Advisor Marketing Made Simple: Building a Structured COI Referral System That Actually Works

Podcast Information:

• Title: Advisor Marketing Made Simple
• Host/Authors: Taylor Schulte and Kendra Wright
• Guest: Tiffany Charles, Chief Growth Officer at Destiny Capital and Entrepreneur Aligned
• Episode Release Date: April 9, 2025

Introduction

In this insightful episode of Advisor Marketing Made Simple, hosts Taylor Schulte and Kendra Wright delve into the intricacies of Centers of Influence (COI) referral marketing with Tiffany Charles. Tiffany, a seasoned marketing professional and Chief Growth Officer at Destiny Capital and Entrepreneur Aligned, shares her proven strategies for building a structured COI referral system that drives predictable and sustainable growth for financial advisory firms.

Guest Introduction: Tiffany Charles [00:00 - 02:34]

Taylor introduces Tiffany Charles, highlighting her impressive track record:

• Position: Chief Growth Officer at Destiny Capital and Entrepreneur Aligned
• Firm Details: Based in Colorado with a team of 9-10 members managing approximately $340 million in assets
• Client Focus: Serving individuals nearing or in retirement and business owner entrepreneurial families with closely held businesses.

Tiffany's Role: Tiffany emphasizes her role in centralized growth, focusing on attracting and nurturing leads, guiding prospects through the onboarding process, and transitioning them to advisors seamlessly.

Why Focus on COI Referral Marketing? [02:34 - 07:36]

Tiffany explains the rationale behind prioritizing COI referral marketing over popular digital strategies like SEO, YouTube, and podcasting:

• Consistency and Quality: COI referrals provide a steady stream of highly qualified leads compared to the sporadic nature of digital leads.
• Longer Lifetime Value: Referred clients tend to have deeper engagements and higher retention rates.
• Faster Onboarding: Referred prospects typically convert more quickly as they come with a built-in trust factor.
• Reduced Shopping Behavior: Referred clients are less likely to shop around, leading to more meaningful and lasting relationships.

Tiffany Charles [04:10]:
"I believe in the model of centralized growth and this ability to attract and grow a firm while the advisors get to sit in a seat of really servicing all of those clients."

Building COI Relationships [12:53 - 19:59]

Tiffany outlines her strategy for identifying and engaging potential COIs:

1. Leveraging Existing Clients: Asking clients about their trusted professionals (CPAs, attorneys, etc.) to identify potential COIs.
2. Personal Outreach: Initiating conversations by highlighting the mutual benefits of a referral partnership.
3. Networking Groups: Participating in masterminds, BNI groups, and local chambers to expand the COI network if starting without existing client referrals.

Tiffany Charles [12:53]:
"If you're in that spot as an advisor where there's some pre-existing clients and you're working with them, there's a line of COIs right there."

The Structured COI Referral Process [19:59 - 34:03]

Tiffany introduces her three-meeting framework to solidify COI relationships:

1. First Meeting: Relationship Building [19:59 - 22:00]

   • Objective: Establish rapport, assess mutual compatibility, and understand each other's services.
   • Focus Areas:
     • Common ground and shared values
     • Understanding each other's client philosophies
     • Identifying potential synergies

2. Second Meeting: Deep Dive into Services [22:00 - 26:30]

   • Objective: Explore how each party can actively refer and support each other.
   • Focus Areas:
     • Detailed presentation of services
     • Understanding referral preferences and processes
     • Aligning on communication methods and client experiences

3. Third Meeting: Commitment and Action Plan [26:30 - 34:03]

   • Objective: Formalize the referral partnership and set actionable goals.
   • Focus Areas:
     • Establishing referral targets (e.g., three to five referrals per year)
     • Creating accountability through regular check-ins (quarterly meetings)
     • Ensuring both parties are committed to the relationship beyond just social interactions

Tiffany Charles [25:00]:
"We set a series of three meetings that are intentional and structured to ensure reciprocal referral opportunities."

Handling Non-Qualified Referrals [43:24 - 48:10]

Tiffany addresses strategies for managing unqualified referrals:

• Transparent Communication: Informing both the prospect and the referrer about the fit.
• Providing Alternatives: Offering referrals to other trusted professionals better suited to the prospect's needs.
• Maintaining Respect: Ensuring that the referrer understands the decision respectfully to preserve the relationship.

Tiffany Charles [44:23]:
"If someone isn't a fit, we refer them to another professional who can better serve their needs, maintaining the integrity of our referral relationships."

Authenticity in COI Marketing [35:06 - 37:17]

Tiffany emphasizes the importance of authenticity in building effective COI relationships:

• Genuine Intent: Approaching COI marketing with clear, honest intentions rather than transactional motives.
• Consistent Messaging: Using scripted but authentic communication to ensure clarity and sincerity.
• Personal Alignment: Ensuring that the referral strategy aligns with one's personal and professional values to foster trust and long-term partnerships.

Tiffany Charles [35:22]:
"Everything works, but it needs to be authentic. You have to make it your own to truly resonate and build trust."

Lessons Learned and Mistakes to Avoid [49:45 - 52:16]

Tiffany shares valuable insights from her experiences:

• Avoiding Quantity Over Quality: Focusing on a few strong COI relationships rather than a large number of superficial ones.
• Ensuring Mutual Commitment: Building relationships where both parties are actively referring and supporting each other.
• Prioritizing Fit Over Potential: Not holding onto COIs solely based on their client base potential if the fit isn't right.
• Balancing Referrals: Understanding that while reciprocity enhances relationships, it isn't always mandatory for successful referrals.

Tiffany Charles [49:45]:
"Don't get hung up on just because they have a lot going for them; it's not about potential, it's about meaningful, committed relationships."

Lesser-Known COI Partners [56:38 - 60:05]

Tiffany explores unconventional COI partners that advisors might overlook:

• EOS Implementers: Professionals who help businesses implement the Entrepreneurial Operating System, providing valuable connections to business owners.
• Corporate Attorneys and Investment Bankers: Deepen relationships with professionals who have extensive client interactions.
• Mediators: Especially those specializing in business partnership breakups, offering unique opportunities to connect with clients in transitional phases.
• Coaches and Business Consultants: Particularly those with structured programs that align with advisors' niche markets.
• Socialites and Community Leaders: Individuals with broad networks and influence within specific communities.

Tiffany Charles [56:38]:
"Coaches that own companies or have systems for entrepreneurs are excellent COIs because they naturally connect with business owners who fit our niche."

Conclusions and Action Steps [60:05 - 60:37]

As the episode wraps up, Tiffany and Taylor summarize the key takeaways:

• Focus on Core Strategies: Prioritize a few effective marketing strategies, like COI referral systems, over spreading efforts too thin across multiple channels.
• Commit to Authentic Relationships: Build genuine, structured relationships with COIs to ensure long-term, reciprocal referrals.
• Leverage Niche Markets: Identify and engage with COIs that align closely with your firm's target client base to maximize referral quality and consistency.

Taylor Schulte [60:03]:
"Starting with your ideal client and working down from there will certainly be a helpful exercise to determine who the right COIs to surround yourself with are."

Key Quotes and Insights

• Tiffany on Centralized Growth: [02:40]
  "I believe in the model of centralized growth and this ability to attract and grow a firm while the advisors get to sit in a seat of really servicing all of those clients."

• On the Importance of Structure: [19:59]
  "Having a structure from the beginning is crucial. It differentiates the relationship and ensures both parties are serious about referring and supporting each other."

• Handling Unqualified Referrals: [44:23]
  "If someone isn't a fit, we refer them to another professional who can better serve their needs, maintaining the integrity of our referral relationships."

• Authenticity is Key: [35:22]
  "You have to make it your own to truly resonate and build trust."

Final Thoughts

This episode provides a comprehensive roadmap for financial advisors looking to implement or refine their COI referral systems. Tiffany Charles' structured approach, combined with her emphasis on authenticity and mutual commitment, offers actionable strategies to achieve predictable and sustainable growth through high-quality referrals.

Resources Mentioned:

• Tiffany Charles' LinkedIn and Website: [Insert Links]
• EOS (Entrepreneurial Operating System): Learn more at [Insert Link]
• Traction by Gino Wickman: [Insert Link]

Tune in next week as Taylor Schulte and Kendra Wright continue to unpack effective marketing strategies tailored for financial advisors seeking to elevate their practice without the guesswork.