with valuable

input that

can help you make

more

informed

recommendations

to your clients.

4. Build Your Credibility

Credibility is a cornerstone of success in the financial advisory industry. Your clients trust you to make sound financial decisions on their behalf. Partnering with reputable product providers can enhance your credibility and give your clients added confidence in your recommendations.

Highlight your product partners’ track records and the quality of their offerings when presenting investment options to your clients. Demonstrating that you work with trusted and well-established partners can give your clients peace of mind and reinforce their trust in your expertise.

Credibility is a cornerstone of success in the financial advisory industry.

In the world of financial advisory, your product partners are more than just providers of financial products—they are valuable resources that can help you excel in your profession. By developing a relationship with them where they understand you and your business, you can take your financial advisory practice to new heights.

A strong partnership with your product providers can be a key differentiator in a competitive industry, ultimately benefiting both you and your clients.

Trina Gardner

Trina is the CEO at Paragon Planners, where her field work with hundreds of employees and thousands of clients provides insights on individual client and advisor success.